Think of saving for retirement as a second job. If you work hard at achieving some of your goals, you're more likely to outlive your savings.
It's become fashionable to say that longer life spans mean average Americans work well into into their 60s and possibly their 70s—a time once considered the early retirement years. The problem is, few prospects await most people who need or want to stay in the workforce.
Taxes can drag on wealth creation and preservation, so it's important to make sure you have the right assets assigned to your investment and retirement accounts .
Because the recent financial crisis has drastically reduced the value of their retirement accounts, as well as the equity in their homes, half of workers plan to remain employed after they retire, mostly in part-time jobs, a recent survey shows.
Conventional wisdom says it's best to pay off your mortgage before retirement, but given the low-interest rate environment, and the need to preserve cash in an unstable economy, that strategy is no longer absolute.
While new midlife parents may bring a special appreciation and years of wisdom to their postponed families, age-related hurdles can hit bank accounts and snag retirement and estate planning, requiring difficult decisions.
These mutual funds, also known as life cycle ones, take the hard work out of building a diversified portfolio. And judging by their soaring popularity, investors appreciate the convenience.