If you’re finding it difficult to make retirement planning a priority, you’re not alone. Meeting your current financial obligations-such as rent or mortgage payments, recurring monthly expenses, and debt or interest repayments-can be challenging enough without having to think about the long-term future as well. Given how great this pressure from immediate financial demands can be, it’s perhaps not surprising that 42 percent of Americans say they have no retirement savings at all, as revealed in a 2018 report from the Center for Financial Services Innovation.

However, while this figure may not be surprising, it is certainly concerning. For people…

Retirement planning should be considered early in one’s career, and saving strategies should evolve as goals and timelines change. A typical retirement plan involves determining time horizons, purchasing stocks and other investment vehicles, contributing to employer-sponsored plans or individual retirement accounts, and estate planning, among other aspects.

The average retirement age for men and women in the United States is 65 and 63, respectively, according to US Census Bureau data. However, this may change due to the adverse effects the COVID-19 pandemic has had on the national and global economy.

Baby Boomers Forced into Retirement

Working conditions in the United States have changed drastically since…

Today, the field of financial planning is growing in popularity, with more people than ever working to create some type of financial plan for their future. For those who possess little understanding of the financial industry, financial planning can be overwhelming and difficult. In these cases, it might be prudent to seek the services of a financial professional, such as a financial planner or a financial advisor, to help you. What do financial professionals do and how can they help you with your finances?

Financial Planners and Financial Advisors

When looking for a financial professional to assist you in planning your finances, you will encounter…

People have a wide range of investment options when it comes to saving for retirement, from exchange-traded funds (ETFs) to annuities. One investment that you may not have considered for retirement is dividend-paying stocks.

While not all stocks pay dividends, some will provide a regular payout to shareholders. These dividends are a share of the company’s profits. You can invest in dividend-paying stocks both before and during retirement. While still saving for retirement, these dividends can be reinvested to purchase more shares and boost savings even more. During retirement, dividends can provide some additional income to be used for monthly…

Working with a financial advisor to help you achieve your financial goals has become increasingly common. Where once people considered financial advisors and financial planning in general only appropriate for the very wealthy, now people from a broader range of income levels are interested in creating a comprehensive financial plan for themselves and using a professional to help them do so.

If you have one financial advisor, you might wonder whether that one is enough. Maybe you have considered multiple financial advisors to address multiple distinct financial needs. Maybe you’re wary about putting all your assets in one advisor’s hands…

As you set out investing in an individual retirement account (IRA) or a 401(k), you may come across options for both exchange-traded funds (ETFs) and mutual funds. These two investments are similar in many ways, and choosing between the two can be difficult. Both ETFs and mutual funds involve pooling investor money and then buying several securities, which makes it possible to diversify without needing to purchase and manage many individual assets.

ETFs are newer than mutual funds and have grown significantly in popularity in recent years. While there were only 123 ETFs in the United States in 2003, there…

Retirement planning covers a variety of different areas, from 401(k) plans to estate planning. Navigating this complex area on your own can be a challenge, so it is beneficial to seek out the services of an experienced financial planner, particularly one who is knowledgeable about retirement. One aspect of retirement planning that is sometimes overlooked is life insurance. Many different types of life insurance plans are available, and the one you choose will depend on a variety of factors specific to your situation. Today, the two most popular types of life insurance are term life insurance and whole life insurance…

Estimating your expenses in retirement is one of the most difficult steps when you’re preparing for this stage of your life. Debt is often one of the most stressful expenses, so it makes sense that many people want to reduce the debt they need to repay while retired.

Often, people try to avoid carrying a mortgage into retirement. Given the recent drop in interest rates, some retirees who still have a mortgage may be considering a refinance. Refinancing can help lower the monthly payment on your mortgage or, alternately, reduce the length of time you’re repaying the loan. However, it’s…