Retirement

How Much You Should Have in Your Retirement Fund at Every Age

If you’re counting on Social Security to fund your retirement, you might want to think again. According to MarketWatch, the two funds that pay Social Security’s benefits — the Old-Age and Survivors Insurance and the Disability Insurance trust funds — will run out of money in 2035 if Congress does nothing to fix the program. While Social Security benefits won’t disappear if this happens, the funds will come only from taxes and therefore payouts will be lower. With less help from the government, it’s important to start saving now to protect yourself and your loved ones during your golden years.

There are numerous studies and theories about how much you should have saved for retirement, emergencies, necessities and other expenditures. For example, studies by Fidelity and T. Rowe Price show the retirement savings benchmarks for where you need to be, starting at age 25. Both studies stress the need to

Read More

10 Steps to Take When You’re Facing a Forced Retirement

You spend decades of your life working toward the goal of retiring someday. There’s a ton of guesswork involved about when it will happen, how much you’ll need each year and even how long you’re expecting to live.

But when retirement happens sooner than you anticipated — due to a layoff, health issue or some other life event — your decades of retirement planning gets thrown off course.

Suddenly, your time to save is over. Now you have to make less money last even longer than you’d imagined.

10 Steps to Take When You’re Forced to Retire Early

Whether you’ve been forced to retire early due to circumstances beyond your control or you’re preparing for a worst-case scenario, know you still have options for a financially sound retirement. Follow these steps to help you adjust your plans.

1. Find Affordable Health Coverage

When you have to retire early, you’re hit

Read More