- What Is the Interest Rate on a 401(k) Loan?
If you borrow from your 401k account, your employer’s retirement account plan documents will determine how much interest you’ll pay on the loan. Adding 1% to the prime rate is a common approach to setting this rate. It usually will be lower than the interest charged on a personal loan, credit card cash advance or… read more…
- How to Catch Up on Retirement Savings
Accelerating your retirement savings is a good idea. One of the biggest problems with retirement advice is that it’s usually prophylactic. That is, the most common advice when it comes to building a nest egg is “start early.” And to be fair, that’s true. By far the best way to build a strong retirement portfolio… read more…
- Investment Strategies for Your Retirement Plan
In a perfect world, we could point you to a single set of assets that would maximize safety, growth and cash flow all in one neat basket. Unfortunately, unless you’re lucky enough to have a generous pension fund, that asset class doesn’t exist, as virtually all investments offer some form of tradeoff. Below we detail… read more…
- Retirement Plans for Young Adults
Young adults have many priorities, from advancing their careers to planning for a family, which often leads to saving for retirement being placed on the back burner. However, being a young adult offers a significant advantage when it comes to building wealth for retirement due to the advantage of time. The power of compound interest… read more…
- Pros and Cons of Adding a Fixed Annuity to Your Retirement Portfolio
A fixed annuity is a popular source of retirement income. This insurance contract can pay you a guaranteed interest rate on your contributions, and your earnings could also grow tax-deferred until you start collecting income. But is this a good investment for your retirement? Let’s take a look at the pros and cons of buying… read more…
- Don’t Forget to Build This Into Your Retirement and Estate Plans
Most people will, sooner or later, want – or need – to surrender control of their finances. One of the lesser-known aspects of retirement planning is lining up someone known as an agent or fiduciary. This is someone who can take control of your finances if you experience cognitive decline or are otherwise incapacitated. This… read more…
- Side Hustles for Retirees
In the face of fluctuating economies and dwindling pensions, achieving financial stability in retirement can be challenging. As a result, some retirees end up working side hustles to supplement their retirement income. Luckily, there are more ways than ever for retirees to get a side hustle thanks to the gig economy and advancing technology. A… read more…
- How to Calculate Spousal Social Security Benefits
Spousal Social Security benefits allow a person to receive payments based on their spouse’s work record, which can be useful if they have little or no work history of their own. The maximum spousal benefit is 50% of the higher-earning spouse’s full retirement benefit. However, factors like claiming age and additional earnings can reduce this… read more…
- What Is the Advantage of Investing Early for Retirement?
Investing early for retirement can seem like a daunting task. But it’s a crucial step towards securing your financial future. Kickstarting your savings with enough time will help you build a nest egg that is large enough to pay for your retirement. Let’s break down the potential benefits and obstacles that you could face when… read more…
- Social Security Overview for August 2023: Everything You Need to Know
Millions of Social Security recipients play a common waiting game to see when their monthly benefits checks will hit their bank accounts or debit cards. Unlike most paychecks, Social Security benefit payments for many recipients are tied to a particular Wednesday of the month rather than a specific date. Consider working with a financial advisor… read more…
- The IRS May Be Cutting You a Break on Your RMDs This Year
If you’re confused about the rules surrounding required minimum distributions from retirement accounts in 2023, the IRS is offering some much-needed clarification – and relief. A financial advisor can help you plan for RMDs and manage your taxes in retirement. Find a fiduciary advisor today. When the SECURE 2.0 Act was signed into law in… read more…
- What Is a Beneficiary?
A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of estate planning. Failing to name a beneficiary or naming the wrong beneficiary can create complications, add costs and increase the delay in settling your… read more…
- What Is a Medicaid Annuity?
The cost of a long stay in a nursing home can quickly deplete your savings. Medicaid can cover many of these costs, but only people of limited financial means can qualify. You might have to expend nearly all your assets to pay for our care before Medicaid can help. By purchasing a Medicaid annuity, however,… read more…
- Is $5 Million Enough to Retire at 30?
Retiring at 30 requires extraordinary planning, discipline and often unconventional career or investment success. While it shares similarities with the FIRE movement (Financial Independence, Retire Early), retiring at 30 takes that concept to the extreme. To retire at 30, you need more than just a high savings rate. You’ll need a plan that accounts for… read more…
- Seniors Real Estate Specialist (SRES) Realtor
Whether you’re selling or buying a home, figuring out the next steps can be very difficult. What exactly comes after reaching the decision? For most people, there are two answers: First, you find a realtor. Realtors are professionals who help you navigate the (very) complicated world of a real estate transaction. But second, you may look… read more…
- Passive Income Ideas to Boost Your Retirement
Planning for retirement can be a daunting task, especially considering the unpredictability of the market. The 2008 financial crisis serves as a stark reminder of the perils of putting all your eggs in one basket. Many who solely relied on their stocks saw their retirement savings drastically diminish during the crisis. However, a diversified passive… read more…
- Why Is It So Hard to Sell a Home Before Retirement?
Retirement means leaving your job behind, but unfortunately, selling your home can feel like your toughest task yet. From targeting the right buyers to outshining new developments and tackling community restrictions, it’s no easy feat. However, you can unravel the challenges and find solutions to sell your home in a tight market. There are certain… read more…
- Do You Need a Retirement Coach?
While undertaking a life transition, it helps to have a personal cheerleader and mentor. Retirement is jarring, thrilling and intimidating, and it’s perfectly normal to feel overwhelmed or uncertain about the road ahead. That’s where a retirement coach comes in, offering practical guidance and support to help you navigate this new chapter like a pro.… read more…
- How to Plan for Retirement as a Single Person
Planning for retirement as a single person involves a unique set of challenges. But, with a clear understanding of your finances and an individualized approach to financial planning, you can secure a comfortable retirement. Here’s a breakdown of what you should consider when planning for retirement. A financial advisor can help you create a financial… read more…
- In a Lopsided Market, Rebalancing Your Portfolio Is More Important Than Ever
Rebalancing. It’s technical and fiddly, the financial version of auto maintenance and hitting the gym. It can be intimidating, especially because many retirement savers simply contribute over the years and leave their portfolio to grow. It is, in the words of a recent Morningstar article, “about as appealing as a visit to the dentist.” Unfortunately, rebalancing… read more…
- Retirement Planning Strategies for Single Women
General financial advice can apply to many people. But as an individual, there are unique financial challenges that will be specific to you. According to a 2021 Fidelity study about women and investing, almost seven in 10 women feel confident about managing their household budget, but only 31% are confident about planning for their financial… read more…
- What Is a Good Monthly Retirement Income for a Couple?
For a married couple approaching retirement, few things carry more significance than knowing how much income they’ll need to maintain financial stability and live comfortably after they stop working. Budgeting for retirement involves estimating your post-retirement income and calculating your essential and discretionary expenses. This approach helps you to avoid financial pitfalls and increases the… read more…
- How Long Will $100,000 Last in Retirement?
Approximately 41% of Americans have no retirement savings, so if you’ve managed to save $100,000, you’re ahead of many, but still behind others. The big question is: How long will $100,000 last in retirement? The short answer is that it could last for quite a while, but likely only if you’re prepared to stick to… read more…
- How Long Will $8 Million Last in Retirement?
If you have enough money in the bank to last the rest of your life, you can retire. If you don’t, you can’t. It’s as simple as that, although, of course, nothing about retirement is actually simple. Planning out your retirement means making educated guesses about issues well outside your control, from how the market… read more…
- Study Says 40% of Workers Forced Into Early Retirement: Here’s How to Stay Ahead of the Curve
How would you handle early retirement? Instead of having years of investment and growth left, what if you had to start living on your retirement accounts tomorrow? More importantly, what if you had no choice in the matter? A financial advisor can help you prepare for life’s curveballs, including forced retirement. Find a fiduciary advisor… read more…