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 [...]
One way of thinking about retirement is that it happens in phases. The length of each phase and the strategies for each are going to differ from person to person, but this can be a helpful way to break down a very complex topic. We’re going to break down each one of the phases and explain some important financial moments in each. Phase 1: Pre-retirement (Approximately Ages 50-62) This is around the age when you will [...]
There are many important birthdays when it comes to retirement planning. So, as you approach your retirement, it’s crucial to have a few of these in mind as key milestones. Here are 4 important birthdays to make note of as you set up your financial future: Catch-Up Contributions Begin at Age 50 When you reach age 50, you can contribute more to your retirement accounts than you were able to when you were younger.[1] In [...]
There’s been a lot of news about inflation lately. As of July, the inflation rate was around 3.2%.[1] This means that the cost of goods and services, including but not limited to items such as groceries, housing, and gas, has gone up by 3.2% since this time last year.[2] You might think 3.2% is a pretty small number, and maybe you haven’t noticed a huge jump in the costs of the things you purchase every day. [...]
The unfortunate reality is that many Americans are now headed into retirement with some amount of debt.[1] In 2016, almost 61% of Americans were moving into the retirement stage of their life with unpaid debt.[1] And while you may think that your expenses will decrease once you retire, that isn’t always the case.[1] Sometimes, your expenses may stay the same, and other times, your expenses could go up. Unfortunately, there’s no way to predict your month-to-month [...]