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<ul class="summary-list"><li>An Idaho couple retired with a net worth of over $2 million by living frugally and making smart investment choices.</li><li>Richard learned investment strategies later in life after losing thousands in the dot-com bubble.</li></ul>Richard, who is in his mid-70s, never held a very high-paying job and made various <a target="_blank" class="" href="https://www.businessinsider.com/a-successful-investor-shares-the-top-money-mistakes-she-made-2024-8">investment mistakes</a> that cost him thousands over his life.However, the Idaho resident said living <a target="_blank" class="" href="https://www.businessinsider.com/early-retirement-not-worth-it-dad-sacrificed-frugal-died-2024-9">frugally</a>, prioritizing <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-ira-accounts">retirement accounts</a>, and making smart <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-financial-independence-retire-early-fire-investing-real-estate-2024-7">real estate</a> decisions allowed him and his wife to retire comfortably with over $2 million in assets after a career in state government and consulting.Richard learned about investment strategies later in life after losing thousands in the <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-dot-com-bubble-similarities-ai-nvidia-roberts-2024-6">dot-com bubble</a>. After that, he said his path to growing wealth was modest and careful. He asked to use his first name only for privacy concerns.His path is indicative of the "<a target="_blank" class="" href="https://www.businessinsider.com/millionaire-investing-saving-spending-financial-independence-retire-early-fire-2024-9">millionaire next door</a>" mindset, which involves concerted efforts to save and invest using very accessible strategies, rather than flashy but risky get-rich-quick schemes or landing an elite, ultra-high-paying career. Still, he acknowledged that <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-medical-costs-baby-boomers-paying-for-cancer-treatment-2024-9">not all retirees</a> have the resources to save a substantial amount for their retirement."Having a work ethic has helped me throughout my life not just in accumulating wealth but in having people recognize that I'm a reliable person," Richard said. "You have to be honest, you have to be kind, and you have to help other people."<h2 id="6b034785-0a70-4458-8ecf-bf9e2feb864d">Saving up but making mistakes</h2>Richard said his "near-ideal" upbringing taught him the value of money and hard work.As a teenager, he worked as a paperboy, produce clerk, ice cream vendor, and root beer stand cashier. He estimated earning about $5.25 a week in high school, or about $53 in 2024 dollars."I realized the value of money because it gave me this independence to buy the clothes I wanted to buy, allowed me to buy Christmas presents for my siblings and parents," Richard said.He also acknowledges that he grew up in a time when life's necessities were more affordable. In his small, middle-class hometown in Illinois, he said a family could be supported on one income. He worked and <a target="_blank" class="" href="https://www.businessinsider.com/pinching-pennies-wealth-building-2024-8">lived frugally</a> while attending the University of Illinois, which he said cost just $173 his first semester. He paid back his student loans right after graduating with a psychology degree.While serving in the Air Force for nearly six years, he purchased a modest home in Sacramento. He and his wife grew food in their garden and made granola from scratch. He said he sold the house when its value doubled."I never really thought about what my financial goals were until later," Richard said. "I remember coming home one Sunday, and I said I really don't want to have a middle-class existence. I would like to do better if I can."In graduate school, he worked as a teaching assistant, started investing using his stockbroker friend's advice, and bought a condo. He admitted because his parents weren't financially savvy, he wasn't a "very disciplined saver or investor," though he knew never to go into major <a target="_blank" class="" href="https://www.businessinsider.com/millennial-phd-cant-find-job-significant-student-loan-debt-2024-10">debt</a>.He said he wasn't always sure how to invest properly. Some now-common vehicles intended to make it easy for everyday savers to make diversified investments, like <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-an-etf">exchange-traded funds</a>, weren't yet invented, and he said he invested too heavily in penny stocks and riskier investments. He decided to save and invest as much as possible while building his IRA and paying off his existing loans.While his career has been fairly stable, he weathered two layoffs and lost thousands in investments when the dot-com bubble burst in 2000."I haven't been a disciplined, smart investor throughout my life, but I have always lived frugally," Richard said. "I purchased real estate and invested whenever the opportunity arose, so it's an imperfect background. But it shows that even if you make those kinds of <a target="_blank" class="" href="https://www.businessinsider.com/money-mistakes-financial-planner-2024-5">mistakes</a>, it's still possible to accumulate wealth."<h2 id="a516b46e-8a92-403c-a73b-33aa525bce3a">How they're investing in retirement</h2>Richard maintained his frugality as he inched closer to retirement, avoiding big-ticket items.Richard retired at 62 when he realized he could be "liberated from a <a target="_blank" class="" href="https://www.businessinsider.com/gen-xers-financial-independence-retire-early-fire-started-saving-late-2024-6">lifetime of labor</a>" and had enough saved. He waited until 65 to claim Social Security, noting he never wanted to rely solely on Social Security for his retirement. His wife retired in 2013, and their assets now total about $2 million, split evenly between their investments and their house.They live comfortably on about $3,500 monthly in <a target="_blank" class="" href="https://www.businessinsider.com/boomer-living-on-social-security-retirement-savings-401k-bus-driver-2024-7">Social Security</a> and dividends from investments, investing about $25,000 annually with annual dividends of about $120,000. Richard said they have long-term care insurance and reserved much of their money for healthcare expenses.Richard described his investment strategy as "somewhat atypical." They primarily invest in mutual funds that pay consistently high dividends of about 10%. At their age, Richard said he wants to eliminate individual stocks."Although market values can decline or rise, we just stay focused on the rate of return and hope that will not change appreciably," Richard said. "So far, this is working, and we are satisfied to have a steady income without having to sell funds to generate revenue."They still live within their means, but they occasionally take international trips. They keep costs low by flying economy, avoiding expensive restaurants, never going on tours, and staying in Airbnbs."I've never stayed at a five-star hotel, and I've almost always had used cars," Richard said. "We don't order takeout every day, and we might go to a restaurant once a week. Add that up, and you're saving tens of thousands of dollars."In retirement, Richard has produced over 70 books about his hometown, American history, and trail guides. He's also directed a local community group and now volunteers as a tour guide."Retirement has been a total joy; it's similar to having a second childhood where you have complete freedom, and your job is to keep yourself entertained," Richard said.Are you part of the FIRE movement or living by some of its principles? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

A boomer who retired with a $2 million net worth despite working modest jobs shares his advice on retiring comfortably

Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.<ul class="summary-list"><li>A mutual fund is a portfolio of investments that pools money from investors to purchase securities. </li><li>The majority of mutual funds are professionally managed with the aim to outperform the market.</li></ul>A mutual fund is a type of investment vehicle that pools money from many investors to purchase stocks, <a href="https://www.businessinsider.com/personal-finance/what-is-a-bond">bonds</a>, or other securities. Investors who mutually contribute to the fund company become part owners of the fund's portfolio and the income it generates or loses. You can invest in mutual funds through a broker or investment platform. The <a href="https://www.businessinsider.com/personal-finance/best-online-brokerage">best online brokerages</a> offer low minimums, account flexibility, investment tools and resources, and access to human advisors for personalized guidance and advice. Here's what to know about mutual funds, including how they work, what to watch out for, and how to get started investing in them. <h2>How do mutual funds work?</h2>Generally, mutual funds are actively managed by a fund manager who controls when to buy and sell securities to maximize returns and minimize losses. When you buy a mutual fund, you're buying partial ownership of the fund and its assets, meaning its entire portfolio of investments.This differs from buying an individual <a href="https://www.businessinsider.com/personal-finance/what-is-stock">stock</a>, where you buy partial ownership directly in a company and manage any subsequent moves yourself (unless you have a financial manager). The price of a mutual fund is determined by its net asset value (NAV), which takes all of the portfolio's securities into account. It is found by dividing the total value of the fund's assets (cash and securities) by the number of the fund's outstanding shares. Since a mutual fund's portfolio consists of many securities that change price throughout the day, the NAV is calculated at the end of the market day. Because of this, mutual funds trade only once per day, after the <a href="https://www.businessinsider.com/personal-finance/what-is-the-stock-market">stock market</a> closes.Example: Let's say you want to put $2,000 toward a mutual fund. If the fund's NAV is $20, you're able to purchase 100 shares — not counting fees. Along with other investors' contributions, that $2,000 would then be used by the fund manager to make trades with the goal of outperforming the market.<h2>Mutual fund fees</h2>You should be aware that mutual funds come with structured fees for active management, which eat into your total profits. A mutual fund will label fees into two main categories:<ul><li>Annual fund operating expenses: A fund's total annual operating expenses include management and transaction fees, which are expressed collectively as the fund's <a href="https://www.businessinsider.com/personal-finance/what-is-expense-ratio">expense ratio</a>. While relatively small, expense ratios can significantly affect a fund's return, especially over time.</li></ul><ul><li>Shareholder fees: A fund can also come with shareholder fees, which cover commissions regarding buying and selling the fund. Most mutual funds will have a sales charge called a "load," which can be a flat fee or a commission, and occur when you purchase or sell your shares back to the fund. </li></ul>If you're in the market for a mutual fund, its fees are an important factor to consider. You can find all associated fees outlined in detail in the fund's <a href="https://www.businessinsider.com/personal-finance/prospectus">prospectus</a>.<h2>How to make money investing in mutual funds</h2>You can make money on mutual funds in a few different ways:<ul><li><a href="https://www.businessinsider.com/personal-finance/what-is-a-dividend">Dividend payments </a>: Similar to stocks, a mutual fund can pay out dividends to its investors periodically. They can choose to receive these payouts as cash or to reinvest them in your account.</li><li><a href="https://www.businessinsider.com/personal-finance/what-are-capital-gains">Capital gains</a> : When an investor sells a fund at a profit, that's known as a capital gain. This gain gets passed off to a fund's shareholders annually.</li><li>NAV: If your mutual fund's value increases, the price to purchase its shares will also increase. This benefits you if you choose to sell your shares since you would sell at a gain. </li></ul>Quick tip: When looking at NAV, you want to follow how a fund's value changes over time, rather than comparing one fund's value to another in a single day.<h2>Are mutual funds a good investment?</h2>Compared to buying individual stocks or bonds, investing in mutual funds is a more effective way to diversify your investment portfolio."Mutual funds are an easy and well-established way to give everyday investors diversification," says Michael Iachini, CFP and head of manager research for <a href="https://www.schwab.com/investment-advice" target="_blank" rel="noopener">Charles Schwab Investment Advisory</a>. "They are well established since the 1920s, and they have a track record of working for investors."If you're looking to invest in mutual funds, just make sure to keep an eye on costs, since actively managed mutual funds can eat into your profits with expense ratios and commissions. Beginner investors may be better off choosing <a href="https://www.businessinsider.com/personal-finance/what-is-an-index-fund">index funds</a> over actively managed funds to snag earnings without a big price tag. <h2>Pros and cons of mutual funds</h2>Before you add mutual funds to your portfolio, there are advantages and disadvantages that can help you decide whether they are the right fit for your investment style and goals.<table style="border-collapse: collapse; width: 100%; height: 287px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 37.2078%; height: 22px;">Pros</td><td style="width: 37.7922%;">Cons</td></tr><tr style="height: 265px;"><td style="font-weight: normal; width: 37.2078%;"><ul><li>Offer simplicity and peace of mind with professional fund managers.</li><li>Typically require a small minimum investment to buy in.</li><li>Add diversification to your portfolio with various asset classes and industries</li><li>Ability to invest with exact dollar amounts versus buying shares of stocks at fluctuating prices.</li></ul></td><td style="width: 37.7922%; height: 265px;"><ul><li>Professional management fees can be costly. </li><li>Not insured by the Federal Deposit Insurance Corporation (<a href="https://www.businessinsider.com/personal-finance/fdic">FDIC</a>), so there is the risk of losing money.</li><li>A chance of dilution decreasing the worth of your shares when a successful mutual fund grows too big.</li><li>You have no control over a fund manager's decisions, which can trigger tax implications like capital gains that add to your taxable income.</li><li>Since mutual funds trade after markets close, they don't allow for trading during the day and taking immediate advantage of market movements.</li></ul></td></tr></tbody></table><h2>Types of mutual funds</h2>Mutual funds aren't homogenous. They are classified into many different types, including the securities they invest in and the investment goals they seek to achieve. Here are seven of the major types:<h3>1. Equity funds</h3>Equity funds invest mostly in stocks and are often categorized by company size and <a href="https://www.businessinsider.com/personal-finance/what-is-market-cap">market capitalization</a>. Equity funds can be labeled as growth, value, or blended funds. Growth funds hold shares of companies with potential to outperform the overall market, while value funds are filled with stocks of seemingly undervalued companies. Blended funds mix both growth and value stocks."Remember there are more than 10,000 equity mutual funds, yet there are only 2,800 stocks that trade on the New York Stock Exchange," says Clark Kendall, president and CEO of <a href="https://kendallcapital.com/" target="_blank" rel="noopener">Kendall Capital</a>. "Equity mutual funds do a great job of slicing and dicing the equity markets however you would like to have your market served to you."Quick tip: Over the long term, equity funds can generate a much higher yield than other mutual funds. Though stock investments can be volatile, equity funds offer more portfolio diversity than many of the other mutual fund types and individual stock investments.<h3>2. Bond funds</h3>Bond funds pool investors' money to primarily purchase bonds, from short- to long-term maturities. Some funds include a range of securities including government bonds, corporate bonds, and mortgage-backed securities, while others may focus on a specific part of the bond market.Bond funds provide quick diversification without buying various bonds individually. Many funds also distribute dividends each month, which you can reinvest. <ul><li>Corporate bonds: issued by corporations that mature over a period of time and pay interest if you hold the bond to maturity</li><li>Government bonds: issued by the US government, including <a href="https://www.businessinsider.com/personal-finance/treasury-bonds">Treasury securities</a>, with fully taxable interest from a federal level and tax-free from a state level</li></ul><ul><li>Municipal bonds: issued by local governments and other authorities to pay for projects such as projects such as toll roads, stadiums, and hospitals; interest is exempt from federal taxation and in many cases state and local taxation as well</li></ul>Quick tip: If you invest in municipal bonds, the interest you earn is exempt from federal taxation, and if you buy the bonds in the state where you live they are also exempt from state taxation.<h3>3. Money market funds</h3>Money market funds are fixed-income mutual funds that invest in short-term debt securities with low credit risk. These funds aim to provide <a href="https://www.businessinsider.com/personal-finance/what-is-liquidity">liquidity</a>, maintain a stable share price, and distribute regular income earned on its securities to its investors. Money market funds are categorized as government, prime, or tax-exempt, depending on the securities held within the fund. Securities often invested in money market funds include short-term US Treasury securities, federal agency notes, <a href="https://www.businessinsider.com/personal-finance/certificate-of-deposit">certificates of deposit</a>, corporate commercial paper, and municipal agency obligations. Quick tip: Money market funds are typically not a good place to keep your money for very long. Over time the low yield of the fund may not match the rate of inflation, management fees, or tax liabilities.<h3>4. Balanced funds</h3>Balanced mutual funds invest in both bonds and stocks, so you get the best of both worlds with steady income and investment growth. Also known as asset allocation funds, these funds typically stick to their original asset mix. If any changes are made, the funds are automatically rebalanced to bring them back to the original allocation.<h3>5. Index funds</h3>Index funds are a type of mutual fund designed to mirror the performance of a particular market index, like the S&amp;P 500 or the Dow Jones Industrial Average. Because index funds are built to match the performance of the target index, they are passively managed investments. This means they require less research and trading from the fund manager, so there are fewer fees and expenses. It's important to note that while an index fund can be structured as a mutual fund, it can also be an exchange-traded fund (<a href="https://www.businessinsider.com/personal-finance/what-is-an-etf">ETF</a>). Index funds are especially favored by investors because they are a low-risk, low-maintenance, low-cost way to see steady returns over time. <h3>6. Specialty funds</h3>Specialty funds, or sector funds, concentrate on securities within a specific industry or market sector, such as real estate, technology, or healthcare. Examples of specialty funds include real estate mutual funds, which invests in <a href="https://www.businessinsider.com/personal-finance/what-is-a-reit">REITs</a> and other real estate-related investments. Because specialty funds are focused on specific sectors like health care and technology, they aren't diverse so you'll want to mix these in with other types of funds and assets. A more recent trend in mutual funds has been "<a href="https://www.businessinsider.com/personal-finance/what-is-impact-investing">impact investing.</a>" They target companies or projects committed to specific social or environmental causes. These funds cater to investors who are increasingly looking to direct their money to companies that are making positive social or environmental impacts in the world. While many perform well, the return on impact investments may be lower than more traditional investments.<h3>7. Target-date funds</h3><a href="https://www.businessinsider.com/personal-finance/target-date-funds">Target-date funds</a> operate with a specific goal date in mind. These funds automatically rebalance the asset mix within their portfolio over time and become more risk-averse as the target date nears. Target-date funds are popular for retirement savings since you can set your retirement date as the target, and let the fund adjust for you.<h3>8. Hybrid funds</h3>Hybrid funds invest in two or more asset classes whereas other mutual funds tend to invest in a single asset class. Hybrid funds often combine stocks and bonds, but may even include <a href="https://www.businessinsider.com/personal-finance/what-are-commodities">commodities</a> like raw materials or precious metals.The goal of a hybrid fund is to reduce risk by further diversifying the investors' portfolio, even more so than other mutual fund types. Further, hybrid funds can offer an investor a combination of income generation, capital gains, and NAV. <h2>Mutual funds — Frequently asked questions (FAQs)</h2><h3 class="faq-question">What are the 4 types of mutual funds?</h3>There are multiple types of mutual funds, such as equity funds, bond funds, money market funds, balanced funds, index funds, specialty funds, and target-date funds. Different kinds of mutual funds invest in different securities for varying financial goals. <h3 class="faq-question">Do mutual funds pay interest?</h3>Yes, depending on the type of mutual fund you invest in, you may earn interest on certain assets in your portfolio. These funds often invest in fixed-income securities. Mutual funds that can earn interest are money market funds, bond funds, and balanced funds. <h3 class="faq-question">Are mutual funds a safe investment?</h3>Mutual funds are generally considered a safe investment. Compared to individual stocks, investing in mutual funds helps diversify your investment portfolio and lower your overall market volatility. But keep in mind that mutual funds are not risk-free. Just like an investment, there is a level of risk involved and no guarantee that you're investment will turn a profit. <h2>How to start investing in mutual funds</h2>You likely have already invested in mutual funds if you have a <a href="https://www.businessinsider.com/what-is-a-401k">401(k)</a> retirement account. But if you want to start investing in mutual funds outside of employer-sponsored accounts, you can buy and sell them through an online broker with a brokerage account. You can also buy mutual funds directly from the company that created the fund, like Vanguard - Product Name Only or Fidelity Investments - Product Name Only, although that limits your options to whatever they offer. If you need more guidance with your investments, you could consider working with a financial advisor or broker.Each fund and each brokerage account may require a specific minimum investment amount to get started. "You typically don't need a lot of money in a mutual fund," says Iachini. "At least have $100 saved up. Once you've chosen a fund, look at its asset class, expense ratio, investment objective, whether that's income, growth, or intentionally trying to be conservative, and who is managing the fund." It helps to ask yourself a few questions to help narrow down your options. How involved in rebalancing your asset allocation do you want to be? What are you saving for? What do you value? For example, if you're saving for retirement, you'll want to look to target-date funds. Or perhaps you want to look for <a href="https://www.businessinsider.com/personal-finance/esg-investing">ESG</a> funds that invest in socially conscious companies.

Mutual funds: Definition, types, and how to invest

<ul><li>Two big financial goals – medical necessities and retirement pension – are taken care of to a large extent. </li><li>Systematic <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> plans (SIPs) are an ideal investment option due to regular monthly income. </li><li>Buying property can be a good long-term investment, especially given the housing benefits and loans available to <keyword id="462296" type="General" weightage="20" keywordseo="defence-personnel" source="Orion">defence personnel</keyword>. </li></ul>All of us go to bed at night knowing that the men at our borders are there to protect us. But the lives of defence personnel are different, not only when it comes to their jobs, but also to their finances. First, they might be posted at extremely remote locations where it is very difficult to get financial advice or access to banking and investment products. Also, the demands of their career are such that it relegates financial planning low down in their to-do list. “Being a government servant, two big financial goals of medical necessities and retirement pension are taken care of to a large extent. But then there are many more requirements of life which need careful planning,” says Col. Sanjeev Govila (Retd), a SEBI Registered Investment Advisor (RIA), and CEO, Hum Fauji Initiatives, a financial planning firm. Children’s graduation and post-graduation, their marriages, purchase of a house when they’re close to retirement, good vacations post-retirement, change of car, charity, indulging in passions which may need money, etc are likely financial goals which need to be carefully planned for. We take a look at five investment options defence personnel may consider. <cmsannotation type="cmsannotation" annotationid="Fixed deposits" comment="Subhead" text="Fixed deposits"><keyword id="6377620" type="General" weightage="20" keywordseo="fixed-deposits" source="Orion">Fixed deposits</keyword></cmsannotation>: Fixed deposits are a good investment choice for defence personnel due to their safety and simplicity. They offer guaranteed returns, minimising risks associated with market fluctuations. For military personnel with unpredictable schedules, FDs provide flexibility in terms of tenures and can be easily managed from anywhere. Moreover, the guaranteed interest earnings add to financial stability, making it a good choice for long-term planning and security, which matches the disciplined and secure aspects of military life. <cmsannotation type="cmsannotation" annotationid="Equity investments" comment="Subhead" text="Equity investments">Equity investments</cmsannotation>: Defence personnel, like any other citizen, are allowed to invest in stocks / <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> or any other investment products. “However, they might have certain restrictions, especially officers holding sensitive positions. Such individuals might need to inform their respective cadres about their investments to avoid conflicts of interest,” says Bhuvanaa Shreeram, co-founder and head of financial planning, House of Alpha, a financial planning firm. When it comes to equity, the best suited investment option is mutual funds. “Systematic investment plans (SIPs) are ideally suited due to regular monthly income. However, thorough research, long-term outlook and regular monitoring is important,” says Govila. <cmsannotation type="cmsannotation" annotationid="Sukanya Samriddhi Yojana (SSY)" comment="Subhead" text="Sukanya Samriddhi Yojana (SSY)">Sukanya Samriddhi Yojana (SSY)</cmsannotation>: Sukanya Samriddhi Yojana is another investment option military personnel can consider if they have a girl child. It provides a secure and tax-saving avenue for their daughters' future. SSY offers an attractive interest rate, along with tax deductions under Section 80C of the Income Tax Act. For defence personnel frequently posted to remote areas, SSY can be conveniently managed online, ensuring consistent savings for their daughters' education and marriage. Its assured returns, safety, and tax benefits make it an appealing option, aligning with their commitment to secure their family's financial well-being. <cmsannotation type="cmsannotation" annotationid="Real Estate" comment="Subhead" text="Real Estate">Real Estate</cmsannotation>: “Buying property can be a good long-term investment, especially given the housing benefits and loans available to defence personnel. Although while in service they will be provided a place to stay, once they retire they will need a comfortable house to live in,” says Shreeram. “Start saving for a house early through SIPs in mutual funds and buy a house around 50 years of age when plans to finally settle down are concrete. No need for a second house,” says Govila. <cmsannotation type="cmsannotation" annotationid="Gold" comment="Subhead" text="Gold">Gold</cmsannotation>: Gold is a good investment choice for defence personnel due to its stability, liquidity, and security. It acts as a hedge against economic uncertainties, offering protection against inflation and currency fluctuations. Gold investments, such as Sovereign Gold Bonds (SGBs) and Gold Exchange-Traded Funds (ETFs), provide the convenience of electronic holdings and easy liquidity, aligning with the mobile lifestyle of military personnel. <keyword id="3790" type="General" weightage="20" keywordseo="armed-forces" source="Orion">Armed forces</keyword> personnel experience unique service conditions, and their financial situations can vary significantly. Nevertheless, the fundamental principles of financial planning and investment are applicable to them. With careful planning and disciplined execution, there's no reason they cannot achieve a financially secure and dignified life.

Five investment options for defence personnel

<ul class="summary-list"><li>Nearly half of Americans retiring at 65 risk running out of money, Morningstar finds.</li><li>Single women face a 55% chance of depleting funds, higher than single men and couples.</li></ul>If you're aiming to retire at the standard <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/when-can-i-retire#:~:text=America's%20official%20retirement%20age%20%E2%80%94%20when,kick%20in%20at%20age%2065.">age of 65</a>, buckle up because you're going to want to hear this one.According to a simulated model that factors in things like changes in health, nursing home costs, and demographics, about 45% of Americans who leave the workforce at 65 are likely to run out of money during retirement.The model, run by Morningstar's Center for Retirement and Policy Studies, showed that the risk is higher for single women, who had a 55% chance of running out of money versus 40% for single men and 41% for couples.The group most susceptible to ending up in this situation are those who didn't <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/retirement-planning">save toward a retirement</a> plan, <a target="_blank" href="https://affiliate.insider.com?h=279c10f5695205075dc5969e1b1901ab9fa298bd950dc41b893dc369d54fc79b&amp;postID=66f42a530c43543ec796d51f&amp;postSlug=retirement-saving-why-half-retirees-could-run-out-of-money-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Fnews%2Fmarketwatch%2F20240803255%2Falmost-half-of-those-who-retire-at-65-could-run-out-of-money">according to Spencer Look</a>, the center's associate director. Still, retirement advisors say even those who think they're prepared aren't.It's a big problem, says JoePat Roop, the president of Belmont Capital Advisors, who has been helping clients set up income streams for their retirement years. What might surprise many is that one of the biggest mistakes people make isn't so much about how much they save but how they plan around what they save.To be more specific, Roop says what catches retirees off guard is taxes and the lack of planning around them. Many assume they will be in a lower tax bracket once they stop receiving a paycheck. But from his experience, retirees often remain in the same tax bracket or could even end up in a higher one."It's wrong in so many ways," Roop said. After retiring, most people's spending habits either remain the same or go up. When you have more leisure time on your hands, more money goes toward entertainment and travel, especially in the first few years of retirement. The outcome is a higher withdrawal rate, which can push you into a higher tax bracket, he noted.People spend their careers investing in a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k)</a> or an <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-ira-accounts#:~:text=Unlike%20401(k)s%20and,unlock%20even%20more%20tax%20advantages.">IRA</a> because they allow contributions before taxes. It sounds like a great perk when you can cut your taxes and defer them. The downside is that withdrawals will be taxed.His solution is to add a Roth IRA, an after-tax account that allows gains to grow tax-free. This way, during a year when you need to withdraw a higher amount, you can resort to that account instead, he noted.Another big mistake people make is moving money around in an inefficient way that leads them to incur more taxes than they should or lose on future returns. This can include choosing to withdraw a high amount of money from an investment account to pay off a mortgage or buy a house."There are rules that the IRS has set up for us, and they're there to pay the government, not you," Roop said.A prime example of a big tax mistake one of Roop's clients (let's call him Bob) made recently was liquidating part of an IRA to buy a house.Bob is a man of modest means retiring this year, Roop said. But a sudden breakup with his girlfriend led him to cash out some of his IRA to buy a house. He decided to withhold the tax, which could have been between $30,000 and $40,000."When he told us this, my mouth dropped," Roop said. "I said, Bob, you had the money for the down payment in another account where there would've been no tax, and we were going to roll over your IRA and put it in a tax-deferred account."In this case, Roop planned to move money from Bob's IRA to an annuity that would have paid him a bonus of 10%, or $15,000. The mistake might cost Bob between $45,000 and $55,000, between the owed taxes and the missed bonus.The lesson: don't be Bob.The next big mistake is sequence risk, which is when you withdraw from your portfolio when the stock market is down."The S&amp;P 500 has averaged close to 10% for the last 50 years," Roop said. "And so it's a true assumption that over the next 50 years, it'll probably make between nine and 11%. But when people retire, we don't know the sequence of returns."Simply put, if you retire next year with an investment portfolio worth a million dollars and the market drops by 15% that year, you now have $850,000. If you need to withdraw during that time, it will be very difficult to get back to breakeven, Roop said.It means that owning stocks and bonds isn't enough diversification. He noted that you must also have something that is principal-protected, such as a CD, fixed annuities, or government bond. This way, you can avoid touching your portfolio during a bad time in the market.Gil Baumgarten, founder and CEO of Segment Wealth Management, says another big reason he sees people run out of money is the lack of appropriate risk-taking they make during their income-earning years.A low-risk approach is earning interest on cash, a terrible form of compounding because it's taxed higher than ordinary income with lower returns, he noted. Meanwhile, stocks could see higher returns and aren't taxed until sold, or aren't taxed at all if you opt for a Roth IRA."People don't take into account how expensive things get over time, not realizing that they can live another 40 years in retirement. You can't get rich investing your money at 5%," Baumgarten said.As for those who do take risks, it's often the wrong kind. They chase hype and bet on highly speculative investments. They end up losing money and assume risk is bad, Baumgarten said. The right kind of risk is a higher exposure to stocks through mutual funds or index funds and even buying blue chip stocks, he noted.

About 45% of Americans will run out of money in retirement, including those who invested and diversified. Here are the 4 biggest mistakes being made.

<ul class="summary-list"><li>Saundra Lohr, 68, moved to Panama City from McKinney, Texas, in 2021, two years before retiring.</li><li>She's not alone: nearly 2,200 retired US workers got Social Security in Panama in December 2023.</li></ul>Saundra Lohr always knew she wanted to retire abroad.In 2021, Lohr moved to Panama City from McKinney, Texas, and she retired two years later. From the diversity of cuisines to the quality of food and access to pristine beaches, Lohr said life in <a target="_blank" href="https://www.businessinsider.com/boquete-panama-how-to-retire-in-paradise-cost-of-living-2024-8">the Central American country is superb</a>."Panama is just like Christmas every day," Lohr, 68, said.Lohr is one of many Americans moving abroad for retirement, hoping to seek new experiences and escape the <a target="_blank" class="" href="https://www.businessinsider.com/americans-moving-abroad-cost-of-living-too-expensive-debt-retirement-2024-4">high cost of living</a> in the US. As of December 2023, there were 648,569 Americans aged 65 or older receiving Social Security benefits abroad, according to the most <a target="_blank" class="" href="https://www.ssa.gov/policy/docs/statcomps/supplement/2024/5j.html#table5.j11">recently available data</a> from the Social Security Administration. Twenty years ago, in <a target="_blank" class="" href="https://www.ssa.gov/policy/docs/statcomps/supplement/2004/5j.pdf">December 2003</a>, that number was 352,340.What's more, Panama had 2,194 retired US workers receiving Social Security in December 2023, the second-highest number of any country in Central America and the Caribbean, following the Dominican Republic.<h2 id="ec3fdff5-ab61-4338-8cc7-0f75515454dd">Preparing to move abroad requires research and a budget</h2>Lohr was born in Dallas and worked as a project manager and consultant in the US for nearly four decades. Yet, in the last 10 years, she said she became more concerned about the culture in the US, particularly around <a target="_blank" class="" href="https://www.businessinsider.com/shootings-stand-your-ground-us-gun-culture-experts-2023-4">gun violence</a>.Given her career background, Lohr said she was meticulous in planning her retirement and choosing the best location."I'm a project manager," Lohr said. "I have spreadsheets; lots of spreadsheets."Lohr started by researching the specifics of a prospective lifestyle in the regions she considered for possible retirement, including <a target="_blank" class="" href="https://www.businessinsider.com/boomer-moved-to-canada-retirement-weather-love-2024-2">spots in Canada</a>, Mexico, and across the Caribbean. She made her first "reconnaissance" trip to Panama in September 2019. She recommends that others do the same amount of research if they're considering retiring abroad.For example, <a target="_blank" class="" href="https://www.businessinsider.com/boquete-panama-how-to-retire-in-paradise-cost-of-living-2024-8">Boquete is a popular destination</a> for American retirees in Panama, but Lohr said it didn't fit her lifestyle."For me, it was a little too laid back," Lohr said. "Since I'm an avid patron of visual and performing arts, I just didn't see the cultural aspects there that I was looking for."Lohr ultimately settled on Panama City, in the Bella Vista neighborhood. She said what convinced her to move was the Cinta Costera, which is a 4.3-mile-long public recreation space along Panama Bay."There are beautiful garden spaces, bike lanes, city seating, sports fields, and lots of public spaces to congregate with vendors who offer food and drinks and souvenirs," Lohr said. "It's a beautiful pedestrian and marine promenade that takes you into the old town of Panama City."<div type="image" title="Photo shows Panama City, Panama." height="685" width="960" msid="112968570" hostid="261" sizebytes="58930"></div>With her destination set, Lohr focused on lowering her expenses and preparing her finances for moving abroad."I did not have any credit card or consumer debt prior to my move as I had spent the year prior lowering all my financial obligations," Lohr said.She calculated her budget for moving abroad by adding up her existing monthly expenses, including mobile phone service, Medicare, and her estimates for cable, internet, gas, and electric bills. Including dining and entertainment, she said her monthly expenses amounted to about $3,000.Lohr receives about $2,000 a month in Social Security and said she uses investment payouts to make up for the difference. She declined to share the specifics of those amounts.Lohr said she began investing at age 27 to grow her wealth. She invested in various securities, including individual stocks, municipal bonds, mutual funds, and real estate."To date, investing is still a part of my strategy to remain financially secure," Lohr said.When she was ready to move, Lohr hired an estate auctioneer to sell her belongings. She also sold or gave away items to friends, family, and neighbors.Lohr said using a checklist is helpful while moving abroad. She recommends splitting responsibilities into categories like finances, health, communications, packing, housing, and what to sell or donate.As a homeowner in the US, Lohr said she had no interest in being a homeowner in Panama and wanted to live a simpler lifestyle than she was accustomed to.<h2 id="17533b4a-d36a-4ece-ba58-0449bd611348">The benefits for American retirees in Panama</h2>Lohr said the main considerations for moving to Panama were affordability, a calm and welcoming community, and general political stability.The Panamanian government also has a visa targeted at pensioners, she said. The <a target="_blank" class="" href="https://www.embassyofpanama.org/retire-in-panama">Panama Pensionado program</a> affords retirees residency and perks such as a 25% discount on utility bills and a 10% discount on medicines, given the participants meet certain income and legal requirements.Lohr said it's a useful program for retiring abroad and suggests Americans seek out trusted legal counsel and do their due diligence to apply successfully.Furthermore, Lohr said the quality of life in Panama is impeccable. For example, the food is fresh and she feels healthier than in the US."I'm having the time of my life because my health is good," Lohr said. "My diet is even more simple. On the Cinta Costera, I can walk down to the seafood market and get fresh anything."<div type="image" title="Photo shows Saundra Lohr in Panama City, Panama." height="554" width="381" msid="112968572" hostid="261" sizebytes="20992"></div>Lohr said the affordability in Panama is one of the country's best features for retirees and she saves a lot on groceries. Additionally, there are plenty of outdoor activities."Nature's right at your doorstep with hiking and bird watching, kayaking, and pristine beaches," Lohr said. "There are lots of opportunities to explore and take your own adventures."Lohr has no reservations about leaving the US. In fact, she started a business, called Expat Pros Advice, to help remote workers and retirees navigate the legal and real estate technicalities of moving.She said she loves life in Panama and is grateful she made the decision to move."I realized that I needed to give myself permission to dream," Lohr said. "I had to believe that all things are possible, that if I believed that I could change my perspective and my life, then I could do just that."Are you an American retiree who moved abroad? This reporter wants to hear your story. Please reach out at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>

A boomer from Texas retired in Panama for the low cost of living and lifestyle. She said it feels like 'Christmas every day.'

<ul class="summary-list"><li>Danny Keay, 60, served 22 years in the US Army before retiring in Germany in 2015.</li><li>In 2021, he relocated to Daejeon, South Korea with his wife.</li></ul>After 22 years in the US Army, Danny Keay wanted to enjoy his retirement by traveling abroad. Today, he's able to do that by living in South Korea.<a target="_blank" class="" href="https://www.businessinsider.com/baby-boomer-retire-germany-better-healthcare-quality-life-homeownership-2024-8">He retired in Germany</a> in 2015, but six years later, he moved to South Korea to be closer to his wife's family. Keay, 60, said his healthcare options are cheap and efficient in <a target="_blank" href="https://www.businessinsider.com/retirement-ages-different-countries-under-62-full-benefits-colombia-greece-2024-7#south-korea-2">South Korea</a>, and his military pension income affords him the ability to travel in Asia.Keay receives over $2,900 monthly from his military retirement pension in addition to a <a target="_blank" class="" href="https://www.businessinsider.com/boomer-military-veteran-raised-kids-germany-retired-texas-social-security-2024-8">monthly pension for veterans with disabilities</a>. He also receives payouts from investments he made earlier in a Vanguard Mutual Fund and money from selling his home in Germany."The disability pay combined with my retirement makes living at my age very comfortable," Keay said. "With that money, I definitely have not only security but also financial independence."Keay is one of nearly a thousand Army retirees to settle in South Korea. In fact, the country was home to 908 US Army retirees in September 2022, the second-largest amount for any country outside the US after Germany, according to a <a target="_blank" class="" href="https://media.defense.gov/2023/Oct/06/2003315292/-1/-1/0/MRS%20STATRPT%202022%20V999.PDF">Department of Defense</a> report published in October 2023.Keay said living in South Korea provides him with better healthcare and quality of life. What's more, he doesn't think he would have the same disposable income if he lived in the US.<h2 id="0df13ce0-d29e-46c7-9def-4eb8712dd5ff">A childhood interest in the military sparked a career</h2>Keay was born in Malvern, a town in Worcestershire, England, and was raised in <a target="_blank" class="" href="https://www.britannica.com/place/West-Germany">West Germany</a>. His father was a member of the English Royal Air Force and served in WWII. From a young age, Keay was fascinated with the military and the US.In 1989, while living in Germany, Keay met his ex-wife, who was a US soldier. A year later, Keay moved to Alabama with her, and he enlisted in the US Army in 1992.For 10 years, Keay was stationed in various states in the US and he obtained his US citizenship, he said. Then, in 2002, he was assigned to outposts in Germany and the Netherlands.When Keay retired from the US Army, he said he had no intention of returning to the US. Meanwhile, he and his first wife divorced.In 2016, Keay visited Yongsan, South Korea, a district in Seoul, where he met his current wife Mi ok Jeon. While they initially lived in Germany, Mi ok had difficulty adjusting to life in Waurichen, a small village near Germany's border with Belgium and the Netherlands, he said. Additionally, her son, who lived in South Korea, had a child and she wanted to be closer to her family.<h2 id="1f1bf490-9c05-44a2-970a-14461a5ea37c">Life in South Korea is convenient and efficient</h2>In 2021, Keay sold the home he bought in Waurichen in 2005, and the couple moved to <a target="_blank" class="" href="http://www.livingindaejeon.or.kr/english/introduction">Daejeon, the fifth-biggest city in South Korea</a>.<div type="image" title="Photo shows Daejeon, South Korea." height="900" width="1600" msid="112896050" hostid="261" sizebytes="263952"></div>Keay and his wife rent an apartment in a complex that has a great community and quality of life, including underground badminton and tennis courts, a fitness center, and a mini library, he said.Keay said he paid an <a target="_blank" class="" href="https://english.seoul.go.kr/service/living/housing/1-wolse-jeonse/">upfront down payment</a> of $220,000 when they signed the lease in order to negotiate a cheaper monthly rent. He pays an average of $3,000 annually.<div type="image" title="Photo shows Badminton Courts in an apartment complex in Daejeon, South Korea." height="900" width="1600" msid="112896045" hostid="261" sizebytes="129754"></div>Keay said life in South Korea, from public transportation to healthcare, is convenient and efficient. For example, Keay said he can buy a one-way bus ticket in Daejeon for under $1."Transportation is honestly amazing," he said.He said he is registered in the <a target="_blank" class="" href="https://www.hira.or.kr/dummy.do?pgmid=HIRAJ010000006000#:~:text=The%20health%20security%20system%20in,are%20insured%20and%20government%20subsidies.">government healthcare system</a>, and since his pensions are his only income, he is classified as low-income. Keay pays roughly $18 a month for healthcare coverage, he added.Keay visits the doctor every three months for blood pressure medication and said the appointment costs about $3, while a three-month supply of medicine costs about $15.Keay also said he enjoys the ease of traveling in the Pacific. He and Mi ok have traveled to over a dozen countries together and recently returned from Japan. In October, Keay plans to visit Saipan.Are you a veteran or a baby boomer who retired abroad? This reporter wants to hear your story. Please reach out at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>.

A veteran baby boomer retired in Germany before relocating to South Korea. He says the healthcare is affordable and he can travel easily.

<ul class="summary-list"><li>A target-date fund is a type of <keyword id="11965075" type="UNKNOWN" weightage="60" keywordseo="mutual-fund" source="Orion">mutual fund</keyword> or ETF that is designed to help with <keyword id="11909870" type="UNKNOWN" weightage="60" keywordseo="retirement" source="Orion">retirement</keyword> investments for anyone with a specific retirement date in mind.</li><li><keyword id="12594581" type="UNKNOWN" weightage="60" keywordseo="target-date-funds" source="Orion">Target-date funds</keyword> are made up of various investments and will change over time to become more conservative as the "target date" approaches.</li><li>Target-date funds are structured in a way that's known as "fund of funds," which means they invest in numerous mutual funds instead of individual securities.</li></ul>Target-date funds, also known as life-cycle funds, are retirement funds that are designed to simplify the investment process for those who know when they plan to retire. These asset types can help investors control risk by automatically changing to more conservative <keyword id="11899862" type="UNKNOWN" weightage="60" keywordseo="assets" source="Orion">assets</keyword> as the "target date" — or the date at which the fundholder plans to retire — nears. <h2>How target-date funds work </h2>Target-date funds are structured to offer long-term investment growth over a set period of time. The name "target-date fund" refers to its target date, or the year an investor wants to meet a financial goal, which doesn't necessarily need to be related to retirement. "[Target-date funds] are used for something specific in the future, whether it's retirement or a college fund," says Fernanda Novaes, portfolio manager at Intercontinental Wealth Advisors based in San Antonio, Texas. Investors choose a fund with a target year close to their target date. While some target-date funds are invested directly in <a href="https://www.businessinsider.com/what-is-stock" target="_blank" rel="noopener">stocks</a> and <a href="https://www.businessinsider.com/what-is-a-bond" target="_blank" rel="noopener">bonds</a>, it's more common for them to be a mix of <a href="https://www.businessinsider.com/mutual-funds" target="_blank" rel="noopener">mutual funds</a>. This mix is referred to as a "fund of funds" and is naturally diversified. A target-date fund is designed to shift its investments automatically to reduce risk as the target date gets closer. "If you're not a savvy investor or if you don't have much time to keep looking at investments, follow the market, or understand what asset classes you should put in there, it's a simple way of putting it on autopilot," says Novaes.Initially, the fund invests in riskier options like equity. But over time, it switches to more conservative options like bonds. Most investors would make this transition during their journey toward retirement anyway, and this fund does the work for you. This gradual transition is called a glide path, based on the course of a landing airplane. The length and severity of the glide path depends on the fund. "There are target date funds that are five years out and there are target-date funds that are 50 years out," says Novaes. "It depends on your needs." But no matter how many years are left in a target-date fund, the glide path will be gradual.If you need to sell a target-date fund at any time, you shouldn't have to pay exit fees. But if you invested in a taxable fund, there may be tax penalties for withdrawal.Quick tip: Every mutual fund charges fees. Because a target-date fund is a fund of funds, your fees may be duplicated for each of the funds included in the investment portfolio. Research the total fees using <a href="https://tools.finra.org/fund_analyzer/" target="_blank" rel="noopener">FINRA's Fund Analyzer</a> to understand the expense ratios before investing.<h2>Example of a target-date fund </h2>Let's say an investor is 40 years old and plans to retire at 65. So, the investor picks a Target-Date 2045 fund. The managers of the fund take care of all the behind-the-scenes work — everything from stock selection to sales to reconfiguring the balance of the overall fund. In the early years of the fund, it is invested in more stocks than bonds because there's enough time over the next 25 years to take risks. This Target-Date 2045 fund is made up of 75% stocks. These riskier investments in the beginning could lead to better growth. If there are any downward turns along the way, there's time for the fund to recover.Slowly over the years, the fund managers will follow a glide path. The glide path designates how frequently the managers rebalance the fund to eventually include mostly conservative assets like bonds, fixed-income securities, or cash. By 2045, the fund includes only 30% stocks without the investor having to make the decisions.These changes that are made over time are meant to become more conservative, so that risks and losses are less likely as the target date gets nearer.Quick tip: Look at the target-date fund's prospectus before investing. You'll be able to check factors like how the fund divides up assets over the entire lifespan, level of risk, success rate, and fees.<h2>Pros and cons of target-date funds </h2>There are several positives and negatives of target-date funds that are important to note before investing in one. Here are a few that investors encounter most often:<table><tbody><tr><td>Pros</td><td>Cons</td></tr><tr><td><ul><li>The investment process is smoother and simpler because it's designed to be the sole investment</li><li>Target-date funds are already diversified</li><li>A target-date fund is designed for investors who want to set it and forget it</li></ul></td><td><ul><li>The management fees may be more expensive than other retirement funds</li><li>Investors cannot be completely hands-off because they should research different target-date funds before investing and keep an eye on performance over the years</li><li>It's not a customized retirement option</li></ul></td></tr></tbody></table><h2>How to invest in target-date funds </h2>People can invest in target-date funds in several ways. The most common is through a company <a href="https://www.businessinsider.com/what-is-401k" target="_blank" rel="noopener">401(k)</a> that offers target-date funds. Some employers only offer this type of fund in their 401(k)s. Another way to buy a target-date fund is through an IRA — either <a href="https://www.businessinsider.com/roth-vs-traditional-ira" target="_blank" rel="noopener">traditional or Roth</a>. All of these options are tax-advantaged. You could also buy a target-date fund from an online <a href="https://www.businessinsider.com/what-is-broker" target="_blank" rel="noopener">broker</a>, but these may be taxable, so it's probably best to avoid that route if you can.You can also head to a financial services company like Vanguard, Fidelity, or Charles Schwab that offers target-date funds. "Typically the easiest thing to do — let's say you have your account at Fidelity — is to pick a Fidelity target-date fund," says Novaes.Note: According to Morningstar, <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.morningstar.com%2Flp%2Ftdf-landscape" target="_blank" rel="nofollow noopener sponsored">management investment</a> is an important data point to look at when choosing a target-date fund. This point shows whether fund managers have invested their personal money into the fund — and it's a reliable indicator of whether the fund will outperform its competitors.<h2>The financial takeaway</h2>Also, although they may seem like a straight shot toward your retirement goals, target-date funds are not without risk. Investing money in the stock market is inherently uncertain, and although they are diversified, you're not protected against losses completely. Make sure you understand the full picture of the risk before investing.Before investing, it's helpful to check whether there's a management member with significant investments in the fund.

You Searched For "mutual funds for retirement" and got 7 results

A boomer who retired with a $2 million net worth despite working modest jobs shares his advice on retiring comfortably

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About 45% of Americans will run out of money in retirement, including those who invested and diversified. Here are the 4 biggest mistakes being made.

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A boomer from Texas retired in Panama for the low cost of living and lifestyle. She said it feels like 'Christmas every day.'

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A veteran baby boomer retired in Germany before relocating to South Korea. He says the healthcare is affordable and he can travel easily.

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