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What I learned from losing money in the stock market

Everyone wants their money to grow so they can have reliable income for retirement. In order to turn a profit, many will attempt to earn a higher return by purchasing stocks. However, there are many risks associated with doing so and some can hinder your financial situation as you approach retirement. Here are some of the…

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Avoid common retirement mistakes

It's common for seniors to approach retirement with an eye of caution. After all, it can be difficult to know what life has in store for one's “golden years,” especially with health outcomes uncertain and financial futures unstable. According to an AARP bulletin, Fidelity Investments data estimates that married couples age 65 and retiring these days…

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3 places to learn about annuities

Are you interested in discovering more about annuities in retirement? As you take time to plan your financial future, you may be considering the pros and cons of annuities. The following sources can help you learn more and help determine what type of annuity might be right for you. U.S. Securities and Exchange Commission The…

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Strategies to help avoid outliving retirement income

It's no secret that many Americans approaching retirement are concerned about outliving their money. In September, Wells Fargo and Gallup reported that recent research showed nearly half of survey respondents were very or somewhat worried about outliving their savings. This included 50 percent of non-retirees and 36 percent of people who had already entered retirement.1 The research…

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Weighing the costs of moving in retirement

Sometimes retirement doesn't just mean leaving the workforce, it can also mean leaving your current home for a new one. However, as a recent report published by CNBC pointed out, there may be many factors retirees need to consider before making a move.1 The costs of moving As the CNBC report stated, state income taxes are…

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Reliance on employer retirement plans can backfire

Many people may be depending on work-sponsored retirement plan funds as their primary source of income after leaving the workforce. Data from the 15th Annual Transamerica Retirement Survey showed 43 percent of workers expect assets from 401(k)s, 403 (b)s and IRAs to be their main source of money when they retire.1 "Workers of large companies (49 percent)…

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Recent address spotlights need for asset building

Janet Yellen, chair of the Board of Governors of the Federal Reserve System, recently highlighted how important it is for Americans to focus on building assets.1 "The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to…

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Insurance product sales on the rise

Insurance activity is up in the U.S., although many workers and retirees may not understand all the ways in which insurance products can help them. According to the Medical Information Bureau (MIB), which tracks life insurance applications and rejections, their MIB Life Index showed that application activity for life insurance increased 0.6 percent in August on…

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Seniors in 49 states struggling to afford retirement

While it's no surprise that not everyone has taken the best-possible financial steps for their retirement, a recent study from Interest.com shows that the issue of being underprepared when leaving the workforce is a wide-spread problem.1 "It's clear that, nearly everywhere in the country, older Americans still don't have the kind of money coming in they need…

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Baby boomers concerned with health care costs during retirement

It's no surprise older Americans are becoming increasingly concerned with their finances in retirement, especially as the baby boomer generation continues to pass the milestone age of 65. However, a recent report highlighted that health care cost is one area giving these individuals greater concern. Data from Ameriprise Financial's Health, Wealth and Retirement study, according to…

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Financial steps to take the year before retirement

You've spent years getting ready for retirement. You've made sacrifices and counted every penny so you could be more financially confident that you and your spouse will be able to retire when and how you choose. And now your retirement date is just a year away – so close, yet so far. To make sure you…

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Tax minimization, annuities can help pay for longer life spans

Whether you're turning to fixed annuities or not, tax planning should always be a part of your retirement income strategy. This is one reason why the Consumer Financial Protection Bureau (CFPB) is putting a bigger focus on helping Americans with their tax planning.1 "The Dodd-Frank Wall Street Reform and Consumer Protection Act mandates that the CFPB…

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Annuity interest continues to grow among consumers

The appeal of annuities is on the rise, according to a recent report. InsuranceNewsNet.com cited data from CANNEX USA showing that 16 percent of consumers found annuities highly appealing.1 The results were based on a survey of 1,100 consumers aged 55 to 75 who have at least $100,000 in available assets. For many of these consumers, the…

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Strategies for more financial confidence in retirement

A large proportion of Americans have financial concerns. In fact, 71 percent of people, from working Americans to retirees, are concerned about their finances, according to a recent study for the National Foundation for Credit Counseling (NFCC).1 Meanwhile, 31 percent of this demographic said their biggest concern is not having enough savings. The NFCC's 2014 Consumer Financial…

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Savings not the only option for retirees

There's more than one way to help build a financially comfortable retirement. It's a good thing, too, because recent data has shown plenty of Americans are not taking the savings route to build a retirement nest egg. In fact, data from Bankrate on PRNewsWire shows that more than a third (36 percent) of all Americans have not saved…

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