Individuals & Families » Blog » Retirement Planning

Why Saving for Retirement is Difficult

Wealth Dimensions
Wealth Dimensions
May 15, 2017  No Comments
retirement baby boomers on bicycles

Saving for retirement is not a priority for many Americans. Current financial opportunities often take precedence and result in delaying or reducing the amount people save for the future. With the average monthly Social Security benefit at $1,335 or $16,020 per year, people need their retirement savings to make up the difference between Social Full Article

Overcoming Behavioral Biases

Wealth Dimensions
Wealth Dimensions
February 2, 2017  No Comments
man good evil bias

Behavioral science helps us understand what obstacles interfere with our ability to make sound decisions that align with our best interests and long-term goals. There are a number of learned behavioral biases that can affect this decision making process, especially when we face uncertainty or adversity. Some common biases that can derail our Full Article

Saving Dollars Now Can Change Your Future

Wealth Dimensions
Wealth Dimensions
April 4, 2016  No Comments
Saving money dollars

It’s easy to fall into the habit of spending a few extra dollars here and there without really thinking about it. With small amounts, we often believe that it’s not really going to make a huge difference in our budget or saving toward our financial plan. Of course, we continue to spend a little more Full Article

Long-term Care – Purchasing Insurance

Wealth Dimensions
Wealth Dimensions
March 1, 2016  No Comments
physician

With life expectancy rising in the U.S., many individuals are considering long-term care policies as they prepare for their golden years. Annually more than 8 million people receive support from long-term care (LTC) services. What is long-term care? When a chronic condition or illness limits an individual’s ability to perform basic self-care Full Article

I. A Reality Check for Your Future – Retirement Planning

Wealth Dimensions
Wealth Dimensions
December 1, 2015  No Comments
Young Man Seeing Old Self

What Does Retirement Look Like? Can you envision your future? Maybe in the short term, but when it comes to creating a picture of your life 20 or 30 years from now, the task becomes much more challenging. That’s why a majority of people fail to achieve their long-term financial goals. A recent study by Full Article

What You Need to Know About Social Security

Wealth Dimensions
Wealth Dimensions
November 13, 2015  No Comments

How much do you know about Social Security? You are not alone if you don’t have a full understanding of Social Security benefits. A recent Mass Mutual survey revealed that nearly 72 percent of those surveyed did not receive a passing grade. The findings also indicated that there are many misperceptions about Social Security benefits Full Article

Connecting to Your Future Self to Increase Savings

Wealth Dimensions
Wealth Dimensions
August 28, 2015  No Comments

To the extent that people can feel more connected to a vividly imagined future self, they should be motivated to save money in a long-term domain. Accordingly, in the first year of this CADMA funded project, researchers designed the software and conducted an experiment to examine the association between a vivid perception of one’s self Full Article

Turning 50? Catch Up on Retirement Savings-Kiplinger

Wealth Dimensions
Wealth Dimensions
July 8, 2015  No Comments

You can start contributing more cash to your IRA, 401(k) and other retirement accounts once you reach the milestone. Are you afraid you haven’t saved enough for retirement? If you’re 50 or older, the tax code gives you lots of incentives to make up for lost time. Start with your individual retirement account. This year, anyone Full Article

President’s Budget a Potential Direct Hit for P&G Retirees

Doug Loftus, CFP®
Doug Loftus, CFP®
March 2, 2015  No Comments

If properly planned, P&G employees can utilize a little known area of the IRS code, Net Unrealized Appreciation (NUA) in employer securities, which allows retirees to take company shares directly as part of a one-time total lump sum distribution and only pay current tax on the trustee’s cost of the P&G shares. For most P&G Full Article

A Financially Sustainable Lifestyle – Part II

Wealth Dimensions
Wealth Dimensions
April 28, 2014  No Comments

In our blog on Part I, we defined a financially sustainable lifestyle as one that means living in a way that does not deplete essential financial resources necessary for a comfortable and secure future. We also discussed how many families underestimate what it takes to transition into retirement and maintain their current lifestyle. Plus, the Full Article