How are you planning for retirement at this point in life?

[Helico-pterFunk]

Checkbook Chronicles

Checkbook Chronicles is a series of profiles highlighting the financial realities of everyday Americans.

www.nbcnews.com

Balancing a fixed income with inflation, a Georgia retiree feels stuck

Nancy Breland, 72, is trying to figure out how to cope with rising prices, including for home insurance.

www.nbcnews.com

Living off $2,400 a month, a 71-year-old widow tries to get by despite rising prices

Lucy Haverfield of Alva, Florida, has struggled with inflation driving up the costs of daily essentials. “I thought my 60s were going to be my golden years," she said.

www.nbcnews.com

He plays rich on screen but dreams of full-time work: 'Why can’t I get a living wage?'

Doug Sharp has a business degree and drove for Lyft and Uber, but steady work has been hard to come by.

www.nbcnews.com

 

[Helico-pterFunk]

The 'wealth transfer' from boomers won't save Gen X and millennials

Experts say baby boomers will give more than $50 trillion to their heirs. But for many, health care costs will claim the bulk of that wealth.

www.nbcnews.com

 

[Helico-pterFunk]

This Teacher Is in Her 64th Year in the Classroom. She Has No Plans to Quit

Martha Strever has, in some cases, taught three generations of students from the same family.

www.edweek.org

 

[Helico-pterFunk]

The boomer generation hit the economic jackpot. Young people will inherit their massive debts

Who should pay for the state that Britain is in?

theconversation.com

 

[Helico-pterFunk]

https://www.cnbc.com/2024/09/26/social-security-death-benefit-has-been-255-since-1954-that-may-change.html

 

[Helico-pterFunk]

https://www.cnbc.com/2024/10/04/pros-and-cons-to-renting-instead-of-owning-a-home-in-retirement-years.html

 

[Madrox]

On this episode of Jill on Money, Jill Schlesinger and Mark Talercio talk about what you should do with your retirement accounts after you leave your job!

 

[Madrox]

Really good vid with some suggestions on why/how to de-risk your portfolio going into retirement, or in general:

In this video, I explain all about sequencing risk, what it means, and the potential impact it can have on your portfolio. I also show you how to reduce sequencing risk, when to take action and the drawbacks that go along with each approach.

Timestamps
00:00 Introduction
00:35 What is Sequencing Risk?
02:23 When To De-Risk
03:46 What Does De-risking Mean?
08:49 How To De-risk
12:20 Drawbacks of De-risking

 

[Jumbodicc]

What are the thoughts on Life insurance [term vs whole]? Positive experiences with any company?

Term only for income protection. Only use cash value policies for estate tax purposes. Get a level term for 20 or more years and invest in a Roth IRA on the back end.


PS. You can invest in a back door Roth if you’re income exceeds the limit. There are some democratic politicians like Elizabeth Wrren that want to remove that option but it’s still an option for single people that earn more than $125K/yr

 

[Helico-pterFunk]

IRS Updates Capital Gains Tax Thresholds for 2025

For the 2025 tax year, the IRS has increased the capital gains tax income thresholds. Here's what you need to know.

www.kiplinger.com

Seven Retirement Moves to Make Before 2025

From applying for Social Security and donating to charity to maximizing your savings accounts, here are seven retirement moves to make before 2025.

www.kiplinger.com

 

[Helico-pterFunk]

https://www.cnbc.com/2024/11/14/how-much-to-spend-on-housing-depending-on-your-salary.html

How to Stop a Late-in-Life Divorce From Ruining Your Retirement

As the number of couples who split after the age of 50 rises, more Americans are looking at a retirement that is drastically different than they had expected.

www.nytimes.com

Opinion | Yes, Most People Probably Should Hold Off on Claiming Social Security

Readers had a lot of thoughtful objections to this idea. I stand by it as a general rule.

www.nytimes.com

 

[Helico-pterFunk]

https://www.cnbc.com/2024/10/03/how-far-1-million-goes-in-retirement.html

https://www.cnbc.com/2024/10/01/how-much-to-save-monthly-to-retire-with-one-million-dollars.html

 

[Helico-pterFunk]

https://www.cnbc.com/2024/11/11/red-flags-to-avoid-when-choosing-a-financial-advisor.html

https://www.cnbc.com/2024/11/14/how-much-americans-have-saved-for-retirement-in-every-us-state.html

https://www.cnbc.com/2024/11/01/401k-ira-contribution-limits-2025.html

 

[nativeneworleanian06]

https://www.cnbc.com/2024/11/11/red-flags-to-avoid-when-choosing-a-financial-advisor.html

https://www.cnbc.com/2024/11/14/how-much-americans-have-saved-for-retirement-in-every-us-state.html

https://www.cnbc.com/2024/11/01/401k-ira-contribution-limits-2025.html

@Helico-pterFunk and other contributors to this thread,

I don't think we tell you enough how much we appreciate you posting these articles and videos. The article that I bolded above is a damn good benchmark as to how households are doing in terms of saving for their retirements.

If there was ever a non-death thread that should be a "sticky," this is one I'd highly recommend.

I was told the following quote many years ago that still rings true today:

If your outflows exceed your inflows, your upkeep will be your downfall.

We appreciate your efforts and diligence to make this information available in one convenient place!

THANK YOU!

 

[Helico-pterFunk]

@Helico-pterFunk and other contributors to this thread,

I don't think we tell you enough how much we appreciate you posting these articles and videos. The article that I bolded above is a damn good benchmark as to how households are doing in terms of saving for their retirements.

If there was ever a non-death thread that should be a "sticky," this is one I'd highly recommend.

I was told the following quote many years ago that still rings true today:

If your outflows exceed your inflows, your upkeep will be your downfall.

We appreciate your efforts and diligence to make this information available in one convenient place!

THANK YOU!

Thank you for the kind words @nativeneworleanian06

I always figure the more information / sources, the better.

Just read, watch & listen to lots of stuff in life and it should all work out in the long-run.

I always remember being taught the value of a dollar as a youngster. Doing a bunch of chores for a tiny allowance, or working odd jobs throughout school years. Family saying - "save for a rainy day" and make sure you have a balance with your earnings. I.E. - aim to spend this much (x amount) and put the rest away.

That quote you heard is great advice -

"If your outflows exceed your inflows, your upkeep will be your downfall."

 

[Helico-pterFunk]

Reddit - Dive into anything

www.reddit.com

Reddit - Dive into anything

www.reddit.com

https://www.reddit.com/r/MiddleClassFinance/

Reddit - Dive into anything

www.reddit.com

https://www.reddit.com/r/FluentInFinance/

https://www.reddit.com/r/financialmodelling/

 

[Helico-pterFunk]

What Not to Do When Planning Your Retirement

Committing any of these four common mistakes can set you back in your golden years. Here's how to increase your chances of a successful retirement.

www.kiplinger.com

 

[Helico-pterFunk]

10 Inefficiencies I Look for on Rich Retirees' Tax Returns

Your tax return could hold clues to several missed opportunities and important gaps in your retirement planning.

www.kiplinger.com

 

[Helico-pterFunk]

https://apnews.com/article/retirement-planning-psychology-8c3a311502b43a751fb0f854258c7860

The Psychology of Retirement Income: From Saving to Spending​

By Samantha Lamas of Morningstar

Updated 3:00 AM PST, November 26, 2024



The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.
According to the Life Cycle Hypothesis, this shouldn’t need to happen. A retiree who is financially prepared for retirement should keep a consistent income in retirement, and her overall consumption should not change.

 

[Helico-pterFunk]

Ottawa to remove 30% investment cap for Canadian pension funds

Finance Minister Chrystia Freeland says the upcoming fall economic statement on Monday will remove the cap that currently restricts Canadian pension funds from owning more than 30 per cent of the voting shares of a Canadian entity.

www.ctvnews.ca

 

[bbuzzard]

 

[Madrox]

Is a 100% Stock Portfolio in Retirement Best? (FQF)​

(*the book recommendations might be good for holiday gift ideas, and the retirement safe withdrawal spreadsheet looks interesting)

In this Five Question Friday (FQF), we'll be tackling the following viewer questions:

1. Is a 100% stock portfolio the best option during retirement?
2. How does the 5-year rule on Roth conversions work?
3. Should long-term investors invest in bonds?
4. How do backdoor Roth IRA conversions work?
5. What are my favorite personal finance books to give as gifts during the holidays?

0:00 - Intro
0:51 - Is a 100% stock portfolio the best option during retirement?
7:28 - How does the 5-year rule on Roth conversions work?
11:07 - Should long-term investors invest in bonds?
13:37 - How do backdoor Roth IRA conversions work?
15:58 - What are my favorite personal finance books to give as gifts during the holidays?
18:47 - Free Safe Withdrawal Spreadsheet

Resources Mentioned in the Video:

Retire Before Mom and Dad: https://amzn.to/3OQL0DA
Psychology of Money: https://amzn.to/4gwhmPI
The Simple Path to Wealth: https://amzn.to/3VFrcGZ
The Bogleheads' Guide to Investing: https://amzn.to/4gznjvb
Market Watch article: https://www.marketwatch.com/story/100...
100% Stock Study: https://papers.ssrn.com/sol3/papers.c...
Big ERN's response: https://earlyretirementnow.com/2024/0...
Dr. Wade Pfau's article: https://www.financialplanningassociat...
Schwab article on 5-year rule: https://www.schwab.com/learn/story/wh...
SWR Toolbox: https://earlyretirementnow.com/2018/0...

 

[MCP]

 

[Helico-pterFunk]

History's Lesson for Making Retirement More Meaningful

Retirement was a hard-won right for Americans, but we've stopped thinking about it together as a public good.

time.com

 

[Helico-pterFunk]

You Need Beneficiaries for More Accounts Than You Think

Whether it’s a bank account, retirement account, or a life insurance policy through your job, you need to start naming beneficiaries—and choosing them wisely.

lifehacker.com

 

[Helico-pterFunk]

What Happens to Your Debts When You Die

Debt settlement is tricky enough while you're alive. Understanding these rules helps families navigate the complex process of debt settlement after death while protecting their own financial interests.

lifehacker.com

 

[Helico-pterFunk]

Here's How Much You Should Save in Your 401(k) in 2025

One of the best ways to save for retirement is through a 401(k) plan, especially if your employer offers matching contributions. The IRS has increased the contribution limits for 401(k) plans in 2025 to $23,500, up from $23,000 in 2024. Here's how you can make sure you're on track with your...

lifehacker.com

 

[Helico-pterFunk]

Retirement - Tips, Tricks and Hacks for Doing Everything Better | Lifehacker

Everything you ever wanted to know about Retirement - Streaming. News, stories, photos, videos and more.

lifehacker.com

You Can Max Out Your IRA Contributions for Longer Than You Might Think

While the deadline for contributing to some retirement accounts to gain the tax benefit is Dec. 31, you have a few extra months to make your IRA contributions.

lifehacker.com

Eight Hidden Costs That Could Sink Your Retirement

Retirement comes with a lot of potential hidden costs that fly under the radar right up until the moment they take a huge chunk out of your savings. You might have considered the possibility of long-term care needs, you might know that your Social Security is taxed and that you actually have to...

lifehacker.com

Big Changes to Retirement Savings Are Coming in 2025

Starting in 2025, employees aged 60 to 63 will be able to make larger catch-up contributions to their 401(k) plans. No matter where you are in your road to retirement, these provisions will affect how much you can save for the future.

lifehacker.com

Eight Important Financial Questions to Ask Your Aging Parents

Many people would prefer to discuss anything—including politics—if it means they don't have to talk about money. But financial conversations are essential to avoid misunderstandings and money missteps, including across generations. Here are eight crucial money topics to talk to your parents...

lifehacker.com

 

[Madrox]

What Happens to Your Debts When You Die

Debt settlement is tricky enough while you're alive. Understanding these rules helps families navigate the complex process of debt settlement after death while protecting their own financial interests.

lifehacker.com

Been meaning to look into this. Kinda morbid, but best to check it out when times are good I guess. Thanks..

 

[Helico-pterFunk]

Been meaning to look into this. Kinda morbid, but best to check it out when times are good I guess. Thanks..

You're welcome.

I was talking to a coworker of mine about this recently. She's got a friend and his sister who are both in their early-60s, single respectively, and don't have children. Sounds like they're close as siblings. Parents are deceased. She's fairly responsible, whereas her brother is irresponsible and has reckless spending habits and poor credit. Basically of the mindset of "I don't give a fuck - I'll just spend everything before I'm gone. Never paying off this mortgage anyway."

My response to my coworker was - "Yeah, but it doesn't have to be that way. Isn't that putting undue stress on your sister to figure out all your affairs in the future when you're gone? Neither has offspring to help out ... friends aren't exactly gonna jump up and help with all the paperwork and legal run-around. Why not just clear up your affairs now while you're still reasonably healthy at 62 - 63yo?"

 

[Helico-pterFunk]

@Madrox

Yeah - my pops was stressing to us kids to get our will and estate planning done for years. Basically reminding us a few times annually to get on that. Putting it off with procrastination, etc. "I'm still young ... in my 30s"

He would remind us that it doesn't matter ... never know in this life. Especially now that you own property / have investments / have shit in your name.

I got mine done in the fall of 2021 or 2022, and it felt good to get it completed after years of putting it off.

Also ... when doing larger investments in recent years I noticed it was more clearly identified to list your beneficiaries. So I made sure to do that, and alert some family members that I had their names down in case of worst case scenario for myself.

 

[A to Dah K]

You're welcome.

I was talking to a coworker of mine about this recently. She's got a friend and his sister who are both in their early-60s, single respectively, and don't have children. Sounds like they're close as siblings. Parents are deceased. She's fairly responsible, whereas her brother is irresponsible and has reckless spending habits and poor credit. Basically of the mindset of "I don't give a fuck - I'll just spend everything before I'm gone. Never paying off this mortgage anyway."

My response to my coworker was - "Yeah, but it doesn't have to be that way. Isn't that putting undue stress on your sister to figure out all your affairs in the future when you're gone? Neither has offspring to help out ... friends aren't exactly gonna jump up and help with all the paperwork and legal run-around. Why not just clear up your affairs now while you're still reasonably healthy at 62 - 63yo?"

Man….. he’s not wrong