As we enter the final 10-20 years before retirement, the equity we have in our home often represents a large part of our retirement savings. To make the most of this hard-earned asset, it’s important to make thoughtful decisions about our mortgage and home ownership in general. We may also need to challenge common assumptions – what’s right for one homeowner approaching retirement may not be right for another.
Thinking of starting your first 401(k)? Congratulations! Saving for retirement is a tremendously important step towards securing your financial future. Adopt the following strategy as a young person and stick to it, and you have an excellent chance of getting where you need to go.
A SUM180 member recently asked us about long term care insurance. “Is it worth it? Couldn’t I just start saving in an IRA or Roth IRA account myself, and eventually use that for long term care?” Here’s how I see it.
Women on average have $25,000 in investments for their retirement, while men have $37,000 on average for retirement. Neither number is enough. The good news is, for most people, there’s a way to make it work, with the right amount of planning.