Retirement is the end game that most workers dream of their entire careers. But now, with the near extinction of pension plans and the high cost of living, many Americans don’t know if they’ll ever be able to retire.Many make a modest living and have difficulty saving.
When it comes to saving for retirement, you can definitely start small and think big. In fact, this is your best bet. When you’re younger, you may not have as much extra income to save for retirement, and your workplace may not offer a 401(k) plan for you to contribute towards. However, this doesn’t mean that you shouldn’t save at all. Even small regular deposits into a retirement account now can result in big savings by the time you retire.
Business owners are constantly juggling day-to-day tasks to keep their companies afloat and growing. They must meet payroll, take care of endless paperwork, serve customers, ensure quality control, and cope with unexpected issues and crises. When there are so many immediate priorities demanding attention, it’s easy for busy business owners to forget to focus on the future, especially when retirement is 10 or 20 years away. It’s no surprise then, that almost half of small business owners don’t have a retirement plan.
Too often, Americans hand over all of their money to a financial advisor without doing their research. Not all financial advisors are alike. In fact, they’re all vastly different—with distinct fee structures, investment strategies, communication frequencies, money management skills, and licenses and registration.
Working with a health plan broker is a wise decision for most business owners. A licensed broker will be able to expertly navigate through the complex and daunting world of health insurance to find the best plan for your company and your employees. A broker can make it easier for you to understand your options, highlight important details, and explain the pros and cons of each type of plan. A broker can also ensure that the plan you choose to implement fits within your budget and meets the needs of your employee population.
Investing is a great way to achieve your financial goals. However, you might be investing in the wrong products without realizing it.
People follow conventional wisdom in many aspects of their lives, and often, it works out well. When it comes to retirement, however, you shouldn’t just blindly follow rules because others say that you should or because that’s what you’ve always believed. Just because everyone thinks something is true doesn’t mean that it is. Think about it: millions of people once believed that planet Earth was flat, and that certainly isn’t the truth.
During the accumulation phase of retirement, you should be setting aside funds to use later in life. From the moment you step into the workforce, you should be building wealth to provide a source of income during retirement.
Investors face myriad challenges today as they attempt to earn high returns in order to fund their retirement. With low interest rates, high fees, and difficult-to-understand investment products, it can be tough for investors to increase their portfolios’ growth. Most want to grow their nest eggs, but don’t know how to get higher returns.
Variable annuities were originally designed to offer retirees a steady and reliable cash flow during retirement. For Americans who fear running out of money in retirement, variable annuities might seem like a great investment. But beware: they’re rarely the ideal solution for replacing your paycheck during retirement.