- Mercer Advisors, Formerly Epstein & White

How Spending and Budgets in Retirement Can Change Over Time

Retirement is often viewed as a static phase of life, but the reality is far more dynamic. As retirees progress through their golden years, their spending habits and budgetary needs can evolve significantly. Understanding these changes is crucial for effective retirement planning and ensuring financial stability throughout this important life stage. The Early Years The initial years of retirement are often characterized by increased spending. Many retirees, newly freed from work commitments, indulge in activities they've [...]

Rebecca Mack2024-12-06T16:15:55+00:00December 6, 2024|Financial Planning, Retirement Income, Retirement Planning|

Differences Between Traditional and Roth IRA

When it comes to planning for retirement, Individual Retirement Accounts (IRAs) are a popular investment option. There are two main types of IRAs: traditional and Roth. Both have their own distinct features, advantages, and drawbacks. In this article, we will explore the key differences between a traditional and a Roth IRA. Tax Treatment One of the main differences between a traditional and a Roth IRA is the way they are taxed. Traditional IRA Contributions to a [...]

Rebecca Mack2024-11-19T20:39:06+00:00November 19, 2024|Investing, Retirement Income, Retirement Planning|

Retirement Planning Refresher: What Retirees Need to Know About SECURE Act 2.0

The SECURE Act 2.0, signed into law in late 2022, brought significant changes to retirement savings and planning—namely, the rules around how retirement accounts work and can be used. As a retiree or someone approaching retirement, understanding these changes can assist in optimizing your financial strategy. Let's explore some key aspects that may directly impact you. Required Minimum Distributions (RMDs) at 73 Good news for those who want to keep their money invested longer! The age [...]

Rebecca Mack2024-11-14T22:28:48+00:00November 14, 2024|Retirement Planning|

Back to the Basics of Retirement Accounts

Retirement accounts are a cornerstone of today’s retirement strategies. While everyone might recognize the terms “IRA” or “401(k),” it’s important to familiarize yourself with how they work so you can understand how they may play a role in your own retirement strategy and timeline. Once you approach retirement, there are so many ways you can use these types of accounts, or the funds in them, to structure a retirement that works for you. First, let’s understand [...]

Rebecca Mack2024-11-08T11:42:02+00:00November 8, 2024|Retirement Income, Retirement Planning|

How to Turn Your Roth IRA into Regular Income

In retirement, prioritizing stability is crucial—not just the growth of your account value. While it’s tempting to focus on maximizing returns, the reality is that you need a reliable income stream to support your lifestyle and replace your paycheck. Relying on market fluctuations for your financial security can lead to uncertainty and stress. Instead, having a consistent monthly income allows you to keep your savings intact while enjoying your retirement. Is a Roth IRA the Best [...]

Rebecca Mack2024-09-16T15:52:13+00:00September 16, 2024|Retirement Income, Retirement Planning|

Retirement Readiness for Generation X: Overcoming the “Sandwich Generation” Squeeze

As a financial advisor, I've had the privilege of working with many clients from Generation X—the often-overlooked cohort born between 1965 and 1980. And I can say with certainty that this generation is facing some unique challenges when it comes to preparing for retirement. Nearly half of Gen Xers, a staggering 48%, say they won't have enough money to enjoy their golden years, according to a recent report. What's more, 31% fear they'll never save enough [...]

Rebecca Mack2024-08-30T15:36:53+00:00August 30, 2024|Retirement Planning|

3 Important Concepts to Understand for Your Retirement

Planning for retirement involves more than just setting aside money in a retirement account. It's a complex process that requires familiarity with various financial concepts and terms. To enhance your retirement planning strategy, it's essential to acquaint yourself with some key terms. Here are three important concepts that you should be aware of: RMD (Required Minimum Distribution) RMD refers to the minimum amount that you must withdraw from your retirement account each year, starting at a [...]

Rebecca Mack2024-08-07T20:22:56+00:00August 7, 2024|Financial Planning, Retirement Planning|

7 Steps to Help You Plan for Retirement

Wealth preservation is essential for many individuals but warrants a specific focus for those nearing retirement. Understanding the complexities of wealth preservation is crucial, particularly for pre-retirees. Today's pre-retirees may need a more detailed retirement plan, whether due to inheritance, accomplishment in the corporate world, or entrepreneurial fulfillment. Regardless of how one acquires wealth, it's essential to understand that planning for retirement is unique to each individual. Here, we've compiled a checklist to help you prepare [...]

Rebecca Mack2024-06-26T15:59:40+00:00June 26, 2024|Retirement Planning|

Why You Shouldn’t Postpone Your Retirement Contributions

You may be thinking that you’ll save for retirement later. Right now, there are bills to pay and things you want to do with your money, so retirement isn’t on your radar. You may also be thinking, “How impactful could just a small amount of money saved really be for me—will it make a difference?” A lot of people have this mindset, so what are the potential problems with thinking this way? The biggest one is [...]

Rebecca Mack2024-06-07T20:39:23+00:00June 3, 2024|Financial Planning, Retirement Planning|

You’ve Grown Your 401(k)…Now What?

Unfortunately, saving a ton of money in your 401(k) isn’t the last step in your retirement plan. You might think that if you have a lot of money in your 401(k), then you don’t have anything to worry about. But there are still strategies and complexities to retirement even after you’ve saved up. To put this in perspective, most financial professionals divide retirement plans into two broad categories. The first is the accumulation phase. This is [...]

Rebecca Mack2024-04-19T13:58:00+00:00April 19, 2024|Retirement Income, Retirement Planning|