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Two Ways to Improve Your Retirement Savings
CNBC lists two ways to improve your retirement savings as follows:
Two steps — delaying retirement until 67 and putting away at least 6 percent of your salary — can make a huge difference, according to new research from Morningstar.
Here's why these are such good moves:
Just those two actions could boost the chances that American households will have what they need in their golden years to 71.2 percent from 25.6 percent.
This article is a commentary on both the U.S. mainstream media as well as the financial intelligence of the average American.
For the media, this article was enough to get published despite being Personal Finance 01. Yep, that's right, I won't even call it Personal Finance 101 -- it's so basic.
Three Mental Models for Personal Finance
The following is a guest post from The Master Dukes of Dollars. The two bloggers held court frequently, delving into lifestyle and personal finance discussions as they searched for ways to live an optimal life, eventually deciding to invite a global audience into their mindsets by establishing their own blog together. They believe anyone can build their financial kingdom – start building today!
In our adventure through life, we are constantly making decisions. In fact - a study was done that left me flabbergasted. I mean, who would have thought on an average day, adults make an estimated 35,000 decisions every day!!
Make Independent Decisions Through Rational Thinking
Best Retirement Cities
Here's a list of the 50 best retirement cities from Business Insider:
The top ten:
10. Las Vegas
9. Austin
8. Denver
7. Honolulu
6. Salt Lake City
5. Atlanta
4. Scottsdale
3. Miami
2. Tampa
1. Orlando
A few thoughts from me:
How Much the Average Couple Will Spend on Healthcare in Retirement
CNN Money has this to say about healthcare spending in retirement:
The average couple retiring today at age 65 will need $280,000 to cover health care and medical costs in retirement, according to an annual estimate by Fidelity, released Thursday.
A few thoughts from me:
Paint Your House Door Black, Earn $6k
Here's a post that says if you paint your house door black, your home's value will increase by $6k:
Zillow released an analysis Wednesday after examining some 135,000 photos from listings across the U.S. since 2010. Zillow found that on average, houses with black or charcoal gray front doors sold for as much as $6,271 more than expected.
And there's more:
It may sound emo, but painting your front door black is actually a tried-and-true way of increasing home value. According to Realtor.com, a black door gives buyers the impression that your house is a serious, stately and safe choice. It’s so popular that two of Sherwin-Williams’ top 50 paint colors fit the bill: Peppercorn and Tricorn Black.
Before you go all dark on me, I'm not sure this really works.
Millions of Americans Will Never Retire
Here's a piece that says millions of Americans think they will never retire. The details:
A majority of Americans don’t know how much money they need to save for retirement, while 19 million Americans don’t think they will retire at all.
Ok, so this is two different issues:
How Much Does the Average Side Hustler Earn?
Bankrate tells us that the average side hustler earns $8k per year. The details:
Side hustlers make $686 per month, on average. Within a year, it’s possible to earn more than $8,200. Those who work a second job at least once per month earn an average of $836 on a monthly basis.
Most survey respondents (59 percent) say they consider the money they earn from their side job to be disposable income. And 38 percent say they use their extra funds to cover ordinary living expenses.
A few thoughts here:
Should You Downsize in Retirement?
Here's a piece asking if you should downsize in retirement.
It goes through a discussion of the pros and cons of going from a large house to a smaller one in retirement.
We are having this discussion in our home. We have a large, 3,700 square foot house that is too big for four people, much less two (the kids aren't fully out yet, but both are close).
So we've been batting around whether to stay put or sell and downsize.
For now we've decided to stay put until we see where the kids land. If they remain in our town we'll probably stay in our home since the market is white hot and while we could make good money selling our home, we'd have trouble finding a place we'd like (size, location, etc.) at a reasonable price.
Long Game - Save Money and Win Some While You’re At It
Putting money into a savings account...that’s pretty boring. Going to Vegas and winning at the blackjack table...now that’s a rush! Unfortunately, gambling at the casino is eventual financial suicide and we all know it...so it’s best to just stay away from the tables.
But what if you could meet your savings goals, and then by doing so, you’d actually have a chance at winning games with cash prizes?? Believe it or not, it’s absolutely possible with a new start-up called, “‘Long Game”.
A new start-up out of San Francisco, Long Game is one of the first apps that actually makes saving fun. Sure, Mint can help you track your money, and Digit gets you to put a few pennies into savings here and there, but admit it, your life is still pretty dull even with these technological advances in your financial life.
Are You Financially Average?
Budgets are Sexy asks if you are financially average and shares these ten financial averages in the US:
#1. The average American gross household income is $71,258
#2. The average American household with debt owes $132,529
#3. The average American gave $5,491 to charity in 2015
#4. The average American has a FICO credit score of 700
#5. The average American’s 401(k) balance is $96,288
#6. The average personal savings rate in the U.S. is 5.5%
#7. Only 18% of Americans actively contribute to an IRA
#8. The average American’s tax refund in 2016 was $2,860.
#9. The average American pays an effective federal income tax rate of 13.5%
#10. The average American’s Social Security retirement benefit is $1,363/mo
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