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Amanda’s Feed: Overcoming Retirement Hurdles in 2016

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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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January 8, 2016 at 1:07 pm
Personal Finance

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A new year is a great time to take a hard look at your finances to make sure you are on track to meet your goals. While we hope 2016 will be a year of improvement for our retirement system, there are several hurdles that savers will first have to overcome.

That’s why all the stories in this week’s installment of Amanda’s Feed dive into the challenges Americans are facing on their path to retirement while presenting solutions. Whether you are struggling to pay off student debt, play catch-up with your retirement savings or reduce expenses, taking some time to educate yourself is the first step on your path to financial freedom.

Have you dealt with any unusual hurdles in your path to retirement? If so, how did you deal with them? Tweet me your answers @MadNerdist, and stay tuned for the next installment of Amanda’s Feed!

1. Why Retirement is a Myth

Are we locked into a retirement system that’s designed to fail? This DailyWorth article suggests that impossible savings goals, insufficient financial resources and a lack of government-funded support for retirement are painting a very murky picture for retirees in America. In fact, 55 percent of Americans are in danger of not being able to fully cover their estimated essential expenses like housing, healthcare and food in retirement! Check out this article to learn how to overcome hurdles such as rising cost of living, unexpected early retirement and skewed financial priorities in order to take back control of our retirement dreams.

2. Our Sons’ $189,000 Student Debt is Delaying Our Retirement

This CNNMoney article tells the story of a middle-class couple that dreamed of traveling the world during retirement, only to have those dreams dashed by their son’s colossal student loan bill. Parents all over America are forced to delay retirement after struggling during the Great Recession and cosigning their children’s student loans, making them equally responsible for repayment. Finding a balance between your savings and expenses is hard, especially when it comes to helping out your children! Reducing monthly expenses and sticking with a financial plan are both good ways to avoid any unwelcome hiccups in your path to retirement.

3. How Zuckerberg stock donation could save retirement

The retirement crisis may have an unlikely hero… Mark Zuckerberg! The Facebook CEO recently announced that he will give away 99 percent of his Facebook shares over the course of his life. This Reuters article argues that Zuckerberg, and other business tycoons, can help secure the retirement of every child in America by setting up “Baby Roth” accounts that can compound into substantial nest eggs. By automatically giving children a savings tool, these accounts would encourage smart financial habits from the get-go among both children and new parents. While we cannot expect just one person to magically fix our retirement system, keeping an open mind to suggestions will get us closer to finding a long-term solution.

4. FileThis

Are you tired of paying late fees because you accidentally threw away a bill or paid the wrong amount? Say goodbye to fees and confusion by downloading FileThis. This app allows you to keep all of your accounts connected on a single dashboard so you don’t need multiple logins, set automatic bill reminders so you won’t be hit over the head with late fees and create and store electronic receipts so you can go paperless. Get instantly organized with this easy-to-use and secure tool that is personalizing finance.