It has been long assumed that once children grow up and leave home, reductions in spending will follow as parents handle a more disposable income. However, recent findings have shown that many households aren’t showing an increase in savings as one may expect. For many empty-nesters, a later in life savings jump is crucial for families that have been supporting their children for the past 20-some-odd years. According to certain estimates, empty-nester’s savings are supposed to increase by as much as 12 percentage points. But a recent study performed by the Boston College Center for Retirement Research found that 401(k) savings plans are only showing a mere increase in saving of 0.3% to 0.7%.
Many 50-somethings are at some sort of crossroads in life. Several major events like getting married, having kids or buying a house have already happened to them. Their children are growing up, becoming financially independent and could be headed off to college in the fall or are even beginning to start a family of their own. When expenses start to taper off, it is the ideal time for 50-somethings to take a closer look at their retirement savings and start ramping up contributions, especially if they aren’t on track to reach their goals.
The new year is an excellent time to evaluate your finances to see where you currently stand and to discover opportunities for improvement. Now’s the time to put every component of your financial situation under the microscope and see how you can grow your wealth over the next year and commit to be in better financial shape when 2018 rolls around.
The holiday season is in full swing, but before you head to the mall and start swiping those credit cards, it’s important to establish a reasonable budget and make a plan for keeping your spending in check. We have some tips for you to keep financial planning a priority during the holidays.
Stop losing money to hidden fees and learn how to rescue your retirement portfolio from unnecessary costs.
Quit worrying about the recent volatility in the global capital markets. Your retirement portfolio may have a bigger problem. Yes, I know, we have been in a global bear market for stocks. The headlines are full of warnings, and retirement investors are nervous. I get that. I see it everyday in eyes of the retirement investors.
ONE Retirement's Estimating Your Retirement Needs whitepaper outlines the steps every person should take in order to plan financially for their retirement according to their lifestyle needs. These steps include the following:
It’s true. All of it” -- Han Solo, Star Wars: The Force Awakens
Financial security should be a fact, not a feeling.
Do you question your financial future?
Do you know what steps to take to make it secure?
Do you know whether you are building your wealth, preserving your wealth or spending your wealth?
Read through ONE Retirement's Investor: Know Your Important Numbers to get all the answers you need about securing your financial future.