This has been a year like no other. As you prepare to say a big buh-bye to 2020, use this list of year-end tax planning tips for 2020 and beyond to help launch you into a better future. In 2020, the rules were updated for everything from tax withholding to socializing. While we can’t help…
Terror about retirement spending is not uncommon. In fact, most people are worried about spending their nest egg and running out of money. After all, you have been conditioned for decades to earn, not spend. You were probably a teenager when you opened your first paycheck and officially started the cycle of earning and spending…
Regardless of where you are in life, it’s always nice to make some extra money. And that is especially true in retirement. But, how to make money in retirement when you’re supposed to be simply enjoying the easy life? The retirement gigs listed below won’t be quite enough to cover retirement expenses, but they won’t…
You may be worried that you have not saved enough for retirement. And the first piece of advice from most financial experts is to tell you to save more! However, there is something much more effective you can do to make sure that you have enough money to live on in retirement.For a secure retirement,…
Are you thinking about buying a car? Will you need to buy a car at some point when you are retired? Cars can be a big purchase, and you should think carefully about your car choice in terms of your overall financial picture. No matter when you need to buy a car, you should consider…
The Scottish poet Robert Burns famously said, “The best-laid plans of mice and men often go awry.” That’s true about almost everything that you undertake in life. However, hoping for the best isn’t the greatest retirement budget strategy. You need a real strategy, and one that’s based on your life now (and the life that…
Do you actually know how much you spend every day now? What about every week? Throughout your life, you have probably at least looked backward to assess how much you have spent, even if it is just a running tally in your head. However, figuring out much you will consume in the future can be…
Contrary to what many financial planners suggest, you can live on a lot less than 100% or even 80% of your pre-retirement income. In fact, a survey by T. Rowe Price of new retirees who have 401(k) account balances or rollover IRAs found that you can live comfortably on a lot less. The report suggests that…
To gain financial independence for retirement, use the lessons of those who have retired early. The Big Takeaways… Financial independence can be achieved, but it’s about combining lifestyle ambitions with reasonable financial strategies. Financial independence comes with some sacrifice, so it’s important to consider the consequences before committing yourself to an early retirement. The NewRetirement…
When planning for retirement, it’s important to save enough money to cover the essentials. While a financial planner may discuss earmarking funds to pay for daily living expenses, housing, and healthcare-related costs, one of the biggest expenses in retirement is something that many advisers may overlook. What Are the 3 Biggest Expenses in Retirement? According…
If you are nearing or are already in retirement, you are about to change from being an earner and a saver to being a spender. You spent a lifetime amassing savings and other resources and now is the time to use these assets – assuming you can accurately figure out how much to spend in…
Key retirement costs are being overlooked by the clear majority of Americans. (Probably not you though, especially if you are a NewRetirement Planner subscriber, but, keep reading to make sure.) According to a 2020 survey by the Employee Benefit Research Institute (EBRI), fewer than 4 in 10 Americans “have planned for emergency expenses or calculated…
In some ways, managing money in retirement gets a little easier than before. You only have the money you have, so your options are somewhat simpler and more limited. On the other hand, the rules of money management shift in retirement so it may seem more complicated to you. No matter whether you find it…
Estimating retirement expenses can feel like an overwhelming task. However, if you want a secure retirement, you need to predict how much you are going to spend. Some might say that trying to predict your costs for every month for the next 15-30 years is preposterously impossible. However, it is probably no surprise to tell…
Wealth inequality is real. The disparity effects most of us. However, the black-white wealth gap is staggering. What is Wealth Inequality? Wealth inequality is the gap in net worth — your assets minus liabilities — between the wealthy and the poor. The differences in wealth between the rich and poor in the United States are…
If you are worried about how to save money, you are far from alone. According to a survey released by the Federal Reserve Board, 47% of American consumers report that they would not be able to come up with $400 for an emergency without borrowing or selling something. That’s half of the country living in…
Need a helping hand? Find help for seniors with low income The Big Takeaways… A significant amount of qualifying seniors don’t participate in low income benefits because often it’s hard to know what’s available. More options may be available to you during the pandemic. Tools like Benefits Checkup and the Eldercare Locator can help connect…
Worry about the scarcity of time, money, food, etc… can be a problem in lots of situations – including retirement. Learn how to focus on what’s important!
If you find yourself needing emergency money or income, here is a guide to 11 different sources of funding. Explore the pros and cons.
Retirement brings a lot of changes – taxes included. Learn how to file, assess tax implications of relocating, get tips for withdrawals and more…
Most of us could benefit from cutting retirement costs. Now is the time to really know what you are spending and assess your budget. When living on a fixed income in retirement, it is very important to make sure that your income does not exceed expenses. Living more frugally can be done no matter your…
Your retirement budget determines how much you will really need to have saved for a secure retirement. It is very important to get this right. While accurately estimating your expenses for the rest of your life is a daunting prospect, the right tools and advice can make it easy. Your retirement budget will evolve… Detailed…
As more and more baby boomers head into retirement, there is a growing conversation about how to generate adequate retirement income from retirement assets. Even with some good economic news, many of us are going to come up short. Retirement income doesn’t grow on trees… But you can make it grow! According to the most…
Retirement is a big deal and a huge life change. You have a whole new lifestyle and need a very different way of thinking about your money. In fact, your financial mindset needs to get flipped upside down. You need to go from a focus on accumulation (saving, saving, saving) to spending (efficient use and…
Episode 19 of the NewRetirement podcast is an interview with Jesse Mecham — the founder of You Need a Budget, a CrossFit/PowerLifter and generally strong guy. We discuss why budgeting is a powerful life altering tool for him and their users, how they got started and what’s unique about how they educate people and build…