In law enforcement, we often think about retirement earlier than in other fields. In fact, the average age of retirement for officers is 55 (according to the National Criminal Justice Reference Service), compared to the national average of almost 60 (according to a research website and Survey of Household Economics and Decision Making).Retiring at a younger age means that many officers have the [...]
In 2017, the Stanford Center on Longevity analyzed 292 different retirement income strategies and determined the best way for most people to withdraw their savings. It’s called the “spend safely in retirement strategy” (SSiRS) and involves two basic components: delaying Social Security benefits and creating an “automatic retirement paycheck.” In a new 2019 report conducted by the Stanford Center on [...]
Student loan debt, that mortal enemy of retirement savings, is showing no signs of slowing its assault on workers ability to contribute (or contribute more) to their 401k.A trio of new surveys illustrate the hardships student loan debt is causing would-be retirement savers.TIAA and MIT AgeLab’s study, “Student Loan Debt: The Multigenerational Effects on Relationships [...]
People are living longer, which means the years spent in retirement are, too. But do you have enough money saved to live a long, healthy, fulfilled retirement? I don’t believe in “skimp saving” or changing your lifestyle, so here are seven tips to help make your income work for you through retirement.Watch out for fees. [...]
Preparing for retirement is tricky, and it takes a lot of hard work and sacrifices to be able to save enough to enjoy your golden years comfortably.Despite the challenges of accumulating enough savings to retire comfortably, 38% of retirees say they felt either extremely or very confident in their savings before they retired, according to a [...]
Early retirement is a goal of some people and a dream of many. There’s a lot of appeal to the idea of being financially independent and leaving the work force when we’re still young enough to engage in a wide range of activities. Early retirement can mean living wherever you want and doing what you want for [...]
TechnologyOpens a New Window. is beginning to play an important part in Baby Boomers retirement planningOpens a New Window.. Smart phones and the internet not only keep you in touch with family and friends, but digital wealth is quickly becoming the future of financial planning for your golden years.
“It is better to be tried by twelve than carried by six.” As a police trainer I have always understood the sentiment in this oft-repeated quote, but have strongly felt that it sets the bar too low.I prefer, “It is better to be applauded by twelve than carried by six.” When you strive daily to [...]
Saving for your golden years may not seem like a priority compared to daily expenses, debt repayment and short-term savings goals. Yet the sooner you start, the better you can leverage compounding interest and the more your money will grow. Getting an early start on retirement planning also provides some flexibility if you decide to tweak [...]
What would you do if you discovered a leak in your roof? Repair it as soon as possible or wait until it led to more costly, long-term damage? For most people, the answer is easy: repair it now. But what if you didn’t know about the leak until it was too late? The same thing [...]