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Retirement Planning Blog

on 15 June, 2016

Are You Generating Enough Income in Retirement

Do you have a dependable level of income for retirement? According to a new study, many seniors aren’t generating the retirement income they need. BankRate.com reports seniors in 47 states and the District of Columbia aren’t replacing enough of the income they earned in their working years.

The study found that at best, seniors are living off 60% of the income they had in their pre-retirement years. Financial experts believe retirees need at least 70% of their pre-retirement income. BankRate.com reports the national average to be 60.27%.

Why Does It Matter?

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on 07 April, 2016

Helpful Resources for Financial Education

Last week’s post covered the deficiency in Americans’ financial education. Much of it is due to gaps in financial education. Ultimately, a lack of financial awareness leads to a shortfall in financial well-being.

For National Financial Literacy Month, SafeMoney.com has partnered together with nationwide financial literacy organization Society for Financial Awareness (SOFA). Over the course of April, we’ll be publishing helpful articles with comprehensive, actionable information to help you make retirement decisions with confidence. SOFA is also providing informative, public workshops on pressing financial topics. Through this partnership, we’re working toward alleviating financial illiteracy in the United States, one community at a time.

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on 08 June, 2016

3 Retirement Pitfalls You Should Avoid

You’ve worked hard for many years. Upon retirement, most people would like to live on their own terms. Maintaining a comfortable lifestyle requires you to take the proper steps to secure it. That includes avoiding common errors which could put your retirement finances at jeopardy.

With precautions in order, retirees will be more prepared to enjoy a secure – and hopefully financially confident – future. Having said that, let’s cover a few pitfalls which could do a number on your financial security.

Common Retirement Pitfalls to Avoid

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on 22 June, 2016

The Importance of Financial Education

In the past, we’ve discussed the importance of being prepared for retirement. Unfortunately, not taking proper precautions can lead to shortfalls later on. It’s important to evaluate what your retirement needs will be and to develop a roadmap to meet those objectives.

Ultimately, one significant factor behind any retirement shortfalls is a gap in financial education, especially among younger generations of Americans. Unfortunately, surveys indicate a widespread lack of financial awareness. For example, in a study by Champlain College’s Center for Financial Literacy, researchers graded all 50 states on what they were doing to promote financial education in the classroom.

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on 01 June, 2016

5 Retirement Mistakes You Cant Afford to Make

According to a survey from the Employee Benefit Research Institute, just 21% of American workers are "very confident" they'll have enough money for retirement. After many years of hard work, most people would like a comfortable retirement lifestyle. But this doesn't just come together by itself.

Financial independence in retirement takes diligence, and it begins with creating a suitable retirement income plan. Then once you have this "retirement roadmap," it's a matter of sticking to it. Of course that involves taking action when you need to, like filing for Social Security at the right time or signing up for Medicare on deadline.

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on 10 March, 2016

Average American Household Savings Near Retirement

Proactive planning is a critical step for a secure retirement. But just how prepared are American households for their retirement years? Of course it’s important to recognize all households will have different retirement needs. People vary in their life circumstances and objectives, and as a result, their financial circumstances and requirements will also vary.

Some couples may require a seven-figure nest egg to feel secure. Others are confident their Social Security benefits will be suitable for their future needs. Given how Americans have such a wide-ranging outlook on finances in retirement, how people interpret statistics such as average American household retirement savings will vary. What may be the start of a looming crisis for some may be a minor challenge for others.

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on 25 May, 2016

The Growing Impact of Retirement Healthcare Costs

Last week we discussed the concept of “risk capacity” and its role in retirement financial security. Aside from retirement asset allocation, another part of income planning is accounting for expenses. Living expenses, long-term care costs, and healthcare expenses are three primary retirement cost drivers. It’s important to plan ahead and to have a strategic combination of volatile and conservative financial vehicles to meet these needs.

Just healthcare needs alone can impose a significant cost burden on your retirement lifestyle. In fact, research firm HealthView Services reports they’re one of the fastest-growing segments of retirement spending. Ensuring they aren’t neglected is a critical step. Otherwise they can be financially draining and greatly impact your standard of living in retirement.

What’s Going on with Healthcare?

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on 22 June, 2016

Financial Planning Steps with Your Partner

In the past, we’ve discussed ways to create a meaningful retirement. After many years of hard work, people want to enjoy their retirement years. It’s important for this period to be enrichening, but taking steps to ensure a secure future is also paramount.

Many baby boomers are couples. Oftentimes household duties and responsibilities are divvied up among partners. One handles the finances, and the other may hold responsibility for other areas of planning. Daily chores such as cooking or cleaning the kitchen are likely to be split duties.

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on 18 May, 2016

Whats Your Risk Capacity Why It Matters

Last week we discussed the value of having a guaranteed retirement income source. Annuities offer some strong advantages with their contractual guarantees, but they’re only one part of the financial picture. Overall, a portfolio could have many assets: stocks, bonds, mutual funds, annuities, CDs, or even other financial instruments.

This brings up the question of portfolio allocation. Is there a paradigm which you should follow? Ultimately, we would say it varies among individuals. Your portfolio should be allocated to reflect your current situation, your needs, your goals, your risk tolerance, and your risk capacity. Of course there are some well-known general guidelines, like the Rule of 100 and portfolio diversification.

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on 04 February, 2016

Top Retirement Issues

In the past, we’ve discussed ways to catch up on retirement saving. Other areas of focus have been how to determine how big your retirement fund should be, and the financial challenges seniors will face in retirement.

But what about retirement issues, in general? From healthcare expenses to accounting for all years of living in retirement planning, there’s a wide landscape with which to contend. Read on for more information about the top retirement issues of today.

What Retirement Issues Do Americans Face?

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