Retirement can either be a time of freedom, fun, and new experiences, or it can be a time of stress, tightening the belt, and a gradual loss of financial independence. Everyone would prefer the former over the latter, but you don't get there by accident. It takes careful planning and responsible money management over decades. Don't adopt a "wait and see" attitude when it comes to the quality of your [...]

Children are a tremendous responsibility, financially taxing and incredibly rewarding. And there inevitably comes a point where, as a parent, you need to cut the purse strings, confident you have raised an independent adult who can sustain themselves financially. I recently had a meeting with husband and wife clients who have two daughters in their late 30s. One daughter, whom I will call “Jane,” is single and lives in another [...]

If you’re looking at retiring in the future, you’ve probably heard of an IRA and a 401(k). But what’s the difference between these two retirement-saving plans? The bottom-line answer: one is employer sponsored and one you can open with almost any provider. Before you read any further, it’s important to know you can have both. There is no rule that says you can’t have both an IRA and a 401(k). But [...]

Dreaming of retiring in your 50s, 40s, or even 30s? You’re not alone. For members of the FIRE movement — short for “financial independence, retire early” — good planning and a frugal lifestyle can help you achieve a lifetime of financial freedom. And yet, sometimes when man plans, God laughs, as the old Yiddish saying goes. Even the best-laid retirement plans can go awry. A market downturn could wipe out [...]

Any sound financial plan requires that you figure out your retirement expenses in advance, advisers say. But since retirement can now last 30 years, what’s the best way to plan for those decadeslong costs? “I think exploring retirement spending at a deeper level, that is beyond just assuming that annual expenses increase annually with inflation, is an important part of a financial plan for a retiree,” says David Blanchett, head [...]

Money you put in your retirement accounts is supposed to stay there until you're ready to exit the workforce, but it doesn't always work out that way. When you're pressed for cash, your retirement account can look like a piggy bank just waiting to be cracked open -- and many people give in to the temptation. A recent Transamerica survey found that 28% of Americans were guilty of taking a loan or [...]