Times Money Mentor’s Post

Are you suffering from empty nest syndrome? For many Gen X parents, it's not just about missing the kids. The looming uncertainty of retirement can add another layer of stress. But don't worry! We're going to share tip number 6 to help Gen X feel more confident when it comes to their retirement! 𝟔. 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐲𝐨𝐮𝐫 𝐩𝐞𝐧𝐬𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧𝐬 If you find there is a gap between the value of your pension and the amount you need to live the retirement lifestyle you want, one of the most obvious options is to increase your pension contributions if you’re able to. Even a small, regular boost can really add up. Your contributions will usually benefit from tax relief and, as the money is invested, it has the potential to grow during your working life. As investment returns will then be invested themselves, you could benefit from the positive effects of compounding. Final tip next week!

Life presents us with various financial challenges, and estimating the amount needed for retirement is no easy feat. For individuals approaching retirement, meticulous planning is crucial to ensure a secure future, promoting both financial stability and peace of mind. Prioritizing thoughtful preparation for the years ahead is vital for maintaining both mental and financial well-being. #RetirementPlanning #FinancialSecurity #EmployeeBenefits #HRLeaders

There are financial and logistical challenges to being single in retirement. Here are some tips to tackle them, especially if you don’t have a pension. https://ow.ly/L9Mu50Sw4Nx DM or visit www.ClearWorthFinancial.ca to learn more and schedule a time to chat with us. #FinancialEducation #FinancialGoals #ClearWorthFinancial

A common reason that ostensibly well-off people can turn overly frugal in retirement is that they haven’t reflected on what is most important to them in their later years. With the right financial adviser, you can make decisions between saving and spending based on your goals, rather than anxiety about an inherently uncertain future. This article explains.  

How much do you need for a comfortable retirement? ..... New figures out today from the PLSA reveal that couples need £59,000 between them each year for a comfortable retirement. That's a post-tax figure so you'll actually need £67,000 before tax. Single people have higher living costs on average so need slightly more - £51,000 before tax. The figures assume a full state pension.... So, for a comfortable retirement, you need to aim for a private pension income of £39,000 for a single person and £22,000 each if you're in a couple. Links in the comments https://lnkd.in/eMhECkBf

As women, we have a lot to consider when it comes to creating a nest egg that will last through their retirement years. Some of the most common questions we have to ask ourselves are: 👉 Will my money last through retirement? 👉 Do I need long-term care insurance (LTC)? 👉 How do I manage all my retirement plans? 👉 How could leaving the workforce to start a family impact my retirement savings? 👉 What should I consider before claiming Social Security? 👉 What should I do with my employer retirement plan? 👉 Since I am retiring soon, what do I need to do now? If you need help finding answers, consider seeking guidance from a Wealth Manager at InVestra, where we specialize in advocating for women facing retirement: https://zurl.co/97SG

Rate My Portfolio: our reader needs help to secure her lifestyle in retirement

Are you considering retiring in the near future? While not everyone is able to choose when they exit the workforce, if you do, here are five reasons why you might consider deferring your retirement—even by just a few years. 1) You can save more for retirement, thanks to compound interest. 2) Deferring your Social Security benefits can increase your monthly benefit by 8% each year after age 62 up to age 70. 3) You could continue to enjoy employer benefits, such as a retirement account match and insurance benefits. 4) Working can provide physical and mental benefits, such as helping you keep active and potentially reducing your chance of cognitive decline later in life. 5) Lifespans continue to lengthen, so you may require a greater accumulation of money to support yourself in retirement.

Are you considering retiring in the near future? While not everyone is able to choose when they exit the workforce, if you do, here are five reasons why you might consider deferring your retirement—even by just a few years. 1) You can save more for retirement, thanks to compound interest. 2) Deferring your Social Security benefits can increase your monthly benefit by 8% each year after age 62 up to age 70. 3) You could continue to enjoy employer benefits, such as a retirement account match and insurance benefits. 4) Working can provide physical and mental benefits, such as helping you keep active and potentially reducing your chance of cognitive decline later in life. 5) Lifespans continue to lengthen, so you may require a greater accumulation of money to support yourself in retirement.

Are you considering retiring in the near future? While not everyone is able to choose when they exit the workforce, if you do, here are five reasons why you might consider deferring your retirement—even by just a few years. 1) You can save more for retirement, thanks to compound interest. 2) Deferring your Social Security benefits can increase your monthly benefit by 8% each year after age 62 up to age 70. 3) You could continue to enjoy employer benefits, such as a retirement account match and insurance benefits. 4) Working can provide physical and mental benefits, such as helping you keep active and potentially reducing your chance of cognitive decline later in life. 5) Lifespans continue to lengthen, so you may require a greater accumulation of money to support yourself in retirement.