Posts by Rodney Brooks

Is it Smart to Borrow From Your 401(k)

According to the National Bureau of Economic Research, in 2015, 20 percent of Americans have an  outstanding loan balance on their 401(k) and 37 percent have had loans in the past five years. Ten percent of those borrowers defaulted and a whopping 86 percent of borrowers left their company with an outstanding balance, according to…

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Emergency Budget

There are many Americans who are not saving and, for these people, even a small unexpected expense will likely cause a financial setback. A survey of 1,000 Americans by Bankrate said nearly 60 percent of Americans would not be able to pay an unexpected emergency expense from their savings. Forty-five percent of those surveyed said…

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Planning for Health Care expenses in Retirement

What’s the best way to wreck your retirement budget? How about unexpected medical expenses? Ask any financial planner and, he or she will likely say that most couples are not prepared for the financial disruption that could come with an expected or catastrophic illness. Twenty-eight percent of Americans said their greatest fear in retirement is…

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Try to Avoid These Retirement Mistakes

There’s a reason I advise readers to talk to a financial professional well before they retire. There is so much more to retirement than saving money, and many Americans can’t even do that. There are a lot of things to consider, foremost among them how long that nest egg will last so you don’t want…

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Do a little research before you buy that retirement home

It’s a dream that many of us have. The kids have graduated from college and settled into their new homes and new jobs. Retirement is around the corner. Now that you are empty nesters, that big house in the suburbs no longer works for you and your spouse. So, finally, it’s your chance to get…

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There’s more to retirement than saving your money

It’s complicated, this retirement thing. It sneaks up on you, and many of us aren’t quite ready. We haven’t saved enough, didn’t plan enough or we just haven’t figured out what we will do with all that time suddenly thrust upon us. Saving for retirement is difficult enough. Many surveys show that Americans have saved…

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Downsizing Your Budget in Retirement

Many people nearing retirement already know they may need to downsize from those big family homes. Why pay for all the maintenance and upkeep when the kids are gone? But they need to also think about downsizing their finances. Reducing that pre-retirement budget can be critical to a successful retirement. Some people start reducing their…

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Why don’t some small business owners save for retirement?

The people who own and run small businesses are busy – extremely. They have a lot to worry about  — payroll, rent and trying to bring in new contracts. And, on top of that, it seems they are constantly recruiting and hiring. What they might not make time for is preparing for retirement. And that’s…

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Women and Retirement

  When it comes to retirement planning, American women often face a unique set of problems. And those problems can threaten to leave many women short on savings, and, thus, in danger of running out of money in retirement. Those problems are meticulously outlined in a new report, “Sixteen Facts About Women’s Retirement Outlook,” from…

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