Core Insights - Less than half of retirement savers are on track to maintain their current lifestyles after leaving the workforce [3][9] - Older Gen Z workers (ages 24-28) are the best prepared for retirement, with 47% on the right track, while preparedness decreases in older generations [4][9] Retirement Preparation by Generation - 42% of millennials, 41% of Gen Xers, and 40% of preretirement Baby Boomers are adequately preparing for retirement [4] - Almost 90% of Baby Boomers own a home, which may provide options for retirement support through home equity [5] Retirement Planning Strategies - Experts recommend saving between 10 and 12 times the final salary to replace 70%-80% of pre-retirement living costs [6] - Consistent contributions to retirement accounts are essential for younger planners to leverage compounding [7] - Utilizing employer matching contributions in defined contribution plans is crucial to maximize retirement savings [8] Impact of Working Longer - Working just two additional years could significantly increase the number of workers able to maintain their current lifestyles in retirement [9]

Market volatility can be stressful—especially when you’re close to or already in retirement. So, what do you need to know? On this episode of Money Unscripted, host Ally Donnelly and Fidelity Branch Leader Andy Alvarez look at ways you can try to protect yourself from the unknown. See how to map out your income, ways to build up your emergency savings, and why revisiting your plan is so important. We also talk through how annuities could fit into your long-term plan and ways to try and protect your nest egg ...

Core Perspective - Individuals aged 60 and above begin to change their investment mindset, focusing on generating steady passive income rather than seeking rapid mega-growth [1] Investment Strategy Shift - The primary investment goal for this demographic transitions to ensuring a reliable income stream, reflecting a more conservative approach to financial management [1]

Beginning to receive your Social Security benefits can be an overwhelming part of the retirement planning process. There are a multitude of nuances, rules and regulations, often tucked into the fine print, so to speak. It’s easy to make choices, or fail to, that can harm your Social Security checks in big and small ways. Here are some common mistakes retirees make with their Social Security checks. Know them, so you can hopefully avoid them. Taking Benefits Too Early Many retirees decide to start colle ...

Most Americans think of retirement as a time when they can finally hang up their work boots and enjoy a life of leisure, whether that consists of traveling, spending more time with family or pursuing other personal dreams and goals. But the reality of higher living expenses and low overall savings can make retirement a difficult stretch for many. To help alleviate these concerns, Fidelity created a list of major money moves people can use to make their retirement more financially comfortable. Here’s a l ...

When you are no longer receiving a paycheck, you have a limited ability to replenish savings through work, which makes the size of your initial reserves an existential factor in retirement planning.In retirement you can no longer "earn your way out" of a surprise bill.During your working years, many emergency expenses are exacerbated by job loss. In retirement, that risk disappears, but the stakes of an emergency actually rise.Read More: The average net worth of Americans is a surprising $620,654. But it al ...

Core Insights - The article discusses the financial readiness of an individual considering early retirement at age 51, emphasizing the importance of assessing both assets and lifestyle spending needs [4][20]. Financial Assessment - The individual has approximately $1.87 million in assets, excluding a Health Savings Account (HSA), and is saving about $67,500 annually, which could total $2.14 million by age 51 if investment performance is ignored [6][7]. - A withdrawal rate based on the 4% rule suggests an annual withdrawal of $85,600 from the projected $2.14 million balance [7]. Social Security Considerations - Social Security benefits should be factored into retirement planning, but estimates may be overstated due to assumptions about continued earnings until the age of 67 [8][9]. - If retiring at 51, the individual may have a lower actual benefit due to gaps in earnings history [9]. Income Sources - To bridge the gap between retirement and Social Security benefits, the article suggests exploring fixed income sources like annuities or bond ladders [10]. Expense Estimation - Estimating retirement expenses is crucial, with common expenses including healthcare, lifestyle spending, and long-term care [11][15]. - The article notes that expenses may change over time, particularly with increased healthcare costs as one ages [12]. Retirement Viability - The individual is likely capable of retiring at 51 if spending needs align with average expectations, but personal comfort and specific financial goals are critical [17][20].

Retire Overseas For Less—Countries With Super Cheap Utility BillsUtility bills can be a budget killer—but overseas, they don’t have to be. These destinations offer exciting, modern lifestyles with some of the cheapest utility bills on earth.Read more: https://t.co/GThWW91KLd (Photo: Getty Images) ...

Core Insights - Grimes Financial Group is enhancing its financial planning framework through The Retirement Blueprint to bridge the gap between standalone investing and comprehensive retirement planning [1][2]. Group 1: The Retirement Blueprint Overview - The Retirement Blueprint is a structured approach that integrates retirement income strategy, investment management, tax efficiency, risk management, long-term care considerations, and legacy planning into a single customized framework [2][4]. - This framework emphasizes a planning-led strategy for individuals and families approaching or in retirement, addressing income distribution and long-term risk exposure [3][5]. Group 2: Key Features and Benefits - The framework establishes an income foundation to support retirement lifestyle needs, clarifying cash flow expectations throughout retirement [4]. - Financial tools are evaluated based on their roles within the overall plan, promoting consistency and long-term alignment [5]. - Key benefits include simplified decision-making, greater income clarity, integrated risk management, tax-aware decision-making, long-term adaptability, and legacy alignment [7]. Group 3: Delivery and Client Focus - The Retirement Blueprint is delivered through Grimes Financial Group's fiduciary advisory platform, which includes wealth management, investment advisory services, insurance strategies, and legacy planning tailored to individual financial circumstances and goals [8][11]. - The firm's planning process supports transparency and coordination across financial decisions, particularly during retirement when various financial factors intersect [9].

More workers are adding side hustles in their retirement planning for income and to maintain a purpose in life. These steps can help get them off the ground. https://t.co/dZPz4GCZ2X (Photo: Getty Images) https://t.co/Bz24KbCFlP ...