I can’t save anything. Unless you have a physical or mental problem then you can do what I did when my job didn’t pay enough. I worked second jobs to make ends meet.
The 4% rule and it’s variants. So often, I see it touted as how to design your retirement spending instead as a starting guideline. It is detached from life’s realities — seeing life as this nice smooth line. A more realistic plan involves accounting for large purchases, the phases of aging (spending, health, travel), SS/Medicare, assisting your children, etc. One year can look very different than the next.
Just because you can take a tax deduction (or get a credit) when you spend money on something doesn’t necessarily make a financial move a good one. For most tax-deductible expenditures, you’ll usually get a tax benefit worth much less than a third of what you have spent. So for every tax-deductible dollar you spend, you’d better have a really good idea of what other benefits you will derive that will make up for the rest of that dollar.
Lately, I’ve encountered a few videos on YouTube basically titled “Don’t Wait! Take your social security NOW!” I watched a couple and what immediately struck me was that there was zero consideration for even the basic planning factors such as age (or the spouse’s age), savings, pensions, life expectancy, etc. Financial planning is boring, but no one cares more about your money than you do. Stay away from these folks…please.
This time is different
Take social security at 62 because it may not be there later.
Real estate values always go up.
1% is not that much.
I can’t save anything. Unless you have a physical or mental problem then you can do what I did when my job didn’t pay enough. I worked second jobs to make ends meet.
The 4% rule and it’s variants. So often, I see it touted as how to design your retirement spending instead as a starting guideline. It is detached from life’s realities — seeing life as this nice smooth line. A more realistic plan involves accounting for large purchases, the phases of aging (spending, health, travel), SS/Medicare, assisting your children, etc. One year can look very different than the next.
Bond funds (and by extension, target date funds) are a good investment.
Just because you can take a tax deduction (or get a credit) when you spend money on something doesn’t necessarily make a financial move a good one. For most tax-deductible expenditures, you’ll usually get a tax benefit worth much less than a third of what you have spent. So for every tax-deductible dollar you spend, you’d better have a really good idea of what other benefits you will derive that will make up for the rest of that dollar.
Lately, I’ve encountered a few videos on YouTube basically titled “Don’t Wait! Take your social security NOW!” I watched a couple and what immediately struck me was that there was zero consideration for even the basic planning factors such as age (or the spouse’s age), savings, pensions, life expectancy, etc. Financial planning is boring, but no one cares more about your money than you do. Stay away from these folks…please.