Key Takeaway: Overall, millennials face financial struggles: Many millennials report living paycheck to paycheck, with limited savings and high debt. This can make it difficult to save $100 or more. Less than half of millennials have $100: According to recent surveys, less than half of millennials report having $100 or more in savings. This can…

Key Takeaway: Retirement savings withheld from employee paychecks is a common practice in which employers deduct a portion of an employee’s salary and invest it in a retirement savings plan, such as a 401(k) or IRA. To calculate retirement savings withholding, employers need to know the employee’s salary, the percentage of salary to be withheld,…

Key Takeaway: Home equity can be a valuable source of retirement income: Using home equity in retirement can provide much-needed income to supplement retirement savings, making it possible to maintain a comfortable standard of living throughout retirement. There are several ways to access home equity in retirement: Homeowners can choose from a home equity loan,…

Key Takeaway: Retirement from modeling can happen due to age limit or personal reasons. Models find it challenging to continue in the industry as they age due to higher competition and changing industry standards. After retirement, models can pursue career options such as entrepreneurship, acting and TV hosting, fashion and makeup industry, education and academia,…

Key Takeaway: Retirement Planning University is an educational program designed to help individuals plan for their retirement by providing access to financial advisors, customized retirement solutions, and networking opportunities with like-minded individuals. Retirement Planning University is important because planning for retirement is crucial to achieving financial security and independence in old age. The benefits of…

Key Takeaway: Choosing the right rate of return is crucial for successful retirement planning. The rate of return determines the growth potential of your retirement savings and impacts your ability to achieve your retirement goals. The rate of return is affected by various factors such as market conditions, type of investment, investment time horizon, and…

Key Takeaway: Preparing for a roast involves selecting a roaster who knows the person well and choosing an appropriate venue for the event. Gathering material for the roast can involve collecting funny stories and embarrassing photos or videos to use during the roast. When writing the roast, it’s important to create a structure for the…

Key Takeaway: A Money Purchase Plan Retirement is a type of defined-contribution retirement plan wherein employers contribute a set amount of money annually to an employee’s retirement account. Characteristics of a Money Purchase Plan include contribution limits, employer contributions, investment options, and vesting schedules. The benefits of a Money Purchase Plan Retirement include potential tax…

Key Takeaway: Starting early and having a savings plan is crucial to save 1 million for retirement. By starting early, your money will have more time to compound, and having a savings plan helps you stay disciplined and consistent in your savings. Maximizing your retirement account contributions, such as 401(k) or IRA, can significantly increase…

Key Takeaway: An 801k retirement fund is a type of retirement plan that allows employees and employers to contribute significantly more money each year than other traditional retirement plans, such as 401k and 403b plans. One of the main benefits of an 801k retirement fund is the high contribution limits, which allow individuals to invest…

Key Takeaway: Retirement funds can be accessed at a certain age: Depending on the type of retirement plan, individuals can begin accessing their funds at different ages. Traditional IRA and 401k plans usually allow for penalty-free withdrawals starting at age 59 1/2, while Social Security benefits can begin as early as age 62. Factors can…

Key Takeaway: It is important to have a nest egg for retirement to ensure financial security in old age. Without a sufficient nest egg, retirees may struggle to cover basic expenses and healthcare costs. Determining a good nest egg requires considering various factors, such as retirement goals, expected lifespan, sources of income, and inflation. These…