Financial Beacon

Do You Need $1 Million To Retire?

By Doug Carey

It’s always an interesting experiment to ask people how much money (in today’s dollars) they think they will need to retire comfortably. I’ve found that a lot of folks like to throw out the nice, round figure of $1 million. It’s a reasonable guess, but usually it’s just that: a guess. I wanted to dig deeper and figure out just what it takes to retire comfortably at age 65.

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What You Need In Order To Retire Before Age 65

By Doug Carey

There are so many articles written, and so much talk today, about how a lot of folks in their 50s and 60s either won’t be able to retire before age 70 or may never be able to retire at all. Instead of rehashing this downer of a scenario,

I would like to discuss what a person or a couple needs to have today in order to retire before age 65.

I have consulted with many clients who had this simple question: Can I retire when I’m 60? I’ve even had a few people ask me if they are in good enough shape to retire at age 55. They simply had no idea if they had enough money invested and enough future income to cover all that they wanted to do in retirement.

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What Happens if Your Social Security or Pension Benefits Are Cut?

By Doug Carey

Last November American Airlines filed for bankruptcy protection. Many of American’s employees are in a defined-benefit pension plan, which means American Airlines promised them a certain amount of money each year in retirement, regardless of what the markets do. But promises such as this are fleeting, as can be seen by the infighting going on now between employees of the airline and executives.

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Making Up For Cuts in Social Security

By Doug Carey

Have you heard the latest news on social security? The social security trust fund will be short on funds three years earlier than last projected. The retirement and disability fund is now projected by the Social Security Board of Trustees to be short on funds starting in 2033. By law this means that all of those who receive benefits will have their benefit payments cut by an amount necessary to restore the fund to solvency. This is

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Three Pitfalls to Avoid When Retirement Planning

By Doug Carey

It is never too early to start thinking about how you might prepare for your retirement years. Unfortunately, many people don’t really sit down and go through any sort of analysis until they’re in their 50s or even later. For those who would like to plan ahead, there are multiple ways to help set yourself up for a secure retirement later. There are also traps that many fall into Here are three of them to avoid.

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