But what if you’ve been a good saver and want to retire early? This post will review tips for knowing if you can retire early and how to avoid paying hefty penalties when tapping a retirement account early. Achieving an “early retirement” depends on how you define it. You may want ...
You can write to me at beth.pinsker@marketwatch.com. Please put “Fix My Portfolio” in the subject line. You can also join the Retirement conversation in our Facebook community: Retire Better with MarketWatch. By submitting your story to Dow Jones & C...
A recent study published by the Transamerica Center for Retirement Studies reported that most people believe they can retire comfortably on substantially less than $1 million. Abouthalf of millennialsbelieve that $300,000 is sufficient. Meanwhile, baby boomers had more realistic ...
Whether you can continue to fund an IRA depends on whether you have anyearned incomeafter you retire. This includes wages, salaries, tips, bonuses, commissions, earnings from self-employment, long-term disability payments, and union strike benefits. Keep in mind that you cannot contribute anything...
Why do we want to retire as early as possible? Because we only have so much time on this Earth. Time is the one thing we cannot replenish. And it’s also the secret to diversification. Because, yes, you can diversify your investing by (not over) time. ...
You need to be aware of the need to keep up with inflation—the pace of rising prices—since inflation is not going to stop when you retire. It will erode the value of your money. Generally, that means you need investments that grow in value. Gauge Your Risk Tolerance The first step...
If you own a recreational vehicle and it's parked in your driveway for a good part of the year, consider turning to companies like Campanda, Outdoorsy or RVshare to rent it out. RVshare suggests you could earn $40,000 a year, Campanda says you could make around $45,000 a year and...
You and your spouse may have retirement savings in a 401(k) plan, IRA, or cash and investments. **App Highlights** *The "When Can We Retire" app calculates your retirement age based on numerous optional inputs such as your current salary, yearly salary increase, yearly retirement contributi...
Try Living on a Reduced Budget Before You Retire It may not be totally realistic, but it can be a great idea to try living on a reduced budget before you retire to just get a feel for it. Budget Healthcare If you think that Medicare is going to cover your healthcare. Thin...
How do I take my money out when I retire? Dear Nervous, It sounds like you are doing many things right on your road to retirement, but I do understand why you said you’re nervous — even with $885,000 saved for retirement. It ...