According to Investopedia, Boomers only have an average of $150,000 saved for retirement. Plus, nearly 70% of Boomers believe they’ll have a harder time achieving financial security in retirement than their parents. Why have some Boomers fallen behind on investing? Here are 11 reasons that help explain their lack of savings. 1. Unemployment During The Great Recession The Great Recession caused many Boomers to lose
14 Activities For Lonely Baby Boomers
Loneliness is an epidemic that affects people of all ages. But baby boomers in particular may feel isolated as they reach the empty nest stage and enter retirement. To stave off feelings of isolation, it’s important to stay busy and find new outlets for socialization. Here are 14 fun group activities to consider trying. 1. Volunteer Volunteering for a cause you care about can help
6 Myths About Estate Planning Debunked
Estate planning is a key aspect of financial management, often surrounded by numerous myths and misconceptions. Investors and individuals must be aware of the facts to make informed decisions about their assets and legacy. By debunking common misconceptions, you can gain a clearer understanding of the estate planning process and its significance in securing your financial future and legacy. Myth 1: Estate Planning Is Just
Don’t Make These 4 Retirement Mistakes
Recently I’ve seen several articles and videos discussing financial mistakes that retirees regret making. Us younger folks can glean a lot of wisdom from our elders, including important financial lessons about saving and retirement. Many seniors say they wish they’d built up a bigger nest egg and invested in assets that provide a steady income stream. Here are 4 financial mistakes retirees regret making so
How Much Money Do You Need To Retire?
How much money do you need to retire? It’s a popular and hotly debated personal finance topic. Before the pandemic started and inflation ballooned the cost of housing, gas, groceries, and other necessities, a million dollar portfolio was seen as enough. But now some experts are saying millennials may need $3 million worth of assets to have a comfortable retirement in the future. I don’t
How to Protect Your Money From Nursing Home Costs
Almost 70% of people turning 65 will need long-term care within their lifetime. So if you’re approaching retirement age, it’s wise to prepare for nursing home costs. A private room in a nursing home will run you nearly $300 per day. That kind of expense can eat through your savings quickly if you don’t have a plan for shielding your assets. Here are some tips
Rich Dad Poor Dad 4 Quadrants: Can Kiyosaki’s Wealth-Building Methods Make You Rich?
If you’ve ever read “Rich Dad, Poor Dad,” then you’ve learned some powerful wealth-building theories published by Robert T. Kiyosaki. What you may not know is that he published a second book that is changing the way we view wealth called “Rich Dad’s Cashflow Quadrant.” If you haven’t had much experience with these theories, then this article is going to tell you how the Rich
How Can Laddering Help Protect Your Retirement Fund?
There are a few ways that you can protect your retirement so that you have enough cash to live the life you want after you’ve finished working. And one of those methods that people use is laddering. Laddering is a financial method that, in some cases, and if done properly, can help you mitigate risk and help you make smaller investment decisions instead of investing
How Much Should You Allocate To Your HSA?
Managing your personal finances is about more than just paying your monthly bills, there are short and long-term savings goals and health expenditures. That’s where a healthcare savings account or an “HSA” comes into play. What is an HSA? An HSA is just like any other savings account but the funds saved in it can only be used for healthcare expenditures. The medical and dental
Attention, Shoppers: Plan Ahead for Sales Tax Holidays
Anyone who loves to shop should consider timing their purchases to coincide with sales tax holidays; while only 16 states offer them, some shopping aficionados travel to take advantage of these tax-free windows. Jackie CohenJackie Cohen is an award winning financial journalist turned turned financial advisor obsessed with climate change risk, data and business. Jackie holds a B.A. Degree from Macalester College and an M.A.