Lying to yourself—it sounds so harsh when you put it that way. The more gentle way to frame the question is: “Do you tell yourself reassuring things, things that probably aren’t entirely true, so that you can live with the financial decisions and compromises you’re making?” That’s a little less blunt, but, when you think about it, no less unsettling.
Once your nest egg has reached your mental “magic number” — $500,000? $1 million? $5 million? – it’s tempting to start to fantasize about an early retirement. Before you do, you may want to test-drive MarketWatch’s “How Long Will My Money Last?” calculator.
Merrill Edge, a division of Bank of America Merrill Lynch, today unveiled an online tool that has just a whiff of science-fiction to it. The tool takes its inspiration from recent research that suggests that younger people who are exposed to visual approximations of what they might look like when they reach retirement age tend to save more.
Challenges await on Social Security, Medicare and elder-care, and retiree savings
Encore: A California law would set up 401(k)-like plans for employees whose companies don’t have them
Encore: Older cell-phone owners are using more data, but their calling plans may be stuck in the pre-Internet era
Nearly two-thirds of investors say they have little or no control over their effort to their retirement savings, a new study shows. Here’s how to cope.
You’ve probably got a “Plan B” for if your car breaks down (call AAA) or if you run out of beer at your summer BBQ (break open the liquor cabinet). But if you’re like most Americans, you don’t have a “Plan B” in the event of a financial mishap, a new study finds.