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 [...]
Retirement is more than just saving money until you stop working. It can be easy to be on retirement auto-pilot, especially when your retirement money is taken out of your paycheck. But there is so much more to retirement than money taken out of your paycheck. If you’re looking to up your retirement know-how, this article is for you. We’re going to go over 3 terms that are crucial to understand when making decisions about your [...]
If you’re feeling lost about where to start preparing for your retirement, this article is for you. It may be difficult for you to find good retirement advice—as Americans, we tend not to like to talk about money. And even if you do have someone to talk to, you can never be sure if the advice of your friends and family is sound, so we’ve put together a small checklist to help you understand the big [...]
Those in Gen-X are likely to be entering some of their highest earning years, and you may be among them. And while it can be very exciting to finally be able to set up the comfortable life you’ve always dreamed of, there are other aspects to wealth that you probably haven’t thought about. For example, do you know how you’re going to afford a 15-year retirement? Fifteen years may seem like a lot, but the average [...]
If you don’t know what your spouse wants out of retirement, you might be faced with unforeseen, costly mistakes. Ask yourself if you know their specific plan. Do you know the day they plan to retire? Do you know exactly how your finances are going to be handled? Retirement is all about planning, and if you aren’t planning with your spouse, then you’re missing half of your retirement equation. Here’s an exaggerated example to illustrate the [...]
Retirement is often envisioned as a time of leisure and freedom from the demands of a full-time job. However, the rising costs of living and uncertain economic conditions characterized by high interest rates and volatile markets can cast a shadow of worry over this anticipated period of peace. Despite these concerns, there are strategies available to help mitigate financial stress and maintain a comfortable lifestyle. One such approach is to consider working during retirement. Rethinking Retirement [...]
There has been a lot of chaos in the market over the last few years, and you may find yourself worried that you’re retiring at the wrong time. You may be worried that you could retire right before the markets and economy potentially turn sour. These are both legitimate concerns, but there are strategies that you can employ to help protect yourself against retiring during a bad market. Why can it be bad to retire while [...]
Even if you are comfortable in your financial life, even if you are fairly wealthy, there still may be pitfalls when it comes to retirement! There are many things that affluent retirees don’t take into account, specifically because of their comfortable financial position. Don’t be one of those people who forget to overlook the risks of tomorrow just because they’re comfortable today! Here are two examples of things that many wealthy retirees can often forget to [...]
One crucial aspect that you should financially monitor is the common financial stumbling block encountered when shifting to a retirement lifestyle. Here are some valuable insights from our professionals for those on the verge of retirement: Stick to a Well-Constructed Plan Having a well-defined blueprint for your retirement plan, which considers your budget and expected expenditures, is crucial. If your plan is working, then you probably want to stick with it. However, there may be times [...]
Do you feel like you have enough saved for retirement? Do you have anything saved for retirement? If your answer to either of these questions is no, then our advisors may have some strategies to help you turn your retirement income strategy around. Here are some things that our advisors recommend when it comes to boosting your retirement savings: Assess Your Financial Situation Honestly This isn’t as easy as it sounds. When you were a kid [...]