The Motley Fool

AUGUST 24, 2023

Image source: Getty Images Retirement can be an expensive time of life, especially if you want to enjoy traveling around the world or if you have costly healthcare expenses to pay as a senior and don't want to end up in credit card debt. For some people, this means aiming to produce around $50,000 in retirement income from their savings.

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The Motley Fool

APRIL 4, 2024

The majority of Americans aren't on track for a comfortable retirement. According to Vanguard data, the average 401(k) has about $112,500 in it, which is just a small fraction of the amount needed to generate a sustainable income throughout a long retirement. Image source: Getty Images. Consider this.

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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

AUGUST 29, 2023

Image source: Getty Images When I set financial goals, there is always one that is at the top of my list: Saving for retirement. Social Security alone won't cut it The biggest reason why I'm focused on saving for retirement is because I know I need money saved to be able to support myself.

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The Motley Fool

AUGUST 28, 2023

Like most people, I'll get Social Security benefits when I retire. But Social Security isn't playing a central role in my retirement planning. I'm not spending much time thinking about when I'll claim benefits or even factoring in the income I'm likely to get from my retirement checks. Image source: Getty Images.

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The Motley Fool

APRIL 19, 2024

Image source: The Motley Fool/Upsplash How much money do you need to retire? $1 One report from Northwest Mutual in 2023 found the average American believes they need $1.27 million to retire comfortably, and a separate survey by Schwab conducted around the same time found that Americans think they need $1.8

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The Motley Fool

MAY 1, 2024

Image source: Getty Images How much life insurance does a 40-year-old need? To help get you started, here's a quick discussion to help determine how much coverage you need and what type of life insurance is best for you. How many kids do you have and how old are they?

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The Motley Fool

APRIL 22, 2024

You can see this in everything from music to home decor, but it also extends to financial concerns, like saving for retirement. A Northwestern Mutual survey recently asked members of several generations how much they thought they'd need to retire comfortably and their answers were, predictably, different.

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The Motley Fool

FEBRUARY 8, 2024

Society's notion of retirement is often one of relaxation and pursuing our passions after decades in the workforce. Even a small amount of debt can be stressful for those who weren't able to save much throughout their careers. Even a small amount of debt can be stressful for those who weren't able to save much throughout their careers.

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The Motley Fool

OCTOBER 16, 2023

Image source: Getty Images One of the most important concepts when planning for retirement is that it isn't necessarily about how much money you have in savings -- it's how much income you can create after you retire. Having said that, retirement savings can certainly be used to create an income stream.

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The Motley Fool

MAY 15, 2024

But while you can't eliminate them entirely, it's worth taking the time to consider some common missteps we all tend to make, and how to avoid them. Here are five money mistakes Americans frequently make and some suggestions for how to get back on the right track. Without one, the laws in your state could dictate what happens.

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The Motley Fool

MAY 17, 2024

This generation has been hit hard by COVID-19, rising interest rates, and high housing costs, and often feels gloomy about their future prospects to save enough money to retire. Let's look at which financial advice Gen Z wants most -- and how to get it. Knowing how much to save (and if you're on track for big goals) can be empowering!

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The Motley Fool

AUGUST 26, 2023

Image source: Getty Images The short answer is that it's entirely possible to retire at age 50 with $1 million in savings. One of the most important concepts to learn about retirement planning is that it isn't just about how much money you have in the bank -- it's how much income you'll have to fund your lifestyle.

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The Motley Fool

DECEMBER 16, 2023

When you're working and contributing to a retirement plan, you're supposed to invest your savings so your money can grow into a larger sum over time. And once you're retired, it's best to largely keep your nest egg invested in various assets. However, you don't want to dump your stocks completely in retirement.

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The Motley Fool

APRIL 7, 2024

In fact, here are three pieces of advice that you hear all the time and that I simply won't follow -- along with some tips on why they may not work for everyone. Live on a budget If you have ever read anything about finance in your life, chances are good that you've been told that you need to have a budget. And I'm not the only one.

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The Motley Fool

SEPTEMBER 9, 2023

Is retirement on the horizon for you? You've worked hard through your career, and you deserve the opportunity to live life on your terms, doing what you want to do when you want to do it. Learning things the hard way after the fact -- when it's too late to do much about it -- is a recipe for financial heartache.

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The Motley Fool

JULY 19, 2023

If you work with a financial advisor, you've no doubt been presented with a long-term plan that tells you how much you'll need to save for retirement. The plan is likely based on your lifestyle, how long you plan to work full-time, your health, your interests, and other factors. Image source: Getty Images.

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The Motley Fool

NOVEMBER 30, 2023

Preparing for retirement usually means answering a lot of questions. How much will I need saved? What kind of lifestyle am I hoping to enjoy? If you're blessed to have a nice retirement nest egg, Social Security will be a nice-to-have supplemental retirement income source. 2024 is $1,907).

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The Motley Fool

JANUARY 23, 2024

But I've recently decided to dive in, taking full advantage of all the retirement plan has to offer -- and saving a bundle of money for my golden years. That's a total of $30,000 I could contribute and not pay taxes on until I withdraw funds. With a solo 401(k), I can contribute up to $73,500 annually since I'm over 50.

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The Motley Fool

MAY 5, 2024

While the IRS is trying to make it easier for many individual taxpayers to file their own taxes faster, cheaper, and even for free, small business owners often need an accountant. I don't know why any small business owner would want to go through the hassle and stress of doing your own taxes.

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The Motley Fool

MAY 8, 2024

Image source: Getty Images Many Americans worry about saving for retirement. A recent survey from Northwestern Mutual found that the average American believes they will need $1.46 million to retire comfortably -- but the average U.S. retirement savings is only about $88,400.

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The Motley Fool

OCTOBER 28, 2023

How Unity handled pricing changes with its developers. How's everything? I'm glad you mentioned the gaming aspect of it because Unity does a lot, but I think it's a very important part of the gaming universe. These games need to work for a lot of people all at once. I think it's important. I'm Ricky Mulvey.

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The Motley Fool

APRIL 25, 2024

Image source: Getty Images Saving enough money for retirement isn't easy. If you didn't start doing so in your 20s or 30s, you may need to save an even larger portion of what you make. An increasingly popular way to stretch your retirement savings is moving to a foreign country. Here's how. An estimated 5.4

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The Motley Fool

SEPTEMBER 18, 2023

I was talking to my grandmother the other day and mentioned that I'd been up until all hours the night before getting some writing done. You work too hard" was her immediate response, to which I replied that I couldn't help it -- it was in my genes. I know a lot of people who extended their careers by working into their 70s.

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The Motley Fool

FEBRUARY 5, 2024

As someone who maxes out her retirement plan every year and even saves beyond that in a brokerage account, I feel fairly confident that I'm doing my best to build up a decent-sized nest egg. And I know for a fact that I've sacrificed plenty to get to where I am with my savings today. Your desired retirement age.

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The Motley Fool

APRIL 9, 2024

Image source: Getty Images No one wants to struggle with money after they retire. The best way to avoid that is retirement planning. Social Security benefits only replace about 40% of pre-retirement earnings, on average. You may already have a good idea of how to plan for retirement. years for men and 21.3

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The Motley Fool

JANUARY 31, 2024

Most of us would love to be rich, or at least to grow richer, so how should we try to do so? Let's take a closer look at that strategy -- and some amazingly straightforward ways to do it. How did they do it? Just about anyone can invest in stocks, and many, if not most, wealthy people do so. Why stocks?

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The Motley Fool

APRIL 30, 2024

Most of us pick up ideas about spending, budgeting , and saving money by looking at what our parents do. That idea has made me think about what I want my kids to learn about managing their money. My kids love Lego, and I knew they could build the sets and play with them for a long time.

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The Motley Fool

JUNE 15, 2023

With so much information -- that's constantly changing, nonetheless -- going around, it's easy for some things to fall through the cracks. Not knowing how much of your retirement income it'll be Social Security plays different roles in people's retirement income. Image source: Getty Images.

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The Motley Fool

SEPTEMBER 6, 2023

Image source: Getty Images While "retirement" in the traditional sense might mean stepping away from your job and not working for money ever again, data shows that a not-insignificant percentage of retirees actually do work. Your ideal retirement income is dependent on a lot of factors. What are your retirement income streams?

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The Motley Fool

APRIL 22, 2024

How Google's announcements show the company's AI ambitions. Motley Fool personal finance expert Robert Brokamp interviews Steve Chen, the CEO of NewRetirement, on what savers often miss about retirement. Asit, how's your Tuesday going? How about you? Deidre Woollard: Good, I like to hear spectacular.

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The Motley Fool

FEBRUARY 16, 2024

This means I don't have a traditional employer who puts money into my checking account. My earnings are directly related to how much work I do, and what types of work I do. Here's what I did. For years I wrote about air conditioning and pest control and other random topics just to get paid.

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The Motley Fool

FEBRUARY 17, 2024

Image source: Getty Images If you spend much time learning about personal finance , you'll run into a common cliche: The out-of-touch millionaire who champions frugality. And how you spend money is important, to be fair. He also has a private jet -- how many coffees do you need to skip to buy one of those?

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The Motley Fool

JUNE 22, 2023

The first step in having a financially secure retirement is knowing how much you might need to live comfortably after you get out of the rat race. There are a few different rules you can use to estimate how much you'll need, but one I like comes from Fidelity Investments.

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The Motley Fool

APRIL 7, 2024

Janet spent her entire career saving for retirement. I admittedly have no idea exactly what her nest egg looks like, but based on an educated guess, I have to assume it's a nice amount of money.) Janet could've resigned from her job and jumped into retirement at full force. All this can be jarring.

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The Motley Fool

OCTOBER 13, 2023

Image source: Getty Images When it comes to retirement planning, there are many different factors people try to plan for, including how much to save, how long retirement will last, and what things you want to do in retirement. So, let's say you enjoy your work and plan on doing it until you're 75.

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The Motley Fool

DECEMBER 11, 2023

As 2023 winds down, now can be a good time to turn your attention to one of the most important pieces of retirement planning for many people: your 401(k) plan. You don't have to complicate the process, but here are three things you should do before year-end to fine-tune your 401(k) a bit heading into 2024.

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