Retirement

Behind the Scenes with Kiplinger: When Should You Retire? [Video]

The age individuals retire can have a significant influence on their retirement savings. The March issue of Kiplinger’s Personal Finance magazine tackles the age-old question, “When Should You Retire?” The exact age of retirement depends on many factors, including the amount of savings you have accumulated and the income you need to maintain your standard of living. […]

Retirement

Three Reasons to Open an IRA Today

Last month, we discussed the benefits of saving more for retirement in 2014. If you didn’t make it an official resolution, rest assured it’s never too late — or too soon — to commit to a financial plan that protects and grows your retirement savings. At Ally Bank, we offer a variety of IRA accounts […]

Retirement

Resolve to Save More for Retirement in 2014

In 2012, Ally Bank’s community told us that paying off credit card debt was their number one financial resolution. In 2013, getting out of debt was the most discussed resolution. What’s a smart resolution you can make in 2014? According to Gyutae Park, co-founder of Money Crashers, one great resolution to make is saving more […]

Retirement

Great Ways to Earn Extra Money During Retirement

Even if you’ve been a great saver your entire life, it’s not out of the question that you may find yourself wishing you had just a bit more money during your retirement years. After all, it’s always nice to have a little extra cash to spend on vacations, leisure, gifts and those pesky unexpected expenses. […]

Retirement

Speed Retirement: Stories of Those Who Saved Fast

While many Americans are challenged when it comes to saving for their retirement (Forbes reports that just 14 percent of employees consider themselves to be on track), there are some who are way ahead of that curve. They’ve saved so much, in fact, that they’re not worried about being able to retire at, say, 65-years-old. They’ve already retired. […]

Retirement

Why $1 Million May Not be Enough for Retirement

One million dollars may sound like a nice chunk of change, but a recent article in the New York Times suggests it may not be enough when it comes to your retirement nest egg. How can $1 million be insufficient, you ask? The paper notes that if a 65-year-old couple with $1 million in tax-free […]

Retirement

Fox Business Looks at Retirement Saving and Low Interest Rates

A recent article at Fox Business looks at the effects of low interest rates on retirement savings. As it points out, back in the day, an interest rate of 5 or 6 percent on a CD would generate $50,000 or $60,000 on $1 million in savings annually. However, Fox notes, some CD rates are currently […]

Retirement

3 Potentially Costly Retirement Surprises

Everyone has their own, personalized retirement checklist that helps them with financial planning. For instance, you may be considering where you’ll want to live, whether you’ll rent or own your home and how you’ll earn income. But nothing can throw off your saving strategy like unplanned expenses. A video from Kiplinger looks at several such […]

Retirement

What to Look for When Retiring Abroad

For some people, retirement is a time for new beginnings and doing things they always wished they could do — like living somewhere new. Back in November, we offered suggestions for finding a new place in the U.S. to call home during retirement. But some retirees’ desire for something completely new finds them craving something […]

Retirement

Planning for Retirement in Changing Times

Sometimes, planning for retirement can feel like playing a game in which the goal posts keep moving. For instance, it was revealed this month that President Obama’s proposed 2014 budget includes a provision that would cap tax benefits if your total retirement account savings – whether in an IRA, 401(k) or both – exceed a certain […]