by Shani Curry St. Vil My client is 54 and desires to retire at the age of 57. However, I recommended that she continue working until she reaches age 62. Why? So she can take advantage of her Social Security retirement benefits and minimize any fees associated with prematurely withdrawing from any of her IRAs (Individual Retirement Fund). In order to avoid penalties on your IRA withdrawals, one of the following must apply to you: - You are 59-and-a-half years old - You are ...
Retirement
How Much Do I Need to Retire?
It's possible that you are not yet thinking about retirement and that's ok. As a young adult, you may be more pre-occupied with building your career and generating income to pay for your next meal. But retirement planning is best done well in advance. Particularly because the sooner you start, the less it hurts your current budget. There are a few things to consider when you are planning your retirement; your retirement date, your desired cash flow at retirement and how long you plan to ...
Be An Ant, Not a Grasshopper. Three Easy Steps To Calculate How Much You Need To Retire
I have a friend that lives for relaxation and vacation. Every time I hear about her, it never seems to include employment. Seriously. She stay be chillin’ on beaches, on somebody’s couch, just living the life… I guess. I say, “I guess,” because if there is no trust fund or Suga Daddy or Momma hanging around, my friend will be in some serious financial problems the older she gets, brought on by her inability to work, save, or plan for the future. There is a saying, “Old fools were once young ...