What’s the Magic Number for Your Retirement Savings?

What’s the Magic Number for Your Retirement Savings?

By: Sharon Epperson How much money do you need to retire well? It’s a million-dollar question that, for some Americans, may require more than $1 million to answer. To be financially ready to retire by age 67, says Fidelity Investments — the nation’s largest retirement-plan provider — you should aim to have 10 times your final salary in savings. That’s the “magic number,” and it applies to investors with a broad range of income, from about $50,000 to $300,000 a year. Planning for a seven-figure nest egg may seem to be an intangible retirement savings goal. Trying to set benchmarks along the way — based on your age and earnings — might be more realistic. To continue reading, click here. By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them. The opinions expressed by featured authors are their own and may not accurately reflect those of the BAM ALLIANCE. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. © 2016, The BAM...
During Market Turmoil, Just Listen to Your Financial Plan

During Market Turmoil, Just Listen to Your Financial Plan

By: Carl Richards Every year, right around this time, all the big brokerage firms, economists and banks come out with projections of what’s supposed to happen next in the financial world. This year is no exception. Especially prominent in the news has been the Royal Bank of Scotland warning, in no uncertain terms, that people should “sell everything” and prepare for a “fairly cataclysmic year ahead.” You hear something like this from RBS, and it’s so clear, right? “Sell everything.” “Cataclysmic year.” Those aren’t vague terms. If you’re a normal human being, hearing news like this is disconcerting. A pit forms in your stomach, and you don’t know what to do. You certainly feel like you should be doing something, but what? Fast-forward a few days. You’re thinking it over, trying to decide what to do, and you tune into the news again to see what RBS is suggesting. But you don’t hear from RBS. Instead, you get an update from Goldman Sachs. Goldman Sachs — and they’re smart too — reports that they see an 11 percent upside in the “S.&P. 500 after an ‘emotional’ sell-off.” To continue reading, click...
When Financial Talk Turns Personal

When Financial Talk Turns Personal

By: Carl Richards Recently, my family needed a new vehicle. I’ve always wanted a truck, and I knew we would get tons of use out of it. Could I have found a cheaper vehicle? Sure. But I knew we could afford the truck, so after lots of careful thought, we decided to buy it. Anytime I make a major purchase, I end up feeling insecure about it, and this was no exception. Not long after buying the truck, I ran into a friend I hadn’t seen in a while. When he saw the new truck, he said: “Wow, Carl! Things must be going really well for you at work!” For some reason, this comment really bothered me. This one little statement completely hijacked my mood and sent me down an emotional roller coaster. Perhaps you have been through this before. Maybe you are going on the trip of a lifetime, which by definition would mean you may never be able to do it again. Your family has been working and saving for this trip for a very long time. Could you spend the money somewhere else? Perhaps pay down your mortgage or save for retirement? Yeah, of course you could. But this is one of those experiences you know your family will remember forever. To continue reading, click here. By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall...
Why The Stock Market Is Volatile, Why Volatility Hurts, And What To Do About It

Why The Stock Market Is Volatile, Why Volatility Hurts, And What To Do About It

By: Tim Maurer Unless you made a resolution not to read, listen to or watch the news in 2016, you’ve likely noticed that “the market” is off to a stumbling start. Indeed, one glance at the headlines, at least the ones that don’t involve the presidential election, quickly reveals that the market is having one of its worst starts to any new year. This is a dubious distinction, to be sure. The factors involved appear similar to those credited for causing the extreme volatility we saw in the fall of 2015—slower growth in China, falling oil prices, geopolitical instability and the threat of bankruptcies in junk bonds. But the optimist’s case seems equally compelling—high-quality bonds (the only kind I recommend) are performing very well, falling oil prices are good for consumers, the Fed’s interest rate rise signals a strengthening U.S. economy and the most recent jobs report was positive. An objective view of the market reminds us that on every trading day in history, there have been compelling cases to be made for both optimism and pessimism—for purchases or sales. (Remember that every single security transaction involves a buyer and a seller, each of whom believes he or she is getting the better end of the deal.) Ultimately, there is only one sufficient answer to the question, “Why is the market so volatile?” The market exhibits volatility because that is its nature. To continue reading, click here.   By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us...
Larry Swedroe’s Investing Lessons from 2015

Larry Swedroe’s Investing Lessons from 2015

By: Larry Swedroe Every year, the markets provide us with some important lessons about prudent investment strategy. Last year taught us 11 lessons, some of which the markets have covered many times before. Larry Swedroe explains what investors can learn from 2015. By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them. The opinions expressed by featured authors are their own and may not accurately reflect those of the BAM ALLIANCE. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. © 2016, The BAM...
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