Daily Money - When Retirement Is the Right Call

Happy 61st birthday, Nicolas Cage.

On this day in 1964, the famed Coppola family thespian was born. Since his breakout role in 1983’s Valley Girl, the Hollywood mainstay has had credits in over 100 movies, some better than others. The Family Man, Gone in 60 Seconds and The Rock come to mind.

But since the turn of the century — with occasional exceptions like Cage’s performance in National Treasure or 2022’s self-depricating role in The Unbearable Weight of Massive Talent — I’d like my time back from having endured much of his filmography. (Looking at you, Renfield.)

Cage’s once-storied career has seemingly devolved into mediocrity, but it’s understandable why he continues taking as many roles as he does: His net worth dwindled from an estimated $100 million in the early 2000s to around $40 million today. When you have a penchant for European castles, money just doesn’t stretch as far as it used to.

However, for everyday Americans who haven’t squandered their savings, it’s important to know when enough is enough. Working just for the sake of work — or toiling simply to remain occupied — can leave other aspects of your life in neglect (hence Cage’s four ex-wives). And while headlines continue reminding how unprepared people are for retirement, there’s rarely any focus on those who are.

In 2024, AARP found that 1 in 5 Americans over the age of 50 have no retirement savings. Borrowing a phrase from filmmaking, let’s flip the script: 4 in 5 Americans over the age of 50 do have retirement savings. Here’s another: 23% of workers are now 55 and older. Flipped? Seventy-seven percent of American workers aren’t age 55 or older.

Those of you who are approaching retirement age and have stuck to your retirement savings plan should feel confident in your preparation. Rather than working for the sake of work, you should enjoy the chapter of your life you’ve spent decades preparing for by doing what’s important: spending time with family, traveling and avoiding Nicolas Cage movies.

A controversial new study found that an all-gas, no-brakes retirement savings strategy far outperforms both the traditional 60/40 portfolio and target-date funds. Researchers now say that a 100% stock portfolio is the way to go. You read that right: All equities, no bonds.

The earlier you buy life insurance, the cheaper it generally is. That’s because as you get older, the insurance company takes on more risk by covering you — and they tend to charge you more for a policy. Getting insured at a younger age can, therefore, put less of a dent in your budget. The least expensive life insurance option is usually term, which covers your loved ones for a set period of time. With coverage options that start at $100,000 and go all the way up to $10 million, our life insurance partners may have a policy that fits your family’s needs.

Check out Money’s list of top life insurance providers today.

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