Archive for April 2020
Don’t delay starting a retirement savings program
The old saying “you snooze, you lose” is especially applicable to saving for retirement.
No lesser a genius than Albert Einstein once declared “the power of compound interest” to be “the most powerful force in the universe.” That’s probably true; and the second most powerful force is arguably the power of regular saving. Together, they’re “thermonuclear” in power—but only if they have enough time to operate.
For example: based on reasonable historical assumptions, a 55-year-old will have to put away $610 per month in order to have $100,000 saved up by age 65. If he or she had started 10 years earlier, only $216 per month would need to be saved in order to achieve the same result. And if the savings program had begun at age 25, only $50 per month would suffice!
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Pooh-poohing the impending Social Security and Medicare crisis
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Upper middle-class retirees aren’t immune from inflation woes
Having owned an employment agency for twenty years, Linda Miller thought she was well-off enough to retire four years ago, and she did.
Now, she’s back at work selling Avon cosmetics. Why? “All the money is going for gas and groceries,” she laments.
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“RHAs” and “IHAs”: Phony health care coverage for future retirees
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