The 2 Times When You Should Stop Saving For Retirement

The 2 Times When You Should Stop Saving For Retirement

Saving & Investing
Image credit: CalcXLM There is plenty of talk about Americans saving too little for retirement. Almost half of those under 30 have saved nothing for retirement, and nearly half of those 55 and older have saved nothing for retirement. But let’s talk about the other end of the spectrum. What about those who have saved enough or too much for retirement? Here are two signs you should stop saving for retirement. 1. You are under 40, and you've saved at least $500,000 for retirement.  Let’s say you are 38 years old and graduated from college in 2005. Since then, you have worked steadily and been able to nearly max out your retirement contributions most years since you graduated. If you had contributed $15,000/year since 2005 to an index fund that…
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Baby Boomer Women Wish They Had Saved More Money for Retirement

Uncategorized
If you’re a baby boomer woman and you feel like you’re behind in your retirement savings, you are not alone. According to The Allianz Women, Money and Power Study (2007), 62% of women wish they had done more to prepare for their retirement. More than half (55%) wish they had saved more money and had started saving sooner.Women will most likely outlive their male counterpart, which means that the likelihood of women being on their own at some point in their lives is quite high. Longevity is the biggest financial risk women face in retirement.Because of the longevity factor alone, we women need to take charge of our finances and save like crazy. We need to get rid of debt as quickly as possible, build emergency savings and brush up…
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