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Amanda’s Feed: Navigating Obstacles

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Amanda wants to live in a world where retirement security is no longer a dream. When she’s not nerding out on social media, you can find her exploring life through her motto, “live life like a curious child with a meticulous attention to details.” Her retirement goals are to travel and own a French vineyard. Happy saving #SaverNation

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December 11, 2015 at 8:30 am
Personal Finance

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The first step to creating a successful financial plan is education. How can you be expected to make smart decisions for the Future You without having a full deck of information? Being armed with the truth can help you save some serious money and increase your chances of meeting your goals.

This installment of Amanda’s Feed is all about navigating obstacles that stand in the way of your dream retirement. Issues like excessive 401(k) costs, the government’s failure to mandate retirement savings and tricky Social Security claiming rules are all things that we need to educate ourselves on.

What are some other retirement obstacles you would like to see broken down? Tweet me @MadNerdist and you may just see them featured in the next installment of Amanda’s Feed!

1) Is Your 401(k) Overpriced? Three Ways to Tell

When you’re interested in a big investment, such as a house or car, it’s common to conduct thorough research and compare prices before making a decision. Well, investing in your retirement shouldn’t be any different! This Forbes article breaks down three ways to analyze the cost of your 401(k). It’s important to stay up-to-date on your 401(k) costs, like hidden fees , which can cause you to pay much more for a plan than you have to. As you will see, there are easy-to-use resources available, such as expense calculators and side-by-side plan comparisons, which can help you determine if your nest egg is in good hands.

2) Millennials Face ‘Great Depression’ in Retirement: Blackstone COO

The United States is facing a severe retirement crisis that impacts everyone, especially millennials, but has anyone really been paying attention? If not, they should be – according to the Chief Operating Officer of Blackstone, millions of millennials will be retiring in conditions similar to the Great Depression if we do not make major changes to our retirement system. Luckily, this CNBC article highlights several solutions, such as setting up Guaranteed Retirement Accounts that would require workers to make retirement contributions. These solutions can help millennials save more despite stagnant incomes, student loan debt and increasingly unreliable Social Security – all that’s left to do is put them in action!

3) 5 Things to Know About the New Social Security Claiming Rules

As if the process to claim Social Security wasn’t confusing enough, the new claiming rules introduced last month are sure to leave you scratching your head. Two claiming strategies, the “file and suspend” rule and restricted applications, will no longer be available to married couples by April 2016. Check out this Money article to find out how these changes will impact your spousal retirement plan, if at all, and what you can do in the upcoming months to maximize your benefits.

4) Wally

Managing your personal finances can be complicated. That’s why there are apps like Wally, which is designed to simplify your experience with money management by helping you set and achieve financial goals. By keeping track of all your income and expenses in one place, Wally empowers you to take an active role in your day-to-day finances and feel secure about the future you are building. Whether you are a risk-taker or a play-it-safer, you’ll surely find benefits after you download this free app to take back control of your financial future!