Love & Money
3 Ways to Improve Your Money Mindset – My favorite item in this list is delayed gratification. Few among us are willing to delay their purchases; we want everything now. By buying everything as soon as you want it, you will likely end up buying more things than you need, and more importantly more things than you can afford. Try delaying purchases until you save up for them. Chances are, you might change your mind about needing that thing that you want… and if you do, you will have amassed some extra cash… Here’s a thought, take that extra cash and invest it.
7 ways to prevent money from ruining your marriage – My wife and I are very lucky, our views about money are aligned. We have always chosen to live below our means, allowing us to invest a considerable portion of our income. One of the biggest issues couples have is about money. Second only to sex, money is the primary source of strife among couples. (Well, at least in the USA, apparently in the UK, money is #8…. sex is #1 over there too.)
Retirement planning for the young and not so young
If you want a comfortable retirement, you better get ready — As in get ready, NOW. No, you can’t wait until you are 30, 40, or even later. The longer you wait, the greater the likelihood that you won;t have enough money to retire comfortably. Millennials have a dim view of what the future holds for them on this subject. 83% of today’s young adults say continued employment is baked into their plans.
Those who are close to retirement (i.e. baby boomers) can still retire comfortably, but they need to have a plan. In order to make ends meet, many of us are working longer. In some sense that’s good, because it means that you have fewer years that you have to solely rely on your savings and your Social Security benefits.
However, for many , working longer isn’t a choice, it’s the only choice. Only 67% of them have any retirement account, and many of those have very low balances. Forty percent of boomers have no retirement savings at all.
While Social Security was designed as a basic floor for retirees’ living standards, it actually provides at last 90 percent of more than a third of elderly households’ income. Nearly two-thirds of older households rely on Social Security for at least half of their income.
The median working-age American couple has just $5,000 saved for retirement, a figure that does not bode well for the long-run financial stability of the nation.
The Bureau of Labor Statistics says the median working age for an American adult is approximately 41.8 years of age for men and 42 years for women.
Less-than-stellar savings is not solely relegated to the younger workers of America. Americans nearing retirement have an average of just $17,000 in their 401(k) plans, MarketWatch reports.