CR (@Pedlar7) Tony Robbins offers retirement financial advice. People make several mistakes when saving and investing for retirement, and one of the biggest ones is not getting started because they think they need a large sum of money to begin, says Tony Robbins, 54, an inspirational speaker and best-selling author.
What you want is at least "a small amount of money you consistently invest," says Robbins, author of a new 656-page book, Money: Master the Game: 7 Simple Steps to Financial Freedom. It includes information from his interviews with more than 50 top financial experts including Charles Schwab, Carl Icahn, Warren Buffett, Steve Forbes, hedge fund manager Ray Dalio and Vanguard founder John Bogle. "When I asked Warren Buffett — what are the secrets to your wealth, he said it's three things. He said, No. 1, it's being born in America. No. 2 is good genes, so I live long enough, and No. 3, it's compound interest.
Some folks think investing and personal finance are so complex that they "never take the time to figure it out," he says. Step 1. 8 tips to maximize your 401(k) for retirement. Pensions are pretty much a thing of the past.
With the switch to company-based 401(k) plans, the burden of saving for retirement falls to you. "The Leave It to Beaver idea of a worker spending 40 years with a company and retiring with a pension and a watch went out with black-and-white television," says Sen. Ron Wyden D-Ore., chairman of the Senate Finance Committee, who held hearings on the retirement crisis last month. So it's vital for you to be engaged in your company-sponsored 401(k) plan. Financial planners have some common tips to help you get more out of those plans. Big retirement fear: Outliving your savings. Almost half (46%) of investors in this country are worried they will outlive their savings in retirement, a new survey shows.
In fact, 36% of retired investors and 50% of investors who aren't retired are concerned they will run out of their own money so that eventually their main source of retirement income will be Social Security, according to the Wells Fargo/Gallup survey of 1,011 investors who have $10,000 or more in savings and investments. About 58% of respondents have an income of less than $90,000; 42% make $90,000 or more. The survey was conducted in August. "There are tangible reasons for a lot of people to worry," says Karen Wimbish, director of retail retirement for Wells Fargo.
Many people haven't saved enough, and some lost a lot of money during the Great Recession and "haven't healed" from the experience, she says. Be ready for that unexpected early retirement: 8 tips. That retirement you're looking forward to in five years: Be prepared for it sooner than you expect.
Numerous surveys have shown that people think that they are going to retire later than it happens. The two big reasons: health issues and losing your job. According to the Employee Benefit Research Institute (EBRI), 47% of American retirees in a 2013 survey retired before they planned, mostly because of health or disability. Finding a 'magic number' for retirement savings. Sorry, folks, but there is no magic number when it comes to retirement savings goals.
Conventional wisdom has been that saving for a $1 million nest egg, or retirement income of 80% your current salary, is a good safety net. But advisors say such broad generalizations often miss the mark given consumers' disparate incomes, life expectancies and other variables. "The rules of thumb that are thrown around out there can do more harm than good," said Richard Stumpf, a certified financial planner in Wichita, Kansas. One couple Stumpf works with, when they first came in, had been aggressively saving and picking riskier investments with that $1 million benchmark in mind.
But they'd overestimated their needs. Retirees and 401(k)s: Big money, big decisions. For many, it will be the biggest chunk of money they will ever see, and that makes the consequences of doing the wrong thing huge.
We're talking about the money workers have accumulated in their company-sponsored 401(k)s as they approach retirement. And we're talking huge numbers. How to pick the perfect retirement location. When Don and Dot Thomas were in their late 50s, they took a class on preparing for retirement.
They lived in Elm Grove, Wis., at the time, and decided that they were going to move south after Don retired from his job as a manager for Miller Brewing. "We knew we didn't want to stay in Wisconsin because the winters are too severe," says Dot, 80. The Recession Generation: How Millennials Are Changing Money Management Forever. Retirement reset: Sandwiched Boomers put plans on hold. It seems the very things that helped define the Baby Boom generation are also working against its efforts to retire.
Boomers are free-spirited, independent and active. They married later in life and had children even later. As a result, they find themselves taking care of their ailing parents at the same time many are still taking care of their children. Retirement: 7 shopping tips to save you money. Financial success in retirement requires more than just smart money management.
It should also include an analysis of how you're going to spend your money to get the most bang for your buck, say two top national experts on consumer buying trends. Retirees need to avoid spending pitfalls such as making too many bargain purchases for things they don't need or turning shopping into their new full-time job, says consumer psychologist Kit Yarrow, 55, author of new book Decoding the New Consumer Mind. A professor of psychology and marketing at Golden Gate University in San Francisco, Yarrow has interviewed thousands of consumers, including retirees.
People who are retired may also want to avoid impulse buying and make sure they have other ways to socialize besides shopping, says Paco Underhill, 62, author of What Women Want: The Science of Female Shopping and CEO of Envirosell, a retail-focused consumer behavior research and consulting firm. Yarrow and Underhill offer these shopping tips: 1. 2. How to improve your retirement readiness. Some six in 10 Baby Boomers and Generation Xers are projected to have sufficient financial resources for retirement expenses, according to recent research.
That's the good news from the Employee Benefit Research Institute (EBRI), a non-partisan research group based in Washington, D.C. The bad news? 8 Retirement Questions A 50-Something Couple Needs To Answer. Q&A: How much do you need to save for retirement? Q: Is there a rule of thumb for how much I'll need for retirement? A: Yes — several, in fact, which tells you something about the dangers of rules of thumb.
Retirement Guide. Financial Advice Written On An Index Card. The 13 Biggest Money Mistakes Retirees Make. TECH NOW: How to buy a TV. You're in the market for a TV. You walk into a store and you're barraged with letters and numbers that read more like the Da Vinci Code than helpful details: HD, LCD, OLED, Plasma, 3D, 4K, 120Hz, 240Hz, 600Hz, CMR, TruMotion, and the list goes on and on. The choices are overwhelming. The jargon is mind-boggling. And the pressure to pay for more than what you really want or need is intense. So here's a basic guide for the average, just help me buy a new TV already, shopper.
Where you plan to put your new television will point you toward what size set you need. Think of best picture quality for the money as the sweet spot in the quest for the perfect TV. 4 ways to boost your home Wi-Fi. 80 is the new 60 when it comes to retirement. American business has become a gray area. As in hair color. Call it the new American nightmare: Running out of money in retirement is scaring the hell out of record numbers of older workers, forcing them to stay in the workforce. Now 80 is the new 60 when it comes to retirement. Many older workers who finally clock out have sharply underestimated their financial needs in retirement, raising the specter of personal financial disaster. 80 is the new 60 when it comes to retirement. 80 is the new 60 when it comes to retirement. Review & Outlook: Now He's After Your 401(k)
Fisher Investments. Compared to the length of retirement, fifteen minutes is no time at all. But that's all you need to learn the basics of developing a plan to make your savings last as long as you need them. Still, many investors don't take this time—putting their retirement in jeopardy. Investors' biggest errors often occur long before any buying or selling takes place. Can you retire worry-free on $1 million? Q: Is it true that you need $1 million saved to live through your 80s?
If you withdraw 5% a year, that's just $50,000 a year. A: A $1 million retirement kitty may work for some, but not for others. It all hinges on how much your expenses are, and how much you withdraw each year. 'Your Spouse Is Your First Investor.' Putting Family First As An Entrepreneur. Do you need a financial adviser? Maybe, and maybe not. 7 mistakes to avoid in retirement planning. At risk of outliving your retirement savings? In the good old days, retirement was pretty simple. Haven't saved enough for retirement? What to do?
Retirement Living: 5 great (unknown) places to retire. Picking a place to retire is a pretty big deal. If you're unemployed, should you tap Social Security? Stock Info Delayed approx. 15 min. Most Popular Tech. 7 mistakes to avoid in retirement planning. At what age should you start claiming Social Security? It's a big decision, one we'll all have to make: Should I take Social Security as soon as I'm eligible, at age 62, or wait till I'm 66 ... or even 70, when I would receive the maximum benefit? The answer is not as simple as you might think. And the consequences are enormous. Rethinking Retirement: Tips for older job searchers. "Retirement job" seems like an oxymoron. Retirement and health care: Concerns are off the charts. US GDP Will Be Revised Higher By $500 Billion Following Addition Of "Intangibles" To Economy. Those who have been following the US debt to GDP ratio now that the US officially does not have a debt ceiling indefinitely, may have had the occasional panic attack seeing how this country's leverage ratio is rapidly approaching that of a Troika case study of a PIIG in complete failure.
And at 107% debt/GDP no explanations are necessary. Luckily, the official gatekeepers of America's economic growth (with decimal point precision), the Bureau of Economic Analysis have a plan on how to make the US economy, which is now growing at an abysmal 1.5% annualized pace, or about 5 times slower than US debt growing at 7.5% annually, catch up: magically make up a number out of thin air, and add it to the total. 7 Characteristics of Debt-Free People. Retirement: Plan ahead for these 5 nasty surprises. Your dream retirement home takes planning. Mr. Bruce Davis Chairman and Chief Executive Officer Digimarc Corporation (NASDAQ:DMRC) 7 Ways to Save More Money Now. The Worst Five Years Since the Great Depression. Four Ways To Beat State Death Taxes.
11 Ways To Tap Retirement Cash Early, Without A 10% Penalty. Tip: How to print from tablet or phone. How to Fix Weak 401(k)s So You Can Actually Retire. Are You Overlooking A Life And Death Factor In Your Retirement Planning?