How Much Should I Spend in Retirement?

No matter how old you are right now, you should already be saving for retirement. Whether you’re contributing to a 401(k), IRA or other long-term investment (or all three), you have to make sure that you’ll have enough money to stop working and have enough money to last the rest of your life. 

However, how will you know when you’ve reached a reasonable amount? How can you be sure that your nest egg will sustain your lifestyle during your golden years? Saving is a two-pronged approach: first, you need to put away enough while you’re employed. 

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How to Save for Retirement the Right Way

Remember when saving for retirement used to be so easy? Yea, I don’t either because I wasn’t alive back then. However, if you were, all you had to do was work 40 years at your employer, get your pension and social security and then sail off into the retirement sunset.

Today, on the other hand, it's a totally different story. It now basically falls completely on your shoulders. There are so many questions. How much should I save in my 401k? What do I even invest in? What about a Roth IRA? The list can go on and on. Let's take it step-by-step to get you moving in the right direction so you can get to retirement – or what I like to call financial independence – sooner rather than later.

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Why Your Credit Report Controls Your Financial Life

With the Equifax date breach being announced just over a month ago, credit reports and credit scores were actually an important topic of conversation for a change. However, a month in this day and age can seem like years ago.

Now that it is almost considered old news, we’re back to our normal everyday lives and, believe it or not, that’s not thinking about our credit reports or even our credit scores. That has become old news and we’ve now moved on to the next headline.

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Fundrise: An Interesting Way To Invest In Real Estate

Have you ever wanted to invest in real estate? Or, maybe you’ve already tried your hand at it once, and it didn’t exactly go the way you were expecting.

I’m not sure what the appeal is to investing in real estate – being a landlord is not for me – but I do get asked the question quite a bit.

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Retirement Income - Your Step-By-Step Guide to Not Running Out of Money

Congratulations! You’ve worked for decades to prepare for retirement and now you’re there, or almost there, ready to start what can be the most enjoyable phase of your life. Very likely, you’ve got plans to travel, see family and friends and maybe even revisit hobbies you’ve neglected for decades.

However, as you are most likely aware, you must also make plans related to your money. Specifically, you want to be sure you have enough retirement income to last you for the rest of your life.

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How To Do A Background Check On Your Financial Advisor

In today’s day and age of the internet, you can find just about anything in no time. Looking for a restaurant nearby? Go to the internet. Need a place to get a haircut? Go to the internet. Looking for background information on a financial advisor? Yep, go to the internet.

It amazes me how we found things before we had the internet. I guess we just asked for referrals from our friends, looked things up in the phone book or drove around until we found out what we were looking for…the indignity.

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The Dirty Little Secrets to 401k Loans

Now that the holidays are over, it’s back to reality. For many – hopefully, not you – it means paying off all the debts you racked up from your extremely generous giving. Let’s just hope you had already budgeted for it and you were merely using your credit card to get the free rewards.

Regardless of whether you have debt or not, sometimes, unknowns pop up in our lives where we need to get access to money. If you don’t have it sitting in a savings account – which I’m sure you do if you’re an avid reader of this blog – you have to find it somewhere.

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How to have a difficult conversation with your spouse about finances

Talking about money with your spouse can be difficult. Not everyone enjoys talking about finances and it can seem easier to just ignore the subject. However, avoiding difficult conversations and money discussions can lead to many problems down the road.

If the idea of discussing money with your significant other stresses you out, you’re not alone. According to a survey by SunTrust Bank, 35 percent of people said money was the primary cause of friction and stress in their relationship. For respondents between 44 and 54 years of age, that number shot up to 44 percent.

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When to Update Your Estate Plan

If you already have an estate plan, you’re ahead of the majority of Americans. According to a survey by Caring.com, more than half of people don’t have a will or living trust. Even if you have your estate documents in order, you’re not done.

Chances are you’re still many years away from needing to put your end-of-life plan into motion. There are still many changes in your life that need to be reflected by updating your documents. It’s an essential part of making sure everything is in order for your family and heirs.

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Should You Consider a Roth IRA Conversion?

If you’re looking to minimize taxes in retirement, or anytime before, one of the options is converting your traditional individual retirement account (IRA) into a Roth IRA. This shifts the tax burden from a future date to the present day. Before you make such a move, though, it’s important to consider what this will mean to your finances.

Minimizing taxes in retirement seems very appealing. Once you stop working, your income in retirement will come in part from your savings so the less taxes you can pay, the more money you will have available for enjoying your life.

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6 Inexpensive Ways for Men to Look Great for Work

What is it that they say? That the clothes make the man?

Well, while I don't believe that clothes have any bearing on your competence as a professional, I think we can all agree that appearances do matter. As a general rule, people will treat the well-dressed and well-groomed better, and looking your best can provide a big confidence boost. So, it's important to have an elegant, polished look at work, to make the most of your time at the office and maximize your chances of success.

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Why We Look at Finding the Right College from the Wrong Perspective

Let’s face it; saving for your children’s college is quite the challenge. However, just as challenging is actually finding the right spot to send them off to college. There are so many choices with only so much money you can realistically spend without you and your child completely being indebted for the rest of your lives.

Sounds like a real pleasant experience, doesn’t it? Well, for most parents, it can really be a gigantic pain to find the right college for their children. Today, though, I’m going to explain how to make it a much more comfortable experience where everyone will understand and be happy.

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What Issues Should You Consider Before You Retire?

Are you looking forward to the day you retire? Many dream of retirement, counting down the days when they can leave the cubicle life behind. But, before you turn in your work badge, make sure your finances are in order first.

Not being prepared financially could mean having to get back to work or worse - running out of money. Going down the checklist below will ensure you’ve covered all the major issues you need to consider before you retire.

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Saving for Retirement - Your Step-By-Step Guide to Getting You There

When entering the job market out of college, the concept of retirement seems like a lifetime away. Most people can’t even fathom thinking about retirement let alone save for it. And others know the day is coming, but they are relaxed in the notion that it’s too early to even begin thinking about saving for retirement.

Such thinking is certainly misguided. Regardless of the confusing retirement savings types, retirement is a natural part of life. It can be a wonderful experience for many families, especially those who planned early. It’s a new chapter in life, where people get to enjoy the fruits of their labor for the next few decades.

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How Much Should I Be Saving for Retirement?

When it comes to retirement, one of the most valuable questions you can ask yourself is, “how much is enough?” Unfortunately, it can be challenging to determine the right amount because there are many variables to consider. 

In this article, we’re going to discuss the finer points of saving for retirement so that when it arrives, you can feel secure in the size of your nest egg. Ideally, you shouldn’t have to limit your lifestyle or cut down on expenses during your golden years. So, the more planning and preparation you can do now, the better off you’ll be later on. 

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How To Have a Happy and Healthy Retirement

You’ve put your time in, and now it’s time to enjoy the fruits of your labor. Retirement is all about taking it easy and living life on your terms. No more keeping a tight schedule, no more putting those celebrations and life experiences off until later. Now is your time. 

If this is how you picture your retirement, you’ve clearly got good goals in mind and you know how you plan to spend that time. Without a significant amount of planning, however, you may find it somewhat challenging to achieve your ideal retirement. Here’s a guide to ensuring you have that happy and healthy retirement you’ve worked so hard for all these years.

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How to Make Supplemental Income in Retirement

Your golden years are the perfect time to enjoy yourself to the fullest. Take all those trips you always wanted to! Start that hobby you’ve been putting off! 

Finally, learn that musical instrument you didn’t have time for during your career! Retirement is the time to live it up. If you’re spending money on travel and hobbies, though, you’ll probably want to consider ways to supplement your retirement and savings. Check out this list of possible supplemental income sources to see if any are right for you.

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What is an Inverted Yield Curve and How Does it Affect Me?

We’re headed for another recession. At least, that’s what people are saying, both on the news and elsewhere in the media. However, with an economy that’s thriving right now, where is all of this recession talk coming from? 

While we’re not going to dive into the many variables that are included in modern economics, one element that has financial analysts shook is the inverted yield curve. However, outside of stock exchanges and broker offices, chances are that you don’t understand what this curve is and what it means for the economy. 

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How to Create An Inheritance Plan With Your Parents

Long term financial planning is not an easy task. You have to consider a myriad of potential setbacks, changes and opportunities that will arise over an extended time period. It can be exhausting to map out your plans, but still more draining to do what you need to do when sticking to those plans. 

Fortunately, once your plans are set you can put them out of your mind unless there is a major life transition. It’s those transitions that are the hardest to plan for financially.

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How to Create an Inheritance Plan With Your Children

What kind of legacy are you going to leave when you die? If you haven’t pondered that question yet, now is the perfect time to start. If you have money or any property that you want to pass on, it’s well past time to get a plan in place for when the inevitable happens. 

However, when it comes to estate and legacy planning, you will want to include your children in this process. It may be tempting to try and figure everything out on your own, but it’s often much better to keep them involved. 

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein. NextGen Wealth LLC is registered as an investment adviser in the states of Missouri and Kansas, and is notice-filed in the State of Texas. As such, it may only transact business with residents of those states and residents of any other state where otherwise legally permitted subject to exemption or exclusion from registration requirements.

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