Ask and Answer

Ask and Answer

If you’re nearing retirement, it’s time to ask yourself some serious questions. Specifically, are you going to wear sweatpants all the time, no matter the occasion? And what are your feelings toward daily pina coladas? Once you’re done with those, perhaps try some actual serious questions. Below are some you should be able to answer.

How Much Money Do You Need to Cover Living Expenses?

It’s essential that you try to get ahold of how much money you’ll need to account for everyday living. This category should include things like utility and phone bills, health insurance and non-reimbursable healthcare expenses, groceries, entertainment and mortgage or rent payments (if you still have them). Don’t forget to account for inflation. As USA Today reports, while it’s tough to know exactly how much inflation will be, a good ballpark figure is roughly three percent each year. Having trouble doing the math? Search out a good retirement calculator.

How Long Will Your Savings Last?

Once you have your living expenses figured out, it’s time to see if your retirement savings are going to last. That means you need to know how long you’re expected to live. Grim, we know. But necessary! The average 65-year-old man today is expected to live to 84, while the average 65-year-old woman is expected to live until 87. Make sure you have enough savings, minus living expenses, to make it past that number by a good five years. If you don’t, it’s time to cut expenses and increase deposits to your savings account.

How Can You Max Out Social Security?

If you can, wait until 66 or 67 to retire, that way you’re maxing out your Social Security payments. For every month you delay taking checks, your payment increases by ⅔ of one percent — or, about 8 percent a year. Review your options before deciding when to start accepting payments. If you’re part of a couple, perhaps something that would make sense is for the lower earner to start payments at 62, while the higher earner waits until 66 or 67. The important thing is to have a solid strategy in place, so that retirement is easier on you.

Articles
How to Boost Your Savings
How to Boost Your Savings

Despite the growing economy, 20% of Americans aren’t putting any money in their savings account, according to a recent survey. O...

Read More

The Grocery Store Save
The Grocery Store Save

If money is tight, one easy way to save some cash is by cutting back on dining out. According to the Bureau of Labor Statistics, ...

Read More

Your Outage Aftermath Guide
Your Outage Aftermath Guide

For several hours last week, many Bank of America and Wells Fargo customers were unable to access their accounts. In almost every...

Read More

Down Time
Down Time

When the last of your kids moves out of the house, it’s time to consider moving out yourself. By that we mean downsizing your liv...

Read More

It’s Time to Try Frugal February
It’s Time to Try Frugal February

February can be a rough month. Winter is no longer novel, the kids are sick and there seems to be no end in sight. Those are just...

Read More

Tiny But Powerful
Tiny But Powerful

Trying to find some wiggle room in your budget so that you can pad your savings? Look no further than the inside of your home. We...

Read More

Bigger and Bigger
Bigger and Bigger

According to a study from Vanguard, in 2017, the median retirement account balance for adult Americans was a mere $26,331. If tha...

Read More

Freedom From Fees
Freedom From Fees

According to US News, the average American adult spent $329 on banking fees in 2017. Seem a bit high to you? While inflation is p...

Read More

Your First Investment
Your First Investment

One of the best ways to build wealth is to invest and to do so early. Not quite sure how to get started? Well, let’s say you have...

Read More

Website Terms of Service

Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

  1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
  2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
  3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
  4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
  5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.