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6 Things to Do When You Retire

A comfortable retirement involves a lot of planning ahead. Before you make the decision to stop working, you want to make sure you have the financial stability to enter retirement with a manageable budget and a secure outlook.

As retirement nears, work with a financial advisor to make sure you’re prepared to make certain changes to your money management. Here are a few steps we recommend taking as you transition your finances into a new life chapter.

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Planning for Retirement: What to Ask Before You Open a 401(k)

Most people open a 401(k) with their employer without asking many questions. After all, a 401(k) is one of the most popular types of retirement funds in the United States, given that 80 percent of U.S. workers have access to a 401(k) through their employer.

But not all 401(k) plans are created equal. Employers have control over a number of features of a 401(k) plan, and it’s important to know the fees, matching limits, vesting requirements, and other criteria that can affect the value of a 401(k).

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How Much Money Do You Need for Retirement?

How much money will you need when you are ready to retire? That’s a tough question. For many people, it’s like asking, “How high is up?” However, retirement planning is a lifelong pursuit, and in order to achieve your retirement goals, you need to have a target in mind. Even if the goal changes over time, having an objective will tell you if your retirement planning is on track.

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18 Common Terms to Know to Improve Your Financial Literacy

Money is a topic that tends to make most people uncomfortable. Seventy percent of Americans believe it is rude to talk about money. Even married couples don’t talk about money—43 percent say they don’t know what their partner earns, and 36 percent don’t know how much they have invested between the two of them.

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Retirement Savings for the Self-Employed

Being self-employed can be incredibly satisfying. You get to be your own boss, keep your own hours, and make your own decisions about how to run your business. However, no matter what type of work you do, being self-employed still requires financial planning, and that means paying expenses, putting enough money aside for taxes, and preparing for retirement.

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Planning for Retirement Expenses: Why Budgeting Is Mission Critical

You will want to retire some day, and without proper retirement planning, the type of lifestyle you’re hoping to enjoy in your later years may not be possible. The fact is that most Americans underestimate their financial needs in retirement. We are living longer and the cost of living continues to rise, so if you fail to plan ahead, you won’t save enough to cover your retirement expenses.

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When to Start Collecting Social Security

Social Security has been part of our country’s financial system for some time, and as more baby boomers start thinking about retirement, they all have the same question: “When should I start collecting my Social Security?” The answer is different for every person because it depends heavily on one’s financial situation and retirement goals.

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Why Retirement Planning in Your Twenties Is Critical

Did you know that the average senior needs $828,000 to retire? And that doesn’t take into consideration living in more expensive areas, cost of living adjustments (COLAs), or income from social security. In fact, the average retiree probably needs more than $1 million in savings to have any real security. That may seem like a lot of money, but with the right financial planning—more specifically, the right retirement planning—you can start saving now and have enough to retire on when the time comes.

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Retirement Planning 101: 6 Tips for Preparing for Your Preferred Retirement Lifestyle

You work hard to earn the lifestyle you have, and you want to make sure that hard work pays off—especially in retirement. The hard truth is that without adequate retirement planning, when it comes time to retire, you may have to adjust your lifestyle to accommodate a lower income. However, it’s never too late (or too early) to start retirement planning. If you develop the right game plan and set the right objectives, you can put away a substantial nest egg and live the retirement lifestyle you desire.

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