Kiplinger’s Personal Finance: Should you pay off your house early before you retire?
Colette Leavitt originally planned to retire at 62 with her mortgage paid off so she would be free of the financial burden of monthly payments. “It would open up some income to do things for enjoyment, as opposed to obligation,” says Leavitt, 60, of Hooksett, N.H. But in the end, she decided to keep her […]
28-year-old who’s banked $250,000: If you want to save big, only 3 expenses matter
One Minneapolis-based millennial, who goes by the pseudonym Sean, has already managed to bank $250,000. The 28-year-old is on pace to retire comfortably by age 37. He saves a good chunk of his $80,000 salary — more than 60 percent — which he says is doable if you focus on three expenses: housing, transportation and […]
Reality check: Here’s what the average retiree spends every month
The gray-haired couple sipping champagne on a beach at sunset. Grandpa teaching the grandkids how to fish at the family lake house. Are these scenes of carefree times in retirement based on financial reality? According to the latest Bureau of Labor Statistics data, which is based on 2016 figures, “older households” — defined as those […]
How to rebuild when divorce derails your retirement
Divorce crushed Dennis Nolte’s retirement plans not once but twice. The first time, which was more than 20 years ago, “everything burned to the ground,” Nolte said. He had to start over financially from scratch. The second divorce was rough, too, but he was better prepared. What happened in between is that Nolte rebuilt, little […]