The Motley Fool

APRIL 30, 2024

Fidelity estimates that the average 65-year-old person retiring in 2023 is looking at spending $157,500 on healthcare costs throughout retirement as a Medicare enrollee. But either way, you should expect healthcare to be a major line item in your retirement budget.

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The Motley Fool

MAY 12, 2024

It's important to set money aside for retirement throughout your career so you have funds to access later in life. But in the context of retirement savings, you have choices. Many people opt to save for retirement in an IRA because these plans commonly offer a wide range of investment choices.

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The Motley Fool

APRIL 28, 2024

If you're hoping to be someone who retires early by choice, as opposed to being forced out of a job, you're no doubt in good company. And there can be big benefits to retiring early, like avoiding the health impacts of a stressful job and getting to enjoy an open schedule at a time when you might have more energy.

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The Motley Fool

APRIL 15, 2024

Although retirement tends to be a period that people look forward to, it can also be filled with financial stress. Many people find that they're not privy to as much income in retirement as they were during their working years. So at the very start of retirement, sit down to create that budget. Image source: Getty Images.

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The Motley Fool

MAY 9, 2024

Throw in the exorbitant cost of homeownership and child care, and it's amazing to think that millennials are able to save for retirement at all. Recent data from Northwestern Mutual shows that the average retirement savings balance among millennials is $62,600. But what if $604,000 isn't enough for a comfortable retirement?

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The Motley Fool

MAY 8, 2024

Understanding a few key rules could help you maximize your Social Security spousal benefit, so you can enjoy a more comfortable retirement. Timing is everything When it comes to Social Security benefits, everything centers around your full retirement age (FRA). Once you've done this, you're guaranteed some type of check in retirement.

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The Motley Fool

MAY 6, 2024

Retiring comfortably doesn't happen by accident. Here are three ways to get the job done in time for retirement. But your retirement nest egg is not the money to bet on the hot stock tip you heard at the bar. Take action, and you'll be surprised by how much money you can retire with.

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The Motley Fool

MAY 5, 2024

More than 40% of baby boomers expect their benefits to be their primary income source in retirement, according to a 2023 report from the Transamerica Center for Retirement Studies, so it's wise to make the most of them. The average spouse of a retired worker collects around $912 per month, as of March 2024.

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The Motley Fool

APRIL 20, 2024

For decades, Social Security has been one of America's most important social programs, especially when it comes to retirement. Luckily, Social Security retirement benefits aren't solely for people who worked and paid taxes throughout their careers. Image source: Getty Images. They're caring for a child with a disability.

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The Motley Fool

APRIL 27, 2024

Social Security is poorly understood, even though it forms the backbone of most Americans' retirement plans. For example, many believe that the government automatically increases your Social Security benefit once you reach your full retirement age (FRA). What is full retirement age anyway? But that's only true for some people.

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The Motley Fool

MAY 9, 2024

Image source: The Motley Fool/Upsplash During recent times of high inflation, the price of eggs at the grocery store became shockingly high -- and now the typical American's retirement "nest egg" goal is getting more expensive, too. million to retire comfortably, up from $1.27 million last year. million a reality. million a reality.

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The Motley Fool

APRIL 1, 2024

There's no such thing as an official retirement age in the U.S. However, it's a pretty common thing for people to retire during their 60s. And a recent MassMutual survey of respondents aged 40 and older found that on average, 63 is the ideal age for retirement, according to both retirees and pre-retirees.

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The Motley Fool

MARCH 24, 2024

Because CD rates are so attractive right now, you may be considering opening one for the purpose of saving for retirement. So when you're investing for a far-off goal, like retirement, a stock portfolio that you build in an IRA could be a better bet. Another option is to save for retirement in a Roth IRA or 401(k).

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The Motley Fool

MARCH 26, 2024

Whether you are young like I once was or you're now in your 50s or beyond, you too can get inspired by the most important retirement table you'll ever see. If you haven't saved enough Not everyone has decades before retirement, though. You might also aim to beef up your income as much as possible before retiring.

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The Motley Fool

APRIL 1, 2024

Image source: The Motley Fool/Upsplash It's widely recommended to invest with retirement accounts because of their tax benefits. With traditional 401(k)s and individual retirement accounts (IRAs) , your contributions are tax-deductible in the year you make them. That's certainly a good reason to use these accounts.

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The Motley Fool

MAY 17, 2024

Millions of seniors rely on Social Security, with some so dependent on their benefits that it's their primary source of income in retirement. Around 1 in 5 adults over age 50 even say they have no other retirement income outside of their benefits, according to a 2023 report from the Nationwide Retirement Institute.

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The Motley Fool

MAY 5, 2024

Saving for retirement can be a difficult thing at many stages of life. So it's easy enough to reach your 50s without a whole lot of money in retirement savings. Gen Xers' savings need work Northwestern Mutual reports that the average retirement savings balance among members of Gen X is $108,600. Image source: Getty Images.

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The Motley Fool

APRIL 27, 2024

The decision to retire is a pretty big one, and you'll no doubt put a lot of thought into things before ending your career for good. And in the course of contemplating your retirement, you may flip-flop between different ages until you find the right one. Age 70 is one age you may be considering in the context of your retirement.

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The Motley Fool

MARCH 30, 2024

million to retire comfortably. Unfortunately, most Americans approaching retirement aren't anywhere close to that number. While workers have a lot of opportunities to catch up on their savings in their late 50s and early 60s, most of these near-retirees may find their retirement accounts coming up short of their goals.

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The Motley Fool

FEBRUARY 17, 2024

Many people work hard to set themselves up to retire early. Early retirement might make it possible to do things like travel while you're still fairly young and in good health. Plus, if you're in a stressful work environment, retiring early means getting to escape it sooner. Let's say you're retiring at age 67.

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Funds 246

The Motley Fool

MARCH 31, 2024

Many seniors retire with little to no savings and wind up heavily reliant on the benefits they receive from Social Security. That's not a good thing, though, because those monthly benefits generally will not come close to replacing your pre-retirement paycheck in full. That's why it's so important to do your part to save independently.

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Investing 246

The Motley Fool

APRIL 19, 2024

With that in mind, these four ways to grow $100,000 into $1 million for retirement savings are designed to inspire you to get that foundation in place. In other words, if you can scrounge up that first $100,000 by the time you turn 40, then you've got a decent shot of retiring a millionaire by 65, simply based on what you've already saved.

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The Motley Fool

FEBRUARY 10, 2024

There's a good chance that looking forward to retirement, when you won't have to punch a clock, give a PowerPoint presentation, teach a class, answer customer service calls, insert catheters, or plaster over drywall. These important retirement tables can serve as a good wake-up call for you -- or for anyone you care about, if you share them.

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The Motley Fool

FEBRUARY 11, 2024

Many of us believe a high income is key to building a large retirement nest egg, but the truth is more complicated than that. And there are others who earn millions but fail to plan and wind up with little in retirement. A recent Goldman Sachs survey identified four traits the best retirement savers have.

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The Motley Fool

MARCH 24, 2024

And if you're going to pay up for a whole life policy, you might assume that it's better to focus on that and forgo contributions to a retirement plan like an IRA or 401(k). Why whole life insurance shouldn't be your sole retirement savings solution Term life insurance, as the name implies, covers you for a certain term. each year!

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Taxes Accounting Funds Portfolios 246

The Motley Fool

FEBRUARY 5, 2024

If you're a pre-retiree already mapping out a post-retirement budget, then you may know that the average Social Security retirement benefit payment for 2024 is $1,907 a month. Social Security retirement benefits breakdown Before exploring the visualized data, there are a couple of important footnotes to add to the discussion.

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The Motley Fool

MARCH 17, 2024

Based on recently updated estimates from the Center on Budget and Policy Priorities, America's top retirement program is pulling 22.7 It's also a program that's vital in helping retired workers make ends meet. But what future generations of retirees may not realize is that Social Security retired-worker benefits are quite modest.

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The Motley Fool

MAY 16, 2024

Millions of retired seniors collect a monthly benefit from Social Security that's instrumental in helping them cover their bills. If you're interested in picking up freelance work in the gig economy, those earnings, too, could add to your wage base and result in larger Social Security checks in retirement.

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Portfolios Returns Investors Investing 238

The Motley Fool

FEBRUARY 4, 2024

My friend Beth calls retirement "preferment" She will do the things that she prefers from now on. -- @keciabee on X That's a fun way of thinking about retirement -- a time when you're more able to do things you want to do, as you're no longer required to dress a certain way, adhere to a certain schedule, or work hard for much of most days.

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Taxes Accounting Debt Portfolios 246

The Motley Fool

MAY 18, 2024

Image source: Getty Images Americans are worried about not having enough money for retirement. million to live comfortably in retirement. The most important factor that affects your retirement savings is time. million for retirement. But this generation is the most pessimistic about their retirement prospects.

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The Motley Fool

JANUARY 29, 2024

Retirement has the potential to be a financially stressful period of life. But one thing that might make your retirement even more financially stressful is kicking it off with a pile of debt to your name. Know that not all debt is created equal You may have the goal of being completely debt-free by the time retirement arrives.

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Debt 246

The Motley Fool

MARCH 21, 2024

But it's important to know what to expect from Social Security ahead of retirement. Your benefits won't replace your pre-retirement paycheck in full One major myth about Social Security is that your monthly benefits will completely take the place of your former paycheck. Image source: Getty Images. But that's not true at all.

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The Motley Fool

MAY 18, 2024

By virtue of its structure and thanks to new rules in place in 2024, a Roth 401(k) can be a tremendous way to both build a substantial retirement balance and to manage your money once you reach that goal. Indeed, a Roth 401(k) has so much going for it that it is my favorite account for building a millionaire retirement.

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The Motley Fool

MAY 18, 2024

It's critical for all of us who aren't financially independent to start saving and investing for retirement -- and to have a solid retirement plan as well -- even if we're still relatively young. The best time to start investing for retirement So when is the best time to start investing for retirement?

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The Motley Fool

MARCH 24, 2024

There's no such thing as an official retirement age in the U.S. You may, however, have your sights on retiring at age 65. If your health insurance is tied to your job and you retire before age 65, you might have to scramble to pay for health coverage -- whereas if you wait until age 65, you'll have Medicare to fall back on.

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The Motley Fool

APRIL 19, 2024

How can you be ready to cover healthcare costs in retirement? Even tax-advantaged retirement plans like a 401(k) or IRA only give you a tax break either when you contribute or when you withdraw money, but not both. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

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Taxes Accounting Funds Investing 245

The Motley Fool

APRIL 21, 2024

Recent data from Northwestern Mutual finds that the typical baby boomer has just $120,300 in retirement savings. These investments, however, could set you up with passive retirement income so you don't have to lift a finger if you don't want to. REITs Owning a rental property is a great way to generate retirement income.

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