Retirement
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Best Roth IRA Accounts for Better Retirement (2022)
The best Roth IRA accounts can help you achieve your retirement goals. A Roth IRA is possibly one of the most understated retirement power tools. It’s often misunderstood and confused with traditional IRAs and 401(k)s. In short, a Roth IRA offers a tax-free income in your retirement. Once you’ve reached the IRS retirement age of 59.5 years old and have…
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How Many Years to Reach Financial Independence
How can you calculate the number of years it will take to reach financial independence? The term financial independence gets used often because it’s such a compelling goal. Financial independence is when you have enough assets that produce income to cover your living expenses indefinitely. Essentially, once you reach FI, working for money is optional. 3 Steps to Calculate the…
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How to Calculate Your Financial Independence Number
Reaching financial independence may be challenging but not impossible. It also sounds complicated, but in just a straightforward calculation, you can get an estimate of how much money you’ll need to be financially independent. I define financial independence as having enough income to pay your living expenses indefinitely without the need to work or earn income. The Financial Independence Number…
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Retirement Planning: How to Prepare to Retire
Retirement planning is a strategic financial step for anyone who wishes to retire well. What is retirement? Retirement is leaving an occupation, workforce, or active working life. We often associate retiring with age, but there’s no US federal mandate to stop working. Instead, the US government sets the national minimum age to receive government benefits such as Social Security and…
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401(k) Plan Basics: Simple Guide on What to Know
In this simple guide, you’ll learn the 401(k) plan basics to help you take advantage of your employer-sponsored retirement plan. It can be an essential part of your retirement planning. What is a 401(k)? Contributing to a 401(k) provides you money in retirement. A 401(k) is a retirement savings plan sponsored by an employer. 401k of the Internal Revenue Code authorized the use…
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How to Invest for Retirement
It’s time to save and invest for retirement. Don’t simply rely on social security benefits as your entire retirement planning won’t help you retire well. It’s essential to grow your money through investing. Retirement is a word that triggers both negative and positive emotions, especially when it’s your retirement in question. One might feel very excited about having time off…
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Traditional and Roth IRAs: Simple Guide and What to Know
Currently, 50 percent of households are at risk of not having enough money to keep their lifestyle when they retire, so knowing the difference between Traditional and Roth IRAs matters. The tax-advantaged accounts are essential parts of retirement planning. Investing for retirement is necessary no matter what age you are today. If you’re in your 20 and 30s, thinking about retirement might…
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Life After Financial Independence: What to Do Next
You’ve dreamt about what life would be like after financial independence and achieving the possibility of early retirement. The images of a carefree lifestyle with no work seem appealing, but chances are you’re going to ache for something more. So, the question remains, what will you do after FI? I’ve seen this question arise numerous times on forums, blogs, and…
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8 Common Social Security Myths You Should Know About
Social security myths continue to proliferate in online searches and on social media. We want to break down the 8 biggest misconceptions in this article. From the very first day of work, we all have the same goal: to stop working. Yes, we need a job to pay the bills and enjoy life but we’re also working toward that goal…
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Social Security Benefits: Check Your Earnings Statement
Reviewing your estimated Social Security benefits is a good practice that can help you plan for your retirement and correct errors. What is the Social Security Benefits Statement? Social Security Administration keeps a database of your earnings tracked by your Social Security number. You are able to see your earnings records and work credits through the Social Security Statement which…
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