Retirement Planning Archives

Are You Close to An Important Birthday?

When we think about important birthdays, we think of 18 and 21, but what about 59 ½ or 72? Just because you’re older doesn’t mean you don’t have more milestones to hit. Starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications for your retirement. Are you close to an important birthday? Age 50 At age 50, workers can make annual "catch-up" contributions in addition to their normal contributions. In [...]

lonebeacon2021-03-15T14:11:09+00:00March 15, 2021|Financial Planning, Retirement Planning|

When Retirement Is Like Football

Whether your team won or lost a few weeks ago, we can all agree that it’s no easy feat to make it to the big game at the end of the season. This game is the culmination of both teams practicing and strategizing all season long. Creating a game plan for football is a lot like creating a retirement plan. You have to know how to adapt to unexpected challenges and recognize the importance of good [...]

lonebeacon2021-02-27T01:17:34+00:00February 27, 2021|Retirement Planning|

3 Recent Events That Could Show the Future of Your Finances

Planning for retirement is never a “set it and forget it” activity. There are unexpected disasters, market drops, and changing laws that invariably cause retirees to reevaluate their plans of action. Recently, the Federal Reserve’s statements regarding interest rates and inflation, as well as the GameStop stock frenzy, may have you wondering how to respond. Let’s look at three events that could show the future of your finances. The Federal Reserve’s Latest Meeting The Federal Reserve [...]

Rebecca Mack2021-02-17T20:15:21+00:00February 16, 2021|Economy, Retirement Planning, Stock Market|

3 Ways the SECURE Act Could Affect Your Retirement

The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) recently had its one-year anniversary. It was the biggest piece of retirement legislation to be passed in many years, and it will undoubtedly have a major effect on how many Americans approach retirement and estate planning. It had several aims, from making it easier for workers to save for retirement to potentially increasing the amount the IRS could collect in taxes on inherited IRAs. What [...]

Rebecca Mack2021-02-10T15:57:40+00:00February 8, 2021|Retirement Planning|

Concerned About Taxes On Your Retirement Account?

You might expect your tax burden to decrease in retirement – after all, you’re no longer receiving a paycheck that incurs income tax, the payroll tax, and Medicare tax. However, your income in retirement could be significant, between investment income, rental properties, pensions, Social Security, and retirement account withdrawals. Starting at age 72, you likely must take Required Minimum Distributions (RMDs) from your traditional retirement accounts, which could potentially increase your taxable income. And considering the [...]

Rebecca Mack2021-02-01T19:17:33+00:00February 1, 2021|Retirement Planning, Tax Planning|

3 Retirement Challenges You Can Plan For

No matter where you are in your retirement journey, a financial advisor may be able to provide you with potentially valuable information and advice. A comprehensive retirement plan tailored specifically to your situation could have a major impact on your retirement: It may help you avoid common retirement pitfalls and mitigate risks. Here are 3 potential retirement challenges you can plan for. Longevity While a longer life is certainly a blessing, with it comes the risk [...]

Rebecca Mack2021-01-17T18:25:11+00:00January 17, 2021|Retirement Planning|

Ready to Retire in 2021? Ask Yourself These 3 Questions

Will 2021 be your retirement year? And how do you know when it’s time to retire? For some, retirement comes at a milestone. Maybe it’s 35 years on the job or your 65th birthday, or maybe your goal is to retire when you have a certain amount in savings. Retirement is different for everyone, and it’s a big decision to make. You might not be ready on your 65th birthday, or maybe you’ll be ready before [...]

Rebecca Mack2021-01-04T17:14:12+00:00January 4, 2021|Financial Planning, Retirement Planning|

3 Easy Ways To Get On-Track for 2021 & Beyond

Only 28% of Americans will make New Year’s resolutions that are financial in nature, according to a recent MassMutual survey.[1] Perhaps more should – retirement requires significant planning and there is no better time to start than at the beginning of a new year. If you’re wondering how to do this, then you might consider these 3 easy ways to get on-track for 2021 and beyond. Plan for Retirement Account Contributions and Distributions Contributing to a [...]

Rebecca Mack2020-12-28T16:49:00+00:00December 28, 2020|Financial Planning, Retirement Planning|

Note These 3 Retirement Risks

Imagine you’ve saved your target amount for retirement and are on track to receive your optimal Social Security benefit. Many think these are the only things to take care of, but retirement planning consists of much more. It’s also crucial to consider how much risk you’re taking and how much risk your money can manage. No one can predict the next 30 years of market ups and downs, how long they’ll live for, or what their [...]

Rebecca Mack2020-11-30T18:59:29+00:00November 30, 2020|Retirement Planning|

Your Retirement Recipe

It’s almost Thanksgiving, and if you're hosting this year, you know that preparation and organization are key to a successful feast. First, you need to know how many mouths there will be to feed, then figure out what kind of meal you’re going to serve them and how you'll make it. On top of all that, you need to have everything timed out so the food will hit the table on schedule. As you can see, [...]

Rebecca Mack2020-11-20T07:31:35+00:00November 20, 2020|Retirement Planning|