Retirement Planning Essentials: Understanding Compound Interest and IRA vs. 401(k) Choices
Intentional and strategic retirement planning is a pivotal step toward building a more secure and comfortable future and living the retirement lifestyle you desire. At the heart of this process are two crucial elements: the principle of compound interest and the strategic choice between Individual Retirement Accounts (IRAs) and 401(k) plans. Grasping these concepts is helpful for anyone looking to optimize their retirement savings and achieve their long-term financial objectives, and we’re discussing these retirement […]
Community Financial Engagement: Insights into Literacy Workshops, Investment Clubs, and Economic Support
At HD Money Inc, we are deeply committed to fostering financial literacy and education within our community. We understand that knowledge is the foundation of financial empowerment, which is why our team is dedicated to providing complimentary events focused on enhancing financial understanding and engagement. Through initiatives like financial literacy workshops, investment clubs, and economic support groups, we aim to build a more financially savvy community, equipped to make informed decisions and achieve financial goals. […]
Don’t Leave Your Retirement Stability Up to Chance
One crucial aspect that you should financially monitor is the common financial stumbling block encountered when shifting to a retirement lifestyle. Here are some valuable insights from our professionals for those on the verge of retirement: Stick to a Well-Constructed Plan Having a well-defined blueprint for your retirement plan, which considers your budget and expected expenditures, is crucial. If your plan is working, then you probably want to stick with it. However, there may be […]
Help Boost Your Income with These 3 Strategies
Do you feel like you have enough saved for retirement? Do you have anything saved for retirement? If your answer to either of these questions is no, then our advisors may have some strategies to help you turn your retirement income strategy around. Here are some things that our advisors recommend when it comes to boosting your retirement savings: Assess Your Financial Situation Honestly This isn’t as easy as it sounds. When you were a […]
Understanding the Four Phases of Your Retirement Budget Strategy
One way of thinking about retirement is that it happens in phases. The length of each phase and the strategies for each are going to differ from person to person, but this can be a helpful way to break down a very complex topic. We’re going to break down each one of the phases and explain some important financial moments in each. Phase 1: Pre-retirement (Approximately Ages 50-62) This is around the age when you […]
4 Birthdays Crucial to Your Pre-Retirement Plan
There are many important birthdays when it comes to retirement planning. So, as you approach your retirement, it’s crucial to have a few of these in mind as key milestones. Here are 4 important birthdays to make note of as you set up your financial future: Catch-Up Contributions Begin at Age 50 When you reach age 50, you can contribute more to your retirement accounts than you were able to when you were younger.[1] In […]
2 Ways to Take Care of Debt in Retirement
The unfortunate reality is that many Americans are now headed into retirement with some amount of debt.[1] In 2016, almost 61% of Americans were moving into the retirement stage of their life with unpaid debt.[1] And while you may think that your expenses will decrease once you retire, that isn’t always the case.[1] Sometimes, your expenses will stay the same, and other times, your expenses will go up. Unfortunately, there’s no way to predict your […]
Understanding Your Savings Goal – How Much Do You Really Need to Retire?
“How much do I need to retire?” This is one of the most frequently asked questions in the world of retirement finance. If you don’t have a lot of retirement planning experience, it can also be a tough question to answer. This article will hopefully give you some sense of where you might want to be headed in terms of answering this question and also get you up to speed on the classic retirement savings […]
How to Achieve Financial Freedom
The difficult thing about “financial freedom” as a concept is that many people define it in a vague way. Most people think of it as not having to worry about money and being able to have the things they want without having to scrimp and save for them. But there are all sorts of things that cause worry in regard to our money: mortgage payments, credit card debt, or how much money is in our […]
Defined-Benefit vs. Defined-Contribution Plans
The following two types of retirement savings methods may sound similar, but there are a lot of important differences that might be useful for you to know if you’re looking to get a better understanding of what retirement might look like for you. Defined-Benefit Let’s start with a defined-benefit plan. These types of plans commonly come in the form of pension plans.[1] A pension plan guarantees a certain level of retirement benefit based on your […]
