financial security Archives - DR News - News, Retirement, Finance

The One Document Your Family Can’t Live Without

According to a recent YouGov for Caring.com’s 2024 Wills and Estate Planning Study survey, a significant majority of Americans, specifically two out of three, have not yet put any estate planning documents in order. If you find yourself among this group, it’s important to understand that failing to create an estate plan can lead to your assets becoming entangled in legal proceedings and distributed in ways that may not align with your intentions. It’s never …

The Long-Term Care Insurance Hack for Financial Freedom

As retirement draws nearer, the significance of comprehensive financial planning becomes increasingly apparent. The post-retirement phase entails numerous expenses, encompassing basic living costs, leisure activities, healthcare, and travel. Failure to prepare for these financial demands can lead to significant budgetary strains once you exit the workforce. The cost of long-term care is often overlooked when planning for retirement. However, it is imperative to factor in these costs as part of your retirement strategy, given that …

Just How Much Should You Be Spending on Long-Term Care Insurance?

As we get older, the likelihood of needing long-term care increases significantly. This includes in-home healthcare, assisted living, or nursing homes. However, the cost of such care can be great, often running into thousands of dollars per month. This is where long-term care insurance takes effect, offering a financial safety net for these expenses. But the question arises: how much should you pay for this insurance? Evaluating the Cost of Long-Term Care Insurance The cost …

1 in 5 Skip Emergency Funds for Retirement – Should You?

Current statistics from GOBankingRates show that roughly one in five people focus more on saving for retirement rather than accumulating an emergency reserve. This financial preference highlights the need for deeper understanding; which one is more important? Experts in the field of finance have come forward to provide a detailed analysis of the pros and cons inherent in this financial planning tactic, underscoring the importance of a well-informed strategy when it comes to personal finance. …

Thinking About Working in Retirement? Here’s Your Must-Read Guide

If you’re contemplating the idea of working after your retirement, you’re part of the majority. In 2024, the Transamerica Center for Retirement Studies conducted a survey; they found that 55% of workers expressed their intention to continue working after what is conventionally considered “retirement,” with nearly 20% planning to work full-time. Some retirees opt to keep working for financial reasons, while others see potential health benefits. A 2016 study published in the Journal of Epidemiology …

You’ve Been Using Your HSA All Wrong! Discover the Right Way for Retirement

In retirement planning, Health Savings Accounts (HSAs) are a valuable financial tool. Contributions are tax-deductible, earnings grow tax-free, and can be withdrawn tax-free for qualified medical expenses, making it a triple tax advantage. However, the benefits of an HSA extend beyond just covering healthcare costs, especially in retirement. When you turn 65, the rules for using your HSA funds change, providing more flexibility. At this age, you can use your HSA funds for any purpose …

Is Your Investment Strategy Setting You Up for Failure?

The fear of running out of money during retirement is a common concern, leading many to save more in anticipation of financial instability. The desire for financial security is universal, regardless of one’s current savings. Recent market volatility further exacerbates these concerns, underscoring the need for a well-thought-out retirement income plan. What constitutes a good retirement plan or one that could potentially fail you? The following are some things to consider: Understanding Market Volatility: Market …

Use These Simple Hacks To Watch Your Savings Grow

Your retirement might seem far away, but your current decisions can significantly shape your future. By making a few strategic changes to your savings and investment approach, you can substantially grow your retirement funds. Here are three straightforward retirement strategies that demand little effort now but promise significant rewards later: 1. Automate Your Savings: The principle here is simple: you won’t feel the pinch of money you never see. This is the logic behind automatically …

Why Modern Banks Are Begging You to Reconsider THIS Old-School Security!

In today’s digital-first world, where cloud storage reigns supreme, one might think that the traditional safe deposit box, nestled in the heart of brick-and-mortar banks, is becoming obsolete. But before you dismiss this age-old security method, let’s dive deeper into its relevance in 2024. Why Safe Deposit Boxes Still Matter Despite the digital wave, there are moments when only the original document will do, especially those with raised seals. And let’s not forget some valuables …

Financial Freedom Awaits: The Top 3 Investment Moves You’re Probably Overlooking

No matter your current age, retirement is an inevitable phase of life. Being financially unprepared for this phase can lead to unnecessary stress and challenges. While retirement planning might seem manageable for those in their 20s or 30s, starting early can pave the way for a comfortable and possibly early retirement. Here are three pivotal strategies to ensure you’re on the right track. Consistent and Effective Investment It’s essential to understand that there isn’t a …