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Retirement

Would You Move To A Completely New Place?

January 30, 2023 by Brett Tams

Last year here on Making Sense of Cents, I talked a lot about us buying a new home. However, I’m sure you’ve noticed that we have not bought a new home yet. Some of you have even emailed me asking if something went wrong. So, what gives? Why haven’t we bought a house yet even […]

The post Would You Move To A Completely New Place? appeared first on Making Sense Of Cents.

Posted in: Home, Retirement, Starting A Family, Travel Tagged: affordable, All, author, beach, Budget, business, Buy, Buying, Career, cents, Cities, commission, cost, Cost of Living, data, disclosure, entry, expensive, Family, Financial Wize, FinancialWize, Florida, great, hawaii, home, homes, house, Housing, Life, list, Live, low, low cost of living, Make, making, money, More, Move, Moving, new, new home, Other, parents, plan, Planning, pretty, Purchase, Q&A, Raise, retirement, save, Save Money, time, title, Travel, value, weather, will, wrong, young

The 401(a) Plans and Rollover Rules (what you need to know)

January 30, 2023 by Brett Tams

There’s a type of retirement plan that’s in the “401 family” that gets little attention. Maybe that’s because only a relatively small number of employers offer it, even though the number of employees participating in the plan is probably in the millions. It’s called the 401(a) plan, and while it’s much like the 401(k) plan […]

The post The 401(a) Plans and Rollover Rules (what you need to know) appeared first on Good Financial Cents®.

Posted in: Retirement, Starting A Family Tagged: 2021, 2022, 2023, 401(k) plan, 401k, AAMS, Accredited Asset Management Specialist, ad, advisor, All, analysis, assets, author, balance, basics, before, beneficiaries, beneficiary, Benefits, Blog, blue, bond, bonus, book, business, cents, chance, Choices, College, color, Commercial, commission, Compensation, cost, custom, data, death, decision, Deductible, disclosure, dividends, earnings, employer, entry, Family, faq, Featured, Fees, Finance, Financial Advisor, Financial Freedom, Financial Wize, FinancialWize, freedom, fund, funds, General, good, Google, government, great, green, Grow, house, Illinois, Income, income tax, Insurance, insurance premiums, Invest, investment, IRA, IRAs, irs, items, job, layout, Learn, Life, life insurance, list, Loans, Main, Make, married, mess, money, More, new, offer, Other, ownership, payments, pension, Personal, personal finance, plan, planner, Planning, podcast, protection, Purchase, Rates, required minimum distributions, Research, retirement, retirement account, retirement accounts, retirement funds, retirement plan, Retirement Planning, retirement plans, returns, Revenue, right, RMDs, rollover, roth, Roth IRA, Roth IRA conversion, save, School, schools, science, SEC, securities, selling, single, spouse, stable, stock, target, tax, tax rates, taxes, the balance, time, title, traditional, traditional IRA, trustee, under, value, Video, wealth, wealth management, will, withdrawal, work, workers, working, youtube

What early retirement was like in 1957 (according to Life magazine)

January 30, 2023 by Brett Tams

Sometimes I hit the jackpot in my quest to find old material about retirement and early retirement. Last week, for instance, I was reading Early Retirement Dude’s history of the financial independence movement when he mentioned a Life magazine photo essay about early retirement from February 1957. Say what?

Within minutes, I was reading the article via Google Books. Within an hour, I had ordered not just that issue of Life but three others with retirement articles. Within days, the magazines were on my doorstep. I’m telling you: We live in the future!

Life magazine article on early retirement

Posted in: Retirement, Taxes Tagged: 2, aging, All, apartments, art, beach, before, big, Books, buffett, building, Built, business, Buy, buy a house, california, cats, Children, College, country, data, Early retirement, Earn money, estate, expenses, Family, family life, farm, financial independence, Financial Wize, FinancialWize, Florida, fun, furniture, goal, good, Google, government, history, house, How To, ideas, Income, index, interest, internet, investments, jobs, Law, Legal, library, Life, life magazine, Live, living expenses, Make, making, man, marriage, married, men, money, More, more money, Move, new, office, Other, Personal, Phoenix, photos, pilot, pittsburgh, pool, pressure, products, project, property, Real Estate, Research, research papers, retire early, retirement, return, Salary, savings, Sell, stable, swimming, teaching, time, tracking, trading, traditional, under, vocation, warren, washington, work, working, young

5 Easy Ways To Lose Money And Become Broke – Investing Mistakes

January 30, 2023 by Brett Tams

Whether we are talking about investing in the stock market, real estate, material objects, or something else, I’m sure all of us have heard a story about someone losing their money by making some sort of investing mistake. While we all hope that we will never make the same mistake and lose some or all […]

The post 5 Easy Ways To Lose Money And Become Broke – Investing Mistakes appeared first on Making Sense Of Cents.

Posted in: Retirement, Starting A Family Tagged: 2, All, Amount Of Money, Bank, bank accounts, basic, big, Budget, Buying, cents, Checking Account, chocolate, company, compounding, Credit, credit card, data, Economy, estate, Finance, Financial Wize, FinancialWize, fund, good, great, hold, ideas, Inflation, interest, Invest, Investing, Investing 101, investing in the stock market, investment, investments, investors, list, loan, low, Make, Make Money, making, market, Mint, mint.com, mistake, Mistakes, money, More, Mortgage, needs, Other, Personal, personal finance, photography, pretty, Real Estate, Real Estate Investing, real estate investment, Research, retirement, retirement accounts, rich, right, risk, save, selling, simple, stock, stock market, story, The Stock Market, timing, title, under, vtsax, wants, will, work, work out, wrong

The Complete 401k Rollover to IRA Guide

January 30, 2023 by Brett Tams

For many a 401k rollover to an IRA is the biggest monetary decision of their life.  Imagining transferring the largest sum of money you’ve accumulated from one retirement account to the next. Are there penalties you should be concerned about.  What about taxes?  Will you be paying higher fees or surrender penalties with the move? […]

The post The Complete 401k Rollover to IRA Guide appeared first on Good Financial Cents®.

Posted in: Retirement, Starting A Family Tagged: 2, 401(k) plan, 401k, active, advice, advisor, All, allowance, AllY, assets, balance, bankruptcy, basic, basics, before, Benefits, big, bond, bond funds, Broker, brokerages, brokers, build, business, Buy, Capital Gains, capital gains tax, chance, commissions, commodities, company, cons, conversions, cost, customer service, data, decision, Deductible, dividends, Early retirement, efficient, Emergency, employer, estate, ETFs, exchange traded funds, expensive, experience, experts, Family, Fees, fidelity, Financial Advisor, Financial Wize, FinancialWize, fund, funds, goal, goals, good, growth, guide, hold, How To, Income, income tax, Income Taxes, index, index fund, index funds, interest, international, Invest, Investing, investment, investment performance, investment portfolio, investments, IRA, IRAs, irs, job, Law, lawsuit, Life, list, low, LOWER, Main, Make, making, market, Medical, mistake, money, money market, More, Move, mutual funds, new, new employer, offer, offers, Other, Personal, plan, poor, portfolio, pros, Pros and Cons, protect, protection, Purchase, questions, rate, Rates, Real Estate, real estate investment, REITs, required minimum distributions, retirement, retirement account, retirement accounts, retirement funds, retirement plan, return, return on investment, Review, right, risk, RMDs, robo-advisor, robo-advisors, rollover, roth, Roth IRA, Roth IRA conversion, Roth IRAs, safety, Schwab, second, securities, security, simple, simplify your life, social security, specialty, stock, stocks, tax, tax rates, tax withholding, taxes, the balance, time, tools, trading, traditional, traditional IRA, trust, trustee, trusts, under, Unemployment, value, Vanguard, wall, wells fargo, will, withdrawal, work, working, wrong

How much should you spend in retirement?

January 30, 2023 by Brett Tams

The grasshopper and the antsI spend a lot of time talking with people who have retired early or are otherwise financially independent. From a purely anecdotal point of view, I’d say most of these folks are well-adjusted. They work to maintain balance in life, and especially with their personal finances.

That said, I’ve noticed that a lot of retirees — early retired or otherwise — struggle to know how much they should spend. I believe this dilemma exists for a couple of reasons:

  • First is the life expectancy problem. You don’t know how long you’re going to live. If you did know the precise date of your death (or even the year of your death), retirement planning would be much easier. You’d be able to say, “Okay, I have ten years left and $300,000 in the bank. Based on that, I should be able to spend $30,000 per year.” But you don’t know when you’re going to die, so a lot of retirement planning becomes guesswork.
  • Second is the question of what your money is for? Do you want to leave a legacy for your children (or somebody else)? Do you want to maintain a chunk of change for possible end-of-life medical issues? Or do you want to use your wealth to live life to the fullest while you can? In my case, my ideal would be to die broke. If I could spend my very last penny on the last day of my life, that’d be perfect.

The general response to these two problems is to follow what has been dubbed the four-percent rule. Generally speaking, it’s safe to withdraw 4% from your portfolio every year without risk of running out of money. (There are a lot of caveats to this guideline. To learn more, follow that link to my Money Boss article — or wait for that story to migrate to Get Rich Slowly in a few days!)

The AAII Journal — the monthly magazine from the American Association of Individual Investors — has published two articles in recent months about the problem of spending in retirement. Let’s look at what they have to say.

Posted in: Retirement, Taxes Tagged: 4% rule, AAII, advice, All, author, balance, Bank, basic, bequest, build, building, building wealth, Buy, car, charity, Children, conscious spending, Consumers, consumption, couple, data, death, driving, earning, earning money, equity, experience, Family, finances, Financial Wize, FinancialWize, freedom, Frugality, gap, General, good, home, home equity, house, Income, inheritance, interest, Invest, investors, Learn, legacy, lessons, Life, Live, Make, Medical, money, More, more money, multiply, needs, net worth, offer, Other, percent, Personal, personal finances, Planning, portfolio, preservation, retirees, retirement, Retirement Planning, rich, right, risk, running, safe, save, Saving, savings, second, smart, snowball, Spending, story, thrift, time, title, vacations, wealth, will, work, working, young

401k Contribution Limits And Rules For 2019

January 30, 2023 by Brett Tams

The IRS released their 401k contribution guidelines this week for the 2019 tax year. How much can you contribute to your retirement account in 2019?

The post 401k Contribution Limits And Rules For 2019 appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

Posted in: Investing, Money Basics, Retirement Tagged: 2, 2016, 2021, 2022, 2023, 401(k) plan, 401k, 457, All, catch up contributions, company, Compensation, Consumer Price Index, Emergency, Emergency Fund, employer, expenses, Financial Wize, FinancialWize, fund, good, government, great, house, Income, index, Investing, investment, IRA, irs, jump, Law, Make, making, money, Money Matters, More, new, News, offer, offers, Other, pension, plan, retirement, retirement account, right, roth, Roth IRA, Salary, Saving, Saving for Retirement, savings, savings plan, tax, thrift, time, traditional, under, will

Why You Should Invest and Save For Retirement – Plus a Personal Finance Confession Fail

January 29, 2023 by Brett Tams

There is one topic here on Making Sense of Cents that I hardly ever talk about. That topic is investing. Investing is something I have never really gotten too deep into in my personal life. I know, personal finance blogger fail right here. It’s an area in my life that I have been too embarrassed to […]

The post Why You Should Invest and Save For Retirement – Plus a Personal Finance Confession Fail appeared first on Making Sense Of Cents.

Posted in: Investing, Retirement, Starting A Family Tagged: 2, All, Bank, bank accounts, basic, basics, beginner, book, Budget, business, Buy, cars, cents, chance, Checking Account, Compound, Compound Interest, compounding, Credit, credit card, data, deposit, earning, Economy, Entertainment, estate, expensive, Finance, Financial Wize, FinancialWize, fund, funds, great, Grow, guide, How To, Income, index, index fund, Inflation, interest, Invest, Investing, Investing 101, investing strategies, investment, investments, IRA, Life, Loans, Main, Make, making, Making Money, market, Mint, mint.com, mistake, money, More, Mortgage, Other, Personal, personal finance, plan, pretty, principal, ready, Real Estate, Research, retirement, retirement account, retirement accounts, retirement fund, right, risk, save, Saving, Saving for Retirement, sep ira, shares, stock, stock market, stocks, story, Strategies, student, Student Loans, The Stock Market, time, tips, title, under, Vanguard, vtsax, will, work, working

How I Manage My Finances So I Can Save Time and Worry Less

January 29, 2023 by Brett Tams

If you are a new reader, please check out my monthly online income reports where I show you how I make over $30,000 a month while traveling at the same time. Between managing retirement, paying bills, handling credit cards, saving for things in life you want and more, managing your financial life can get difficult. Due […]

The post How I Manage My Finances So I Can Save Time and Worry Less appeared first on Making Sense Of Cents.

Posted in: Retirement, Starting A Family Tagged: 429, All, Auto, Bank, bank account, bank accounts, banks, before, bills, bonus, Budget, car, Car Insurance, cars, cash back, cash budget, cents, Checking Account, create a budget, Credit, credit card, Credit Card Debt, credit card payment, credit card rewards, credit cards, Credit Cards Rewards, credit union, data, Deals, Debt, Discounts, expenses, finances, Financial Wize, FinancialWize, fund, goals, good, home, Home Insurance, How To, Income, Insurance, internet, Investing, investment, Learn, Life, loan, Loans, Make, making, market, mess, Minimalist, Mint, mint.com, Mistakes, money, monthly expenses, More, Mortgage, needs, new, Other, payments, Personal, poor, products, retirement, retirement accounts, reward, rewards, rewards credit cards, save, Saving, savings, Savings Account, Savings Goals, separate accounts, signup bonus, simple, Spending, spouse, stress, student, student loan, student loan debt, tax, time, tips, title, vacation, vtsax, will, work

How to Retire at 50 in 7 Easy Steps

January 29, 2023 by Brett Tams

Early retirement has become a popular financial goal. And well it should be. Even if you never retire early, just knowing that you can is liberating! And it may just be the strategy that frees you up to take on even bigger challenges in life. That can happen when you reach the point where you […]

The post How to Retire at 50 in 7 Easy Steps appeared first on Good Financial Cents®.

Posted in: Retirement, Starting A Family Tagged: 2, 2021, 2022, 2023, 401(k) plan, 429, AAMS, Account management, Accredited Asset Management Specialist, ad, advisor, Alabama, All, AllY, Amount Of Money, annuities, annuity, Arizona, Arkansas, ask, assets, author, balance, Bank, bargains, basic, before, Benefits, betterment, big, bills, Blog, blue, bonds, book, bridge, Budget, build, business, Buy, california, car, cents, Choices, clear, Clothing, color, Colorado, commission, Connecticut, conversions, cost, Cost of Living, couple, custom, customer service, data, Debt, Deductible, deposit, diet, disclosure, diversify, dream, Early retirement, earnings, eating out, education, efficient, Emergency, Emergency Fund, employer, Entertainment, entry, estate, ETFs, expectations, expense, expenses, expensive, experience, experts, Extra Money, faq, Featured, Fees, filing taxes, Finance, Financial Advisor, Financial Freedom, financial goal, financial independence, Financial Wize, FinancialWize, fire, Florida, food, freedom, freelance, fund, funds, Georgia, get started, goal, goals, good, Google, great, green, growth, guide, hawaii, health, healthcare, historical, home, house, Housing, How To, idaho, ideas, Illinois, Income, income tax, Income Taxes, indiana, Insurance, interest, interest rates, Invest, Investing, investment, investment portfolio, investment returns, investments, investors, IRA, IRAs, irs, items, job, jobs, jump, Learn, Life, Lifestyle, list, Live, living expenses, Living in Retirement, louisiana, low, m1 finance, Main, maine, Make, making, market, Maryland, Massachusetts, Medicare, Michigan, mississippi, missouri, money, montana, More, more money, Mortgage, nebraska, needs, net worth, Nevada, new, New Jersey, new york, north carolina, offers, office, Oregon, Other, paint, payments, pension, Personal, personal finance, plan, planner, Planning, podcast, Popular, portfolio, present, proactive, Promotion, Purchase, quality, Raise, rate, Rates, ready, Real Estate, Research, retire early, retirees, retirement, retirement accounts, Retirement Income, retirement plan, Retirement Planning, retirement savings, returns, Review, rewards, right, risk, robo-advisor, roth, Roth IRA, Roth IRA conversion, Roth IRAs, Salary, save, Saving, savings, Savings Goals, science, SEC, second, security, selling, shares, Side Hustle, single, social security, social security benefits, Software, South Carolina, south dakota, Spending, Start Saving, steel, stock, stock market, stocks, Strategies, Style, target, tax, tax deductible, tax liability, tax loss harvesting, taxable income, taxes, Tennessee, texas, The Stock Market, time, title, trading, traditional, traditional IRA, Travel, tv, under, Utah, vacations, Video, virginia, wants, washington, Washington DC, wealth, wealth management, will, Wisconsin, withdrawal, work, working, wrong, youtube
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