Retirement Planning 101 Tutorial Guide - Articles & Tools (2024)

There's More To Retirement Planning Than Just401(k)s And IRAs. See The Articles Below For TheInformation And Advice You Need To Know...

Your generation faces a very different retirement situation requiring a very different retirement planning strategy.

You can expect to live longer while receiving fewer pension and Social Security benefits during retirement. You will likelyneed more retirement savings to support a longer, more active and healthier lifestyle than previous generations.

An estimated 10,000 Americans will turn 60 every day over the next twenty years. Perhaps there is no other time in history where retirement planning has been such a great concern to so many people.

  • How much money do you need?
  • How do you invest it?
  • How much can you afford to spend?
  • What are you going to do with all the time?

You will find the answers to these and many more questions in this free retirement planning guide resource center:

  • How Anyone Can Retire In 10 Years... Or Less! - Surprisingly, it's not that hard. Anyone can do it but almost nobody will. Discover why...
  • 8 Shortcuts For A Simple Retirement Plan: A quick and dirty overview for those who want retirement planning made easy.
  • Twelve Tips To Systematically Build Your Wealth For Early Retirement: How to retire early and wealthy.
  • 5 Surprising Reasons Why Retirement Calculators Can't Be Trusted: They appear simple to use and scientifically accurate, but hiding behind that facade are dangerous assumptions that jeopardize the accuracy of your retirement estimate. Learn simple solutions to solve the problem...
  • The Dirty Dozen Retirement Planning Mistakes To Avoid: There is more to retirement planning than just funding your 401(k) or IRA. Learn the mistakes you must avoid so that your golden years are financially secure.
  • How Much Do I Need To Retire? What's the magic number for retirement savings and how much can you afford to spend? How do you calculate it? Is it an accurate estimate? Find out here...
  • Early Retirement Planning - What You Must Know: If retiring early is on your radar screen then here are six strategies worth paying attention to.
  • Are Safe Withdrawal Rates Really Safe? The 4% Rule is a myth! This article simplifies the complex research behind safe withdrawal rates and provides practical solutions you can implement today.
  • 5 Essential Questions For Pre-Retirement Planning: Discover the "what", "where", "when", and "how much" of pre-retirement planning so that you can prepare for a successful transition into retirement.
  • How To Determine Your Legacy In Life - Before Your Death: What issues will your family confront after your death, and how will it shape their opinion of your life? Learn what actions to take now so that you can put your legacy on the right track.
  • Pension Trends Say "You Are On Your Own" For Retirement Planning: Socialized retirement planning is out and individual plans are in. Nobody wants responsibility for your retirement so they are passing the buck to you. Do you know how to benefit from these changes?
  • 27 Retirement Savings Catch-Up Strategies For Late Starters: If your retirement looms large but your nest egg doesn't then this article can help you.

  • 5 Ways To Reduce How Much Money You Need To Retire By $300,000 (or More!): The easiest, most certain way to bridge your retirement savings gap.
  • 12 Retirement Planning Myths That Can Convert Your Golden Years Into Lead: Don't let these common misconceptions get in the way of your retirement security.
  • Retirement Planning Checklist: Here is a checklist for your retirement planning guide at each stage of life so that you don't miss a single, important step.
  • Free Retirement Calculators - A suite of 10 free retirement calculators to help you with all phases of planning - including "The Ultimate Retirement Calculator".
  • Wealth Planning Course - Take the next step beyond conventional retirement planning. This is retirement planning on steroids because it organizes every aspect of your life into a personalized plan for financial independence at any age. Includes both the conventional retirement planning model and an advanced planning framework that can accelerate your goal and increase your financial security. Learn more here...

In my book, How Much Money Do I Need to Retire?, you'll discover how retirement really works before it's too late.

"This book is the best I've seen on how to navigate the retirement savings questions."(Forbes)

This book takes you beyond the scientific facade of modern retirement planning. You'll learn the 5 critical assumptions that can destroy your financial security, how to reduce the amount you need to retire by as much as $600,000, 3 strategies you can use to maximize spending today while protecting for the future, and how to calculate the amount of money youreally need to retire on the first try - without software, online calculators, or being a math genius.

Buy the book today so you can retire with confidence: Amazon | iBooks | B&N | Kobo

Achieving your retirement goals doesn't happen automatically: you must make it happen.

Use these articles to educate yourself so that you know how to do it right the first time - because you never get a second chance at retirement planning.

With the right information, proper planning and commitment, the retirement security you desire can be yours.

Below you’ll find a listing of our most recent articles about retirement planning providing you with additional strategies and information so you can take the next step…

How Anyone Can Retire Early In 10 Years (Or Less!)

Surprisingly, it’s not that hard. It doesn’t require hitting the lottery or inheriting a windfall from ol’ Aunt Myrtle. Similarly, you don’t have to become a brilliant investor or possess any unusual skill. After all, the title to this post claimed “anyone” can do it so the strategy has to be repeatable and predictable. We’re talking science – not random luck. Here’s how you do it…

Optimize Your 401(k) Today [Includes Free 401(k) Analysis Tools]

The 401(k) can be a great savings vehicle, or a financial black hole where investors lose huge chunks of their hard-earned money to hidden fees and missed opportunities for investment growth. The difference is knowledge. This ultimate guide to 401(k)s shows you step-by-step how to optimize your portfolio strategy and eliminate wasteful expenses. Discover how you can use free 401(k) analysis tools to avoid the most obvious traps so you can secure your dream retirement.

Leverage – How To Fast-Track Your Financial Goals

Nobody gets rich without leverage. If you aren’t employing leverage in your business and wealth plans, it means you’re compromising the speed, time, and work effort necessary to reach each level of success. Leverage isn’t difficult to master; it’s something you can implement right away and then reap the benefits for years to come. It’s time for you to stop working harder than you should to earn less than you could. Discover how to accelerate your financial growth in this article…

Preparing For Retirement – The 5 Essential Questions

There’s more to preparing for retirement then just saving money and calculating estimates for how much you’ll need. There are a lot of seldom discussed details and potentially creative solutions that can close savings gaps and allow you to retire far earlier than you expected… and with greater happiness. By asking yourself these five questions before you retire, you’ll be fully prepared to enjoy a worry-free, post-career lifestyle…

Average Savings By Age: How Do You Rank?

How does your net worth rank compare to the national averages for your age? What can you do to get ahead (if you’re behind)? The answers to these questions are important because you need to know while you still have time to correct and adjust your actions if there’s a problem. Discover a simple formula that quickly shows how well you’re doing financially, and you’ll also get clear actions steps and resources so you can accelerate how fast you achieve your financial goals. It’s knowledge that can change your financial outcome in life if you take action on it…

8 Shortcuts For A Simple Retirement Plan In Record Time

Are you frustrated by retirement planning because it’s so darn complicated? Have you been procrastinating on taking the right actions to secure your financial future? This simple 8 step guide eliminates all excuses by making retirement planning easy-to-understand and actionable. Discover how much you’ll need in retirement, how to save, the basics of investing, and much more.. Everything you need to get started is right here and can be read in just a few minutes. Let’s get started…

12 Dangerous Retirement Myths That Turn Your Golden Years Into Lead

These retirement myths threaten to destroy your financial security if you don’t overcome them. Many are conventional wisdom spoken so many times that they appear true. Don’t sabotage your one chance at a successful, happy retirement because you didn’t know better. Discover how you can clear these 12 hurdles to secure your financial future…

The Zen of Wealthy – When Is Enough… Enough!

How much is enough? It’s a question you’ll inevitably confront on your wealth building journey, and if you’re not prepared the answer may surprise you. The truth is less can be more because you’ll pay a price for every choice you make. The key is to know what’s right for you. There’s a sweet spot where you spend no more effort than is necessary to grow your wealth to the point that you can enjoy life experiences consistent with your values. In this article I’ll show you how to find that sweet spot…

Pension News: You’re on Your Own For Retirement

The days when you could rely on the government or your company to help fund your retirement are long gone. Trends show decreasing pension benefits, declining defined benefit plans, and increasing emphasis on defined contribution plans. That means you’re on your own to save for retirement. Companies have shifted the cost from themselves to you to avoid paying for such a huge liability. Find out how you can profit from these pension changes and learn the exact actions steps you must take to secure your financial future…

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Retirement Planning 101 Tutorial Guide - Articles & Tools (2024)

FAQs

What is the $1000 a month rule for retirement? ›

One example is the $1,000/month rule. Created by Wes Moss, a Certified Financial Planner, this strategy helps individuals visualize how much savings they should have in retirement. According to Moss, you should plan to have $240,000 saved for every $1,000 of disposable income in retirement.

What are the 7 steps in planning your retirement? ›

7 Key Steps to Planning Your Retirement
  • Set Clear Goals.
  • Assess Current Financial Situation.
  • Develop a Retirement Budget.
  • Maximise Retirement Contributions.
  • Transition or exit strategy.
  • Estate Planning.
  • Regularly Review and Adjust.

What is the 3 rule in retirement? ›

In some cases, it can decline for months or even years. As a result, some retirees like to use a 3 percent rule instead to reduce their risk further. A 3 percent withdrawal rate works better with larger portfolios. For instance, using the above numbers, a 3 percent rule would mean withdrawing just $22,500 per year.

How much money do you need to retire with $100,000 a year income? ›

So, if you're aiming for $100,000 a year in retirement and also receiving Social Security checks, you'd need to have this amount in your portfolio: age 62: $2.1 million. age 67: $1.9 million. age 70: $1.8 million.

What is the 7 percent rule for retirement? ›

What is the 7 Percent Rule? In contrast to the more conservative 4% rule, the 7 percent rule suggests retirees can withdraw 7% of their total retirement corpus in the first year of retirement, with subsequent annual adjustments for inflation.

Can you live on $3,000 a month in retirement? ›

That means that even if you're not one of those lucky few who have $1 million or more socked away, you can still retire well, so long as you keep your monthly budget under $3,000 a month.

Can you retire at 60 with $300 000? ›

In most cases $300,000 is simply not enough money on which to retire early. If you retire at age 60, you will have to live on your $15,000 drawdown and nothing more. This is close to the $12,760 poverty line for an individual and translates into a monthly income of about $1,250 per month.

What is a good monthly retirement income? ›

More? Financial planners often recommend replacing about 80% of your pre-retirement income to sustain the same lifestyle after you retire. This means that, if you earn $100,000 per year, you'd aim for at least $80,000 of income (in today's dollars) in retirement.

What is the golden rule for retirement? ›

The golden rule of saving 15% of your pre-tax income for retirement serves as a starting point, but individual circ*mstances and factors must also be considered.

At what age is 401k withdrawal tax free? ›

The IRS allows penalty-free withdrawals from retirement accounts after age 59½ and requires withdrawals after age 72. (These are called required minimum distributions, or RMDs). There are some exceptions to these rules for 401(k) plans and other qualified plans.

What is the average Social Security check? ›

Social Security offers a monthly benefit check to many kinds of recipients. As of May 2024, the average check is $1,778.24, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.

What is the average nest egg in retirement? ›

The average retirement savings for all families is $333,940, according to the 2022 Survey of Consumer Finances. The median retirement savings for all families is $87,000.

What is the average 401k balance for a 65 year old? ›

Average and median 401(k) balances by age
Age rangeAverage balanceMedian balance
35-44$76,354$28,318
45-54$142,069$48,301
55-64$207,874$71,168
65+$232,710$70,620
2 more rows
Mar 13, 2024

What is the 80 20 retirement rule? ›

What is an 80/20 Retirement Plan? An 80/20 retirement plan is a type of retirement plan where you split your retirement savings/ investment in a ratio of 80 to 20 percent, with 80% accounting for low-risk investments and 20% accounting for high-growth stocks.

What is the 50 30 20 rule after retirement? ›

The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.

What is the 25x rule for retirement? ›

The 25x rule entails saving 25 times an investor's planned annual expenses for retirement. Originating from the 4% rule, the 25x rule simplifies retirement planning by focusing on portfolio size.

How much does the average retired person live on per month? ›

Retirement Income Varies Widely By State
StateAverage Retirement Income
California$34,737
Colorado$32,379
Connecticut$32,052
Delaware$31,283
47 more rows
Oct 30, 2023

How many years will $300 000 last in retirement? ›

Let's say your annual retirement spending is $20,000, equivalent to $1,666 monthly. In this scenario, $300,000 can last for roughly 26 years. The length of time that you can make $300,000 last as a retiree is best determined by looking at your intended retirement lifestyle and likely monthly and annual outgoings.

How much do I need in a 401k to get $2000 a month? ›

With the $1,000 per month rule, if you plan to withdraw 5% of your savings each year, you'll need at least $240,000 in savings. If you aim to take out $2,000 every month at a withdrawal rate of 5%, you'll need to set aside $480,000. For $3,000, you would aim to save $720,000.

Can I live on $2000 a month in retirement? ›

Retiring on a fixed income can seem daunting, but with some planning and commitment to a frugal lifestyle, it's possible to retire comfortably on $2,000 a month. This takes discipline but ultimately will allow you to have more freedom and happiness in your golden years without money worries.

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