Predicting Retirement Expenses Using the Experiences of Others
February 25, 2012 by MJP
Filed under Planning Tools
To me, the starting point of any retirement plan is forming an accurate picture and understanding of what it will actually cost you and a spouse to live when you retire. Several years ago I created a spreadsheet that itemizes our retirement living budget. Because we are not yet retired, our retirement budget is only a prediction. I update it regularly with more current and accurate data.
Is Your Retirement Calculator Telling You Lies?
October 5, 2011 by MJP
Filed under Planning Tools
There are dozens of retirement calculators available online for the casual user. Some of them are published or sponsored by companies that want to sell you stocks or stock mutual funds. Because of this, retirement calculators may give you feedback that is overly optimistic. This false optimism arises because the calculator plugs in expected market return data that probably is no longer valid.
Small Tricks to Boost Your Retirement Savings
August 2, 2011 by MJP
Filed under Planning Tools
Last week I wrote a post for the U.S. News On Retirement blog about different mind tricks you can use to help your retirement planning. Three of the tips involved thought strategies that can help us save more by avoiding discretionary purchases and/or by motivating us in very specific ways. For example, setting aside extra cash is a lot easier when that cash is for a “go on a yearly cruise when I retire” fund.
Confidence Boost from Retirement Planning Tools
February 27, 2011 by MJP
Filed under Planning Tools
I am a 100% self-directed investor, including using a self-managed brokerage account inside my 401(k) plan. Nevertheless, I periodically look for affirmation from objective third-party sources that our retirement investment plan is on the right path to success. I received some positive affirmation this past week, boosting my confidence in our plan. Read more
Annual Financial Performance and Retirement Planning Review
January 15, 2011 by MJP
Filed under Planning Tools
January is a good month to assess overall financial performance and track yearly progress toward retirement. Today I did just that. Read more
Free Money Restoration Kit
January 9, 2011 by MJP
Filed under Planning Tools
Crown Financial Ministries focuses on personal finance from a Christian spiritual perspective. It is now offering a free “Money Restoration Kit.” Read more
Compare Your Retirement and Financial Planning with Other Boomers
October 19, 2010 by MJP
Filed under Planning Tools
I’ve found another online tool that enables comparisons between your personal finances and retirement savings to others in your peer group. I think it’s worth your time to visit. It won’t cost you anything except a few minutes of Q&A. In fact, you may win something from me just for reading on.
Read more
More Thoughts on the Magic Retirement Number
August 26, 2010 by MJP
Filed under Planning Tools
The retirement planning establishment seems to be making a slow shift away from “the number” as a primary goal or target for baby boomers and other prospective retirees. Instead, greater emphasis is being placed on retirement income as a primary planning goal. I think most of this shift is occurring because the so-called 4% withdrawal rate rule has been exposed as flawed and potentially dangerous.
Net Worth and Retirement Planning
August 15, 2010 by MJP
Filed under Planning Tools
I monitor our net worth regularly (at least weekly). Net worth in retirement is important, but not as important as a secure retirement income. Nevertheless, there are some very good reasons to track your net worth as you prepare your retirement nest egg. Read more
Five Signs of Being Prepared for Retirement
April 6, 2010 by MJP
Filed under Planning Tools
Am I financially prepared for retirement? This is a question that I will be asking myself regularly until I eventually decide to stop working to make a living. I have to believe that other baby boomers are asking the same question. Read more
