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Will Your Savings Last for the Rest of Your Life?

Once you’ve saved enough for retirement, the question becomes how you’ll make your savings last for the rest of your life. Higher costs make this difficult, and we’ve been seeing higher costs as a result of inflation for some months. It’s important to know how inflation can erode your savings over time and how to create a plan to address this. We Could See “Persistently Higher Inflation” Federal Reserve Chairman Jerome Powell said last year that [...]

Rebecca Mack2022-04-08T14:28:59+00:00April 8, 2022|Retirement Income, Retirement Planning|

Three Eroding Forces on Your Retirement Savings

Over 60% of Baby Boomers are more afraid of running out of money than of dying, according to a recent survey.[1] Even retirees who have saved a substantial amount for retirement may be worried about outliving their savings, and there may be good reasons for this. The potential for higher taxes, inflation, and healthcare costs are three eroding forces on your retirement savings. Taxes Could Affect Your Bottom Line Retirees of previous generations may have had lower [...]

Rebecca Mack2021-11-12T16:36:09+00:00November 12, 2021|Retirement Income, Retirement Planning|

Where Could Your Retirement Income Come From?

You’re used to receiving a paycheck, and perhaps you’ve been used to it steadily increasing over the course of your career. You may have experienced what’s known as “lifestyle inflation” and may not plan to downgrade in retirement. Whatever the case, it’s important to know where your retirement income will come from. It could come from several different sources, so know how much will come from each and the total amount. Social Security Social Security benefits [...]

Rebecca Mack2021-09-24T20:15:53+00:00September 20, 2021|Retirement Income|

4 Reasons to Have a 401(k) Strategy

If you’ve saved a substantial amount in a tax-deferred retirement account, it will no doubt be instrumental in retirement. The next step is to strategize how you’ll use those savings. There are several important things to know about your 401(k), such as how much you can contribute, options for your 401(k) when you leave your job, and how RMDs work. Here are four reasons to have a 401(k) strategy. You Have Options for Old 401(k) Accounts [...]

Rebecca Mack2021-06-25T14:38:30+00:00June 25, 2021|Retirement Income|

How Much Do You Need to Save for Retirement?

While $1 million is sometimes cited as the ideal number for retirement savings, this assumes a one-size-fits-all approach to retirement planning. Everyone's retirement goals are unique, and preparing for retirement might not be as simple as saving a certain amount at all. It's worth taking a more in-depth look at your finances and future needs to see if you have enough saved for retirement and what retirement costs to factor into your plan. Longevity Risk After [...]

lonebeacon2021-06-02T20:18:32+00:00June 2, 2021|Retirement Income, Retirement Planning|

Prepare for Taxes On Your Retirement Accounts

The Biden administration has already spent $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals. You may think you won’t have to worry as much about your tax burden in retirement, but you could be wrong. You may need to prepare for taxes on your retirement accounts. [...]

lonebeacon2021-05-04T23:37:45+00:00May 4, 2021|Retirement Income, Retirement Planning, Tax Planning, Taxes|

4 Types of Retirement Income and How They’re Taxed

Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. Start with these 4 types of retirement income and how they’re taxed. Investments held for over a year are taxed at preferential rates. Investments that are held for one [...]

lonebeacon2021-04-09T16:29:19+00:00April 9, 2021|Retirement Income, Tax Planning|