Retirement Planning

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Is Your IRA At Risk In This Market?

During bear markets, we must ask different questions about our money and our assets. It is no longer about which stocks will double over the next twelve months. Instead, it will likely be about how to preserve your portfolio value by investing in stable equities with a consistent yield or profitability to mitigate the risk of steep declines. Regardless, market downturns happen, and if you have an IRA, you might expect to rely on its distributions [...]

Four Common Retirement Mistakes You Could Be Making

Practice makes perfect, but unfortunately, retirement isn’t something you can practice. It typically happens one time, and there may not be many opportunities to learn from your mistakes. The best way to avoid making mistakes in the first place is to educate yourself and create a plan. Here are some common retirement mistakes you could be making. Wishing for the Best Instead of Preparing for the Worst We saw record highs in 2021, but 2022 may [...]

2022-06-15T18:35:37+00:00June 15, 2022|Retirement Planning|

The Retirement Rules Could Change Soon – Have a Response

If you have a financial plan in place, you may think you’re set. However, the rules of retirement are always subject to change. We’ve seen new retirement legislation in the last few years and could see more soon. It’s important to understand how you could be affected and think about how you will respond. The End of the “Stretch IRA”  The first SECURE Act, passed in 2019, changed the rules for inherited retirement accounts: Instead of [...]

2022-06-02T17:16:58+00:00June 2, 2022|Retirement Planning|

3 Major Retirement Expenses to Include in Your Budget

General retirement planning advice says that you’ll need about 80% of your pre-retirement income in retirement, but this may not be the case for everyone. Inflation, taxes, and long-term care costs are easily overlooked - but these expenses could be high. When creating your retirement budget, don’t forget to include these three expenses. Taxes: How Much Will You Pay in the Future? It’s easy to forget about taxes after you file, but it’s important to think [...]

2022-05-19T22:05:26+00:00May 19, 2022|Financial Planning, Retirement Planning|

Three Birthday Milestones That Could Change Your Tax Situation

When we think of milestone birthdays, we often think of ones that are already behind us – like 18 and 30. But there are plenty of important birthdays ahead of you, especially as you near and enter retirement. Starting at age 50, several birthdays are critical to acknowledge because they can have implications for your retirement and tax situation. Age 50 At age 50, workers can make annual “catch-up” contributions in addition to their normal contributions. [...]

2022-04-15T13:42:01+00:00April 15, 2022|Financial Planning, Retirement Planning|

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 [...]

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

What’s Your Retirement Game Plan?

Football fanatics spend hours learning about their team’s tactics, dynamics, and playing history. Those who pay attention don’t just notice how many wins their team has, but how they got to be so good. There’s a lot we can learn from football when it comes to retirement planning. For instance, you have to know how to adapt to unexpected challenges and recognize the importance of good coaching. Adapt to New Challenges Whether your team won or [...]

2022-03-25T21:06:16+00:00March 25, 2022|Retirement Planning|

Four Easy Things You Can Do to Plan for Retirement Right Now

Retirement planning can seem overwhelming, even if you feel you’ve saved enough to retire. It’s hard to know where to begin because a comprehensive retirement plan involves so many elements, from an investment strategy to tax minimization. When faced with a complex problem, we can often end up procrastinating. But a better approach is to start with a few easy things. #1 Estimate How Much Money You’ll Need Each Year in Retirement A financial plan starts [...]

2022-03-08T22:11:41+00:00March 8, 2022|Retirement Planning|

A Retirement Plan Built for Two

For many people, retirement planning is a joint effort. Whether you’re newlyweds or celebrating another milestone anniversary, there are some important conversations that you may want to consider having with your spouse regarding retirement. Here are some topics you may want to cover when creating a retirement plan built for two. How Much Do We Have Saved? First, it’s important that you both are on the same page about your finances and how much you actually [...]

2022-02-11T20:39:58+00:00February 11, 2022|Retirement Planning|

Important Retirement Plan Upkeep

If you’ve ever owned a house, you know how much upkeep it requires. Something always needs to be fixed or replaced, and if small problems go unchecked for too long, they can turn into bigger problems. The same is true for retirement planning. Here are three important questions to ask yourself to keep your retirement plan up-to-date. Are You Protected Against a Major Market Correction? We saw a rise to record highs in 2021, but what [...]

2022-02-07T21:37:20+00:00February 7, 2022|Retirement Planning|
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