Saving for Retirement
Nearly 7 in 10 workers expect working for pay to be a source of retirement income —68% expect this to be at least a minor source of income in retirement, compared with 23% of retirees who report this as an actual source of retirement income.
Assess when, how and if you plan to retire. Many of us want to keep working beyond a traditional retirement age for the mental engagement as well as the money. You might be thinking of retiring from a primary career and launching an encore one or even starting a business. Once a year, think through your plans.
“The self-employed have an inspiring vision of aging and retirement,” Catherine Collinson, CEO and president of the nonprofit Transamerica Institute and Transamerica Center for Retirement Studies, told me. “Compared with employed workers, the idea of retirement isn’t as relevant, because they have far greater freedom to continue working — or retire — on their own terms.”
Fluctuations in pay make it tricky to set aside the correct amount for your yearly tax bills. When I filed my 2017 taxes last month, I was reminded what a scramble that process can be for freelancers like me. It’s not uncommon for self-employed workers to have to write big checks in April to cover […]
One of the toughest things to do when you’re a woman running your own business is to save for retirement. Even 15+ years in as a solo entrepreneur, I wrestle each year at tax time to let go of the maximum amount my accountant determines I can sock away for what could be 20 or […]
There are plenty of things I wish I had known when I graduated from Duke University 35 years ago. My recent trip to attend my nephew, Brian Hannon’s, graduation from Vanderbilt University made me nostalgic for my own career leap. It also gives me an opportunity to share my advice for Brian and this year’s […]
Most Americans are seriously anxious about their finances. It’s not simply the raw fear of outliving their money, but a more urgent yearning to sleep at night without money stresses and to have a sense of financial security. Employers, I’m pleased to say, are increasingly taking note. The recently-released eighth annual Employer-Sponsored Health and Well-Being […]
Many women find it an uphill battle to save for retirement. Across all age groups, women have considerably less income in retirement than men, according to a report from the National Institute on Retirement Security. For women age 65 and older, their income is typically 25 percent lower than that of men. As men and […]
One problem with being a retiree on a fixed income — it’s a fixed income. But living costs rise with inflation, so you’ll want your investment income to do so, too. How can you? I’ve talked with a few smart financial advisers and will share four of their suggestions momentarily. I realize inflation, overall, isn’t […]