It might be intimidating to invest money for retirement, mainly since it’s usual for soon-to-be retirees to worry about whether or not they’ll have enough money to support themselves in their later years. Several general guidelines can be used to determine where you stand with your retirement funds. If you want to retire by the age of 67, you need to start saving your annual wage by the time you are 30 years old. You should also have three times your yearly wage saved by the time you are 40. By multiplying your annual expenses by 25, you may determine your “end goal” – the amount of money you need to save before retiring with enough money to last 30 years. This is called the 4% rule. However, there are other ways to monitor the development of your retirement savings…
Job Search Getting You Down After 60? These 6 Tips May Give You the Pick-Me-Up You Need
Looking for a job in your 60s can feel similar to riding a wave. On one hand, you may welcome the chance to hit the restart button on your career and gain a fresh sense of purpose. On the other, landing your dream job isn’t always a smooth process, and you may experience a few setbacks along the way. Everyone’s journey is unique, and it’s difficult to predict how long your job search will last. But it’s important to remember that you aren’t alone and that the right job will come along eventually. Accepting this truth isn’t always easy, but here are a few things you can try to help you manage your happiness and well-being while you’re searching. Go Small Job searching can become overwhelming at times, especially if you set out to do everything required at once. Instead,…
Money Advice for Women in Their 60s
For many women, the years after 60 are dominated by the transition into retirement. Finally, all the savings and investing you’ve been doing for decades feel real. Your last day at the office isn’t out of reach; you can start pulling money from your retirement plans penalty-free and soon begin collecting Social Security. As you navigate your 60s, consider these eight smart money moves. Consolidate Your Retirement Accounts If you’ve worked for more than one company throughout your career, you likely have multiple retirement accounts at different institutions. If you haven’t done so, now is the time to consolidate everything into one central account. Utilizing one prominent account will make tracking statements, balances, and logins easier. Plus, if you need to take required minimum distributions (RMDs), it will be easier to keep track so you don’t miss an RMD and…
5 Sneaky Ways Your Mind May Be Sabotaging Your Spending (And Keeping You in Debt)
Read More at Well+Good If news of a looming recession has you feeling stressed about your finances, know you’re not alone. Surveys show that most Americans are uneasy about the prospect—and what it may potentially mean for their personal economy. Even before inflation hikes, 50 percent of U.S. adults said they felt stressed when discussing their finances, and 60 percent felt anxious just thinking about money, according to a 2021 study by George Washington University. But looking at, thinking about, and talking about money are some of the best ways to deal with financial stress. Furthermore, financial experts will tell you that, when it comes to preparing for a recession, paying off debts (the average American has $14,241 worth of credit card debt, reports Ramsey Solutions) and saving money for an emergency fund are among the smartest steps you can take.…