Archive for 'Retirement Planning' Category
How much does an average nursing home cost?
31 August 2006I was reading this article in Kiplinger’s on why you shouldn’t expect much of an inheritance anymore, and I was a little stunned by these statistics:
The average cost of a nursing-home room in 2005 was $74,095. Assisted-living costs were $34,860.
I suppose it shouldn’t be all that shocking given the high costs of medical care – [...]
What would you do if you had so much money you didn’t have to work?
28 August 2006How exactly would you fill up your time? That question is what members of the Free the Drones Forums are discussing here. Seems retirement planning is coming a little early – answers range from taking up hobbies like golf to volunteer work to just sitting around on your butt. What are YOU planning on doing [...]
Work a Few Summers As A Teenager And Retire A Millionaire
27 August 2006Here’s an article over at MSN Money that points out that because of the power of compounding, if a 16 year old works for four summers, earns $2000 a summer, and puts the money into stocks in a Roth IRA – they’ll retire at age 67 with over a million dollars even if they save [...]
What income do you really need in retirement?
25 August 2006Penny Nickel over at Money and Values has run her numbers and thinks that people are generally overestimating the amount of money they’ll need in retirement. She’s in her twenties shooting for the number she’ll need 40 years from now – an admittedly hard thing to do. Her guess is she’ll need around $25,000 in [...]
More Downsides to Income Annuities for Retirement
12 August 2006Continuing the thoughts of my previous post on buying annuities to guarantee an income in retirement, I just came across a CNN article here by Walter Updegrave on some of the potential issues you face when buying an annuity. He adds this cautionary note:
A couple of caveats. Annuity payments are based in part on your [...]
Buying Annuities To Guarantee Income In Retirement
12 August 2006I’ve recently been discussing the problems that hit people’s financial planning when they don’t account for the fact that they might live well into their eighties. I asked how long you should assume you’ll live in retirement, as well as how technology might increase your life expectency, requiring you to save more.
Now, from Kiplinger’s, comes [...]
What Women Need to Know About Retirement
9 August 2006Smartmoney has an article up talking about the unique problems women face in retirement:
Behind these numbers, however, is a disturbing disparity: When it comes to retirement planning, women lag significantly behind. “Women often underestimate how much money they’ll need in retirement,” says Ginita Wall, a certified financial planner (CFP) and co-founder of the Women’s Institute [...]
Congress passes pension reform bill – what does it mean to you?
8 August 2006Some important news if you’re either living on a pension or planning to – Congress has just passed a bill reforming the rules that govern how companies can fund pensions. It hasn’t been signed by Bush yet, but it’s expected to meet his approval and should become law soon. So what does it mean for [...]
How Much Money You Need To Retire at 65, Supplement
7 August 2006I just came across an excellent series of posts on the question I posted on earlier, how much money a person needs to retire. Part One, Part Two, and Part Three are a continuing series at Old Niu’s blog and are a must-read if you’re looking into this topic.
He suggests a more conservative approach called a [...]
How much money do I need to retire?
7 August 2006This is a complicated question with different answers depending on how old you are, how much income you want, and who you ask. There are a couple of things to think about:
1) Inflation. Over time, you’ll need to spend more money each year of your retirement. Inflation usually averages 2 percent or so a year, [...]