Tag: retirement planning

Financial Recovery in Later Life: Increase Your Resilience

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

It is more difficult to recover from financial setbacks as one gets older. There is less time available to invest for retirement, recover money lost in the stock market, or receive “payback” from investments in human capital (e.g., job training or a college degree). Therefore, it is wise to consider ways to cope with traumatic life events, in case something goes awry and to …

Creating a Retirement Paycheck

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

As baby boomers (i.e. people born between 1946 and 1964) continue to reach retirement age, increasing attention is being paid in the financial services industry to the concept of creating a “retirement paycheck.” What exactly is a “retirement paycheck?” It is income received on a regular basis after someone stops working. A “retirement paycheck” makes it easy to pay monthly bills, which provides financial security and peace of …

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 …

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, …