There is a new three-legged retirement stool we should all be aware of. But first, let’s review the old three-legged stool for retirement. It consisted of: 1) Pension (Company) 2) Social Security (Government) 3) Personal Savings (You) The Old Three-Legged Retirement Stool Is No More Given less than 15% of Americans have pensions or will […]
The New Three-Legged Retirement Stool: You, You, And You Read More »
Despite the typical American having less than $150,000 for retirement, the average spending amount in retirement is surprisingly high. According to the Bureau of Labor Statistics data, “older households” – defined as those run by someone 65 and older – spend an average of $45,756 a year, or roughly $3,800 a month. I don’t know
The Average Spending Amount In Retirement Is Surprisingly High Read More »
Being cheap is fine if you’re a broke student. But if you want to build wealth quickly in order to retire early, staying cheap is a suboptimal way to go. To live a rich life, you must adopt an abundance mindset where you believe you can build an unlimited amount of wealth through hard work
Being Cheap Is The Wrong Way To Retire Early Read More »
According to Fidelity, as of end-2023, the latest average 401(k) account balance is $106,500. Fidelity holds 16.2 million 401(k) accounts, including my Solo 401(k). Fidelity is consistently ranked as one of the largest 401(k) providers in the country. The latest 401(k) balance by age naturally increases the older one gets. The median 401(k) account balance,
Latest 401(k) Balance By Age Versus Recommended Amount For A Comfortable Retirement Read More »
As one of the pioneers of the FIRE movement in 2009, unfortunately, $5 million is barely enough to retire early with a family in a large city. It might sound ridiculous to you. But I assure you that thanks to inflation, retiring early is now tougher than ever before. Not only do you need to
Why $5 Million Is Barely Enough To Retire Early With A Family Read More »
It’s been over thirteen years since planting my financial independence flag in 2012. I want to share with you some thoughts on how life has been after financial independence. I originally wrote this post eight years after retiring early. Before neutering my day job income, I feared whether I was doing the right thing financially. What I
Life After Financial Independence: How Life Changed After Retiring Early Read More »
When I first started writing about achieving financial independence in 2009, I never thought the FIRE movement would reach such a huge level of interest today. After all, only weirdos decide to aggressively forgo material pleasures, save 50% or more of their incomes, and retire from well-paying jobs in their 20s, 30s and 40s. Thanks to
Peak FIRE: Decline Of The Financial Independence Retire Early Movement Read More »
So you’re sick of retirement life and want a job. It might not be so easy finding one as your success depends on the length of time you’ve been away, whether you’ve maintained your contacts, and if you still have up to date job skills. The later you retire in life, the harder it is
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The Setting Every Community Up For Retirement (SECURE) Act recently passed and it will go into effect for all Americans in 2020. There is now the SECURE Act 2.0 for retirees to consider This article goes through the retirement benefit changes for the original SECURE Act. The goal of the SECURE Act is to make
How The SECURE Act Changes Your Retirement Planning Read More »
Each year, information is gathered on the average retirement account balances in 401(K), IRA, and 403(B) accounts. Fidelity, one of the largest retirement plan administrators in America, released a retirement survey that revealed the following interesting information for 2021. The average 401(k) balance rose to $110,000, a 7% increase from $103,700 in Q1 2019. The
Average Retirement Account Balances: 401(k), IRA, 403(b) Read More »
