Retirement Archives - Page 5 of 7

The 4 Paths to Retirement And Financial Independence: How to Escape the Rat Race

Personal Finance, Retirement / Steve Burns

Achieving retirement and financial independence is a common aspiration, yet the journey is often difficult, whatever path you choose. The quest to break free from the daily grind, commonly known as the ‘rat race,’ is pursued by many but achieved by few. This article delves into the four primary strategies that can lead you to […]

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Here’s How Your 401(k) Is About To Change

Retirement / Steve Burns

As we navigate the ever-evolving landscape of retirement planning, it’s crucial to stay informed about the latest shifts and modifications in 401(k) plans. These changes, set to roll out in the coming years, are poised to significantly alter how we save for retirement, impacting everything from automatic enrollment to contribution limits. In this article, we

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5 Tips for A Happy and Wealthy Retirement

5 Tips for A Happy (& Wealthy) Retirement

Retirement / Steve Burns

Embarking on a happy and wealthy retirement is a goal many of us strive towards. It’s a time when the fruits of years of hard work and intelligent planning come to fruition, offering a chance to enjoy life with financial security and personal fulfillment. However, achieving this requires more than saving money; it involves strategic

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What No One Tells You About Early Retirement: 7 Secrets You’ll Wish You Know Before Retiring Early

Retirement / Steve Burns

Embarking on early retirement can be an exhilarating yet daunting prospect. While many focus on the financial aspects, several secrets and unexpected challenges come with retiring earlier than the traditional age. This article delves into the lesser-known facets of stepping away from a full-time career, offering insights and advice on navigating this significant life transition

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5 Hard to Break 401k Habits

Personal Finance, Retirement / Steve Burns

Saving for retirement through a 401k plan provides excellent benefits – tax-deferred growth, employer matches, and more. However, some common pitfalls investors can fall victim to can seriously hamper your 401k performance. Awareness of these habits and intentionally avoiding them can help ensure your 401k works maximally for you over the long run. Saving for

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Retire With $500,000: How it Works, Examples

Personal Finance, Retirement / Steve Burns

Retiring with $500,000 saved can seem an impossible feat these days. Yet for some disciplined savers who’ve built up this portfolio level, leaving the workforce in their 60s with a mid-six figure next egg becomes a reality. The tricky part then shifts to ensuring the $500,000 generates enough income to sustain you for a 30-year

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What’s The Minimum Amount Needed To Retire At 60?

Retirement / Steve Burns

Determining the minimum amount of savings required to retire comfortably at 60 years old is a complex question that requires evaluating many variables. Many formulas are relied on to accurately calculate the nest egg needed for a 30-year retirement, which demands factoring in future healthcare costs, inflation, Social Security benefits, market risks, taxes, and more.

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Average 401k Balance 2023 By Age (New Data From Fidelity)

Retirement / Steve Burns

Navigating the landscape of 401k balances in 2023 can be a complex yet crucial aspect of financial planning. With new data released by Fidelity, understanding how these balances vary by age has become more accessible, offering valuable insights for individuals at different stages of their retirement planning journey. This article delves into the intricacies of

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Living Off Dividends in Retirement? – Not So Fast

Retirement / Steve Burns

Many retirees are attracted to the idea of living solely off the dividends from their retirement investments. The theory is that income can continue indefinitely by only spending the dividend payments and leaving the investment principal untouched. However, the practical reality of relying entirely on dividends to fund retirement makes this onerous or even inadvisable

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What is The Power of Zero Philosophy?

Retirement / Steve Burns

Navigating the intricacies of retirement planning can often feel like a complex puzzle, especially when considering the impact of taxes on your hard-earned savings. The concept of achieving a zero tax bracket in retirement, often called the “Power of Zero” philosophy, offers a compelling solution to this challenge. This approach revolves around strategic financial planning

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