Tag: retirement planning

Catch-Up Retirement Planning Strategies for Late Savers

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

There are several types of late savers who are trying to make up for lost time and accumulate an adequate nest egg for retirement. Are you one of them? Below are three common later saver profiles:

• Procrastinators with little or no past and current savings. This could be for any number of reasons including high monthly living expenses, overextended credit, poor spending habits, lack …

Twenty Tips for a Successful Retirement

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

Retirement planning today is very different than it was 30 or 40 years ago. It is truly not your father’s (or mother’s) retirement. In fact, many people don’t even relate to the word “retirement.” Phrases like “second act,” “third age,” and “refirement” have been used to describe the stage of later life where people transition from full-time work to other pursuits. Some people have even stated …

Monte Carlo Analysis in Retirement Planning: Will I Run Out of Money?

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

“Monte Carlo analysis.” The words make you think of a European gambling mecca, don’t they? It fact, where retirement planning is concerned, Monte Carlo analysis is actually somewhat related to gambling. It is a technique used to reduce the gamble that many people take when they decide to retire and live off of their savings. In other words, Monte Carlo …

Planning for retirement is a challenge for everyone. Again, the earlier you begin, the longer you will have to accumulate funds and capitalize on compound interest. A plan designed to meet specific retirement goals may be separate from or part of the investment building block.

Some people have given a great deal of thought to retirement, but others have not. Less than half (42%) of working Americans have made a retirement savings calculation, according to the 2006 Retirement Confidence Survey, …