Wednesday, October 23

Tag: personal budgets

How to Keep Holiday Spending in Check During Retirement | Retirement
7Dec By adminNo Comments
Money

How to Keep Holiday Spending in Check During Retirement | Retirement

Retirees living on Social Security and other fixed income streams may need to adjust their holiday spending strategy this year amid the high cost of food, retail goods and other items. But with a careful eye and a commitment to budgeting, it's still possible to have a great holiday while keeping your spending in check.To manage costs during the season of gifts and gatherings, consider the following: Recognize the challenges of holiday spending. Develop a realistic holiday budget. Follow handy money-saving tips for retirees. Implement a solid savings plan. Keep track of your spending. Manage credit wisely. Balance fun and finances in retirement. Recognize the Challenges of Holiday SpendingIt can be easy to get caught up in the spirit of the season. You might have invitations to atte...
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How I Save Money by Living Simply in Retirement | Retirement
1Dec By adminNo Comments
Money

How I Save Money by Living Simply in Retirement | Retirement

Embracing a simple lifestyle in retirement can help you relax, appreciate what you have and save money over the long term.Janet Ruth Heller and her husband, Michael, both former college professors in Portage, Michigan, accomplish this by staying active but keeping a close eye on spending. "Both of us earn some income each year from part-time work," Heller said in an email. "However, we rely on our savings and some investments for most expenditures. We do not want to live extravagantly."If you’re also looking to save money by living simply in retirement, here are some ideas from Heller and financial experts : Create an income plan. Track each dollar. Keep living expenses low. Get involved in groups. Avoid impulse spending. Choose activities thoughtfully. Create an Income PlanAs you c...
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What Is the $1K Per Month in Retirement Rule? | Retirement
22Nov By adminNo Comments
Money

What Is the $1K Per Month in Retirement Rule? | Retirement

As you look toward retirement, you'll want to evaluate your options to create a steady income stream. This could come from Social Security benefits, retirement account distributions or a pension. Another popular income strategy involves using the $1,000 per month retirement rule. It means that for every $240,000 you have set aside, you can receive $1,000 a month if you withdraw 5% each year.If you’re interested in learning about the $1,000 per month rule, consider the following: Understanding the $1,000 per month in retirement rule. Why $1,000 per month? Advantages of the $1,000 per month rule. Limitations of the $1,000 per month in retirement rule. How to effectively implement the $1,000 per month rule. Alternatives to the $1,000 per month in retirement rule. Is the $1,000 per mon...
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Money Apps to Keep Your Retirement Planning on Track | Retirement
27Sep By adminNo Comments
Money

Money Apps to Keep Your Retirement Planning on Track | Retirement

If you're like most people, your life is so busy that you have little time to dedicate to your finances. Ensuring that you’re on the right track with your retirement goals can be tough, but it's important. A 2023 Fidelity report found that the typical American household has saved just 78% of the amount necessary for retirement. Meanwhile, 52% of households may have saved so little that they won't be able to manage their essential expenses when they stop working. To hit your target, you'll need to monitor your spending and manage your credit as you make proper saving and investment decisions. It can be challenging, but technology can help. These nine apps can reduce the time you spend budgeting, net worth tracking, credit monitoring, managing debt and investing – and help ensure you're doi...
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Avoid Becoming One of These Retirement Statistics | Retirement
26Sep By adminNo Comments
Money

Avoid Becoming One of These Retirement Statistics | Retirement

Saving for retirement is a long game that rewards the early birds. Here's a look at six unfortunate retirement statistics and tips on how to avoid becoming one of them. 1. Social Security Benefits Provide Retired Workers With an Average of Just $22,044 Per Year Retired workers in 2023 are receiving an average of $1,837 per month – or $22,044 per year – in Social Security benefits. While Social Security benefits can be a helpful part of a retirement plan, the income is often not enough on its own – especially amid record inflation rates in recent years. 2. More Than 1 in 4 Adults Who are Still Working Aren't Saving for Retirement About a quarter of American adults who are still working (28%) say they don't have any retirement savings, according to the Economic Well-Being of U.S. Households...
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10 Facts About Credit Unions
20Sep By adminNo Comments
Money

10 Facts About Credit Unions

If you're looking for a new place for your checking and savings accounts, don't limit your search to banks. You may discover credit unions have more to offer than you think.Credit unions are not-for-profit organizations that operate on a philosophy of people helping people, says Christopher Roe, senior vice president for TruStage, a provider of insurance, investment and financial technology solutions for credit unions. Unlike banks, which are publicly owned by stockholders, credit unions are cooperatives and member-owned."I think a lot of people feel that credit unions are smaller because they are more member-focused, but credit unions can be just as powerful as banks," says Jay Ferrans, president of JM Financial & Accounting Services in Southfield, Michigan.It's a common misconceptio...
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Great Discounts Seniors Can Get From AARP  | Retirement
23Aug By adminNo Comments
Money

Great Discounts Seniors Can Get From AARP  | Retirement

If you’re 50 or older, you can save on restaurants, entertainment, travel and more through AARP. The organization provides senior discounts and other benefits to its nearly 38 million members. There is a cost to join, which starts at $12 per year and allows you to add a person from your household for free. Before you sign up, you may want to look at the features available and evaluate if they fit into your budget and retirement plans. For those who are already members, it could be helpful to review all the benefits available with an AARP membership. Some of the great discounts that seniors can get from AARP include: Restaurant discounts. Entertainment discounts. Cruise discounts. Rail and tour discounts. Car rental discounts. Hotel and resort discounts. Retail discounts. Health an...
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The Most Popular Ages to Collect Social Security | Social Security
15Aug By adminNo Comments
Money

The Most Popular Ages to Collect Social Security | Social Security

If you qualify for Social Security retirement benefits you can sign up to begin getting them any time after age 62. While it may sound appealing to start collecting the money as soon as possible, your monthly payments will be larger if you delay claiming them.According to 2022 data from the Social Security Administration, there's a wide range of ages at which people start to claim their benefits, as well as some marked differences in when men and women typically start. Read on to find out how the age at which you start collecting your benefits impacts your monthly payout – and the most popular ages when men and women begin.How Much Your Payment Will Be Reduced if You Start Collecting at 62Your full retirement age, as defined by Social Security, depends on your birth year. It's crucial to ...
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The Financial Perks of Growing Older | Retirement
10Aug By adminNo Comments
Money

The Financial Perks of Growing Older | Retirement

Aging has its benefits: As the years pass, you gain more wisdom and perspective on life. In addition, you have access to more financial benefits. From discounts to deals and deductions, there are many ways to make your funds go further as you age.Here's how getting older can save you money: Senior discounts. Travel deals. Tax deductions for seniors. Bigger retirement account limits. No more early withdrawal penalty. Social Security payments. Affordable health insurance. Senior services. Free college. Senior DiscountsIf you show proof of identity such as a driver's license, you may be able to get a discount on your next restaurant meal or retail purchase. Many museums, movie theaters and entertainment venues provide reduced admission prices to people above a certain age.AARP negot...
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How to Switch Banks: A Step-by-Step Guide
26Jul By adminNo Comments
Money

How to Switch Banks: A Step-by-Step Guide

But after you've made the decision to switch, the actual process of transferring funds from one account to another is more complex than simply hitting a button. Your old bank has worked hard to integrate itself into your daily life. "The ability to do the direct deposits, the ability to do the auto debits ... it causes people to keep the business at the bank," says Bill Schretter, a certified financial planner at Allworth Financial, an education-based fiduciary financial planning firm. "It makes it difficult (to switch).” In order to ensure a smooth transition from one bank to the next, there are a number of steps experts advise you to take.Here's how to switch banks: Open the New Account Take Inventory Redirect Automatic Payments and Direct Deposits Link Your Savings and Checking Acc...
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