Should you and your spouse retire at the same time? The answer is that it depends on a variety of factors — emotional, physical, and financial. To help you decide on the right time frame for both your retirements, here are a few of the most important factors to consider and how timing may address them.
1. Medical Insurance
One of the biggest concerns for younger retirees is how to fill the health insurance gap between the employer and Medicare.
Retirement planning involves mapping out your financial needs and predicting how much money you will need to support yourself in the years after you leave work. As well as ensuring that you are financially stable, retirement planning can also reap other benefits.
Retirement Planning Helps You Make the Most of Your Savings
With careful budgeting and calculated risk-taking, people can make sure that their pension pot lasts them for the rest of their lives.
Many people who have worked hard to build wealth find it hard to spend unnecessary money on splurges even as their nest egg grows. But splurging on certain things is healthy and will help ensure that you make good choices with the rest of your finances. But how can you know when to splurge and on what? Here are five key ways to have your cake and eat it too.
When you have accrued wealth and assets that you want to share with your relatives, you may need to be careful about the manner in which they are distributed. You may want to avoid paying high taxes on them and protect them from other people laying claim to them.
To ensure that they are saved and distributed according to your wishes, you can place them in a trust while you are still alive.
Can you contribute more to your retirement financial planning than most Americans? For high-income earners and those who have other assets they could put away for retirement, standard contribution limits can be costly and frustrating. How can you work around these exterior limitations and put much more away for your own retirement? Here are five ideas for any saver.
1. Maximize Catch-Up Contributions. If you are over 50, you have the option to contribute more both to IRAs and 401(k) plans.