Retirement Planning

There are many benefits to delaying Social Security benefits but there are also some serious drawbacks. If you push back on the start date your eventual benefit will be larger. And since it is larger, your cost-of-living increases will be calculated from a larger base and hence the annual increases will be larger too. And [...]

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You have a lot more in common with people who are millionaires than you think. It’s true that sometimes the rich have pricier homes, cars and vacations. But when it comes down to the really important things – like health, family, general level of happiness and sense of well-being, being mega-wealthy just doesn’t matter. I [...]

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Normally it’s brilliant to take advantage of and make contributions to your 401k.  When you do, you get an immediate tax break (unless it’s a Roth 401k) and you build up a nice retirement nest egg for yourself to boot.  Not bad.  But there are 3 situations where making contributions to a 401k is a [...]

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Most rich people I know got wealthy starting from scratch.  If you think about that, it’s inspiring. It means that anyone can drastically improve their finances – including you. I don’t care how much money you make, it’s how much you save and invest that matters.  But many people I know simply don’t save as much as [...]

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We originally covered this topic in 2011, but with the rollout of the Affordable Care Act (ACA), better known as Obamacare, it’s prime time for an update. The effect of the act on health insurance plans in retirement is actually minimal, but it’s will worth considering any changes that have taken place. If you currently [...]

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Do you know what it will cost you to live after you stop working? If you don’t know, you probably want to find out. It’s a crucial number. In fact, you can’t have a secure retirement unless you have a handle on this information Pilgrim. Of course the problem is that retirement is a long-term [...]

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