Retirement Planning Archives

Putting Together the Puzzle Pieces of Retirement Planning

Over the course of your life, you have probably acquired several different retirement accounts, and you have likely considered many kinds of retirement strategies. The key now, if you have recently retired or you are about to retire, is to start putting those different pieces together to form a complete picture of what you have and what you may need going forward. 401(k) This is the most common kind of retirement account. It’s held jointly between [...]

Rebecca Mack2023-03-13T14:51:48+00:00March 13, 2023|Retirement Planning|

Will Your Retirement Savings Be Enough?

Are you unsure of how much money you will need in retirement? This is a very common concern for Americans as they approach retirement age. This blog will give you some tips on how to begin estimating your needs in the future, as well as some tips on how to increase the longevity of your savings. How Much Should I Spend? One of the easiest ways to judge how much money you will need in retirement [...]

Rebecca Mack2023-03-06T14:33:54+00:00March 6, 2023|Retirement Income, Retirement Planning|

2 Ways the 2022 Economic Woes Affected Your Retirement Accounts

The 2022 economic climate has been bumpy for most, and in some cases even bumpier for retirees. Americans and the world at large dealt with the economic ramifications of the Russia-Ukraine war, post-pandemic industrial effects, and rising inflation and interest rates. As the year ends, it is important to understand how these factors affected your finances as a retiree. Inflation Pinched Pockets Between 1991 and 2021, annual inflation averaged 2.5%, close to the Federal Reserve’s desired [...]

Rebecca Mack2023-01-13T15:32:15+00:00January 13, 2023|Economy, Retirement Planning|

Turning 59.5 This New Year? Here’s What You Need to Know

Approaching 60 is an exciting time. Not only does it come with more wisdom and thrill for a new chapter of life, but it also presents important financial decisions that can affect your life in retirement. If you are turning 59.5 this year, you will become eligible to withdraw from your retirement accounts without penalty. This birthday, and possibly 3 other birthdays that affect your retirement accounts, presents an opportunity to rethink your finances and live [...]

Rebecca Mack2023-01-05T18:52:34+00:00January 5, 2023|Retirement Planning|

Thinking About Retirement? The Basics of Financial Literacy Are Your North Star

Working towards retirement, you may have a detailed plan on how to manage your finances so that you have enough saved by the time you leave the workforce. With no external income coming in, there will be a new rulebook on how to manage your retirement earnings, expenses, and investments – not just so that you can keep growing your portfolio – but so you can live comfortably. Financial literacy in retirement is therefore crucial to [...]

Rebecca Mack2022-12-07T16:27:53+00:00December 2, 2022|Financial Planning, Retirement Planning|

Making the Switch to Paying Yourself

For most of your life, you’ve probably had a daily routine – from tying your tie to greeting your coworkers to loosening that tie when you get home. When thinking about retirement, not only does your daily routine change but your financial routine does too. In your working years, you made sure to have a savings and wealth accumulation plan. Your retirement goals were focused on building wealth but now, your goal is to spend it [...]

Rebecca Mack2022-12-07T16:28:41+00:00November 18, 2022|Retirement Income, Retirement Planning|

Does the 4% Rule Really Work?

During your saving years, your main goal is to accumulate wealth so that you have the resources to achieve a comfortable retirement. But that is just half the battle. How you use your savings to cover your living costs is the real key to living the retirement you dream of. You may have done some research on what strategies you can use to provide yourself with the income and liquid cash you need to cover your [...]

Rebecca Mack2022-11-03T15:56:06+00:00November 3, 2022|Financial Planning, Investment Strategies, Retirement Income, Retirement Planning|

Are You Asking the Right Questions Before You Retire?

You might remember a time when markets kept increasing and your retirement portfolio was smooth sailing. But that was before the recent inflation numbers and market correction. You may have built a substantial nest egg, but even then, you may be concerned about how you will maintain your lifestyle in retirement and how you will avoid running out of money in this new economic environment. Here are a few questions to ask yourself as you plan [...]

Rebecca Mack2022-08-11T20:35:16+00:00August 11, 2022|Retirement Planning|

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 [...]

Rebecca Mack2022-07-28T19:49:34+00:00July 25, 2022|Economy, Retirement Income, Retirement Planning, Stock Market|

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 [...]

Rebecca Mack2022-06-15T18:35:37+00:00June 15, 2022|Retirement Planning|