Retirement

July 14, 2023Despite your best planning and efforts to prepare for retirement, you’re still likely to encounter some kind of unexpected challenges after you stop working. According to Charles Schwab, there are five retirement surprises, which might come as a financial shock to many older workers. However, if you’re prepared, you can avoid allowing seeing these disruptions… read more…

July 14, 2023Aging gracefully is a common goal, but more and more Americans are discovering that the key to a satisfying retirement typically lies in a diligent financial planning process. Finding the right strategy can often lead to more retirement income and give you the golden years you’ve hoped for. This is why we’ve put together a… read more…

July 14, 2023Whether $2.5 million is enough to retire at 50 depends on your situation, financial goals and expected lifespan. Other factors like healthcare costs, inflation, market downturns and estate planning needs will also factor into the equation. We’ll look at the key factors and how someone retiring at 50 with $2.5 million might build a sustainable… read more…

July 14, 2023As inflation continues to fall, next year’s estimated cost-of-living adjustment for Social Security recipients has ticked up to 3%, according to The Senior Citizens League. The organization is now projecting the 2024 COLA will increase the average monthly retirement benefit by a little more than $53.60, bringing it to nearly $1,841. The group’s June estimate… read more…

July 14, 2023The decision to downsize to a smaller home in retirement is a highly personal one that depends largely on an individual’s financial goals and desired lifestyle. Downsizing can lower your cost of living so you can pursue a better lifestyle, it can also be a difficult adjustment and it can even impact your government benefits… read more…

July 14, 2023For many Americans, retiring means shifting from employer-sponsored health insurance to Medicare — but this transition isn’t always automatic or cost-free. Medicare consists of four parts, each with its own costs and enrollment deadlines, and failing to sign up on time can lead to penalties. Understanding how to manage these expenses can help you maximize… read more…

July 13, 2023Getting a head start on saving for retirement is a good idea if you want to enjoy a comfortable lifestyle. However, that’s not always realistic and it’s possible that you might be retiring with little savings. For example, you might only have $150,000 or $200,000 saved. How long will $150,000 last in retirement? The answer… read more…

July 13, 2023One million dollars is a lot of money for most people and you might be hoping to retire with that amount in the bank. But how long will $1 million last in retirement? The answer can depend on the age at which you retire, your life expectancy and the kind of lifestyle you plan to… read more…

July 13, 2023Retirement can seem like a faraway goal until all of a sudden, it’s not. When you only have a few years left until you retire, the financial decisions you make take on a new importance. Once you’re inside the five-year window, that’s a good time to review your plan to make sure you’re on track.… read more…

July 13, 2023If you have $700,000 saved up for retirement, it’s natural to wonder how many years it will last. How long $700,000 will last in retirement depends on post-retirement spending plans, investment strategy and earnings and additional sources of income among several factors, some controllable and others not. For some retirees, a $700,000 nest egg could… read more…

July 13, 2023Health savings accounts (HSAs) are one of the least-known retirement tools available but they can make a big difference in preparing for what can be the biggest concern in retirement – covering healthcare costs. That’s because HSAs offer a triple tax benefit: your money goes in tax-free, your account earnings aren’t taxed and withdrawals for… read more…

July 13, 2023Depending on personal circumstances, $500,000 in retirement savings may last decades — or be exhausted within just a few years. Several factors influence this outcome, including spending habits, investment strategy, retirement age, inflation, among others. Understanding these factors is key to understanding how long your savings will last in retirement. A financial advisor can help… read more…

July 13, 2023If you’re heading into your golden years with a $750,000 portfolio, one of the most important questions you’ll face is: How long will $750,000 last in retirement? The answer isn’t simple; it depends on a variety of personal factors, including your lifestyle, location, spending habits and investment strategy. While there’s no one-size-fits-all solution, there are… read more…

July 13, 2023Retiring at 30 with $2 million is an ambitious goals, but it’s also one that presents unique challenges. While $2 million may feel like an enormous sum at first glance, you’ll have to use those funds to support yourself for up to 50 or even 60 years. Doing so will require careful planning, strategic investing… read more…

July 13, 2023After the traditional 60/40 stocks-bonds portfolio dropped roughly 20% of its value last year, many Americans are looking for other ways to protect their wealth against inflation with more diversified investments, including gold and precious metals. Here’s what you need to know. If you’re looking for ways to protect your portfolio from inflation, a financial… read more…

July 12, 2023The clock is ticking for Congress to fix a drafting error in last year’s SECURE 2.0 Act that could effectively ban catch-up contributions in 2024. Known as Section 603, this part of the bill adjusted how catch-up contributions work for employer-sponsored retirement accounts. As intended, the new law would require anyone earning more than $145,000… read more…

July 11, 2023The 4% rule has long been considered the gold standard for withdrawing money from your accounts in retirement. This guideline suggests drawing 4% of your retirement savings per year, adjusting for inflation, to keep a healthy enough nest egg to retire sustainably. But personal finance expert Suze Orman says times have changed and this rule… read more…

July 11, 2023I will be retiring at the end of this year. I am trying to decide between two choices on how to best use $40,000 that I anticipate I will have as extra money by the end of the year. My only debt is the payoff of one automobile, which is about $40,000. Or, I can… read more…

July 7, 2023It can be difficult to choose between an indexed universal life (IUL) insurance policy and an annuity. Both of these products have the potential to provide financial security and help you achieve your long-term goals, but the right one will depend on your unique financial situation. We’ll explore the key features of IUL and annuities… read more…

July 7, 2023Understanding the longevity of your retirement savings requires a comprehensive approach that considers inflation, healthcare costs and potential market fluctuations. Whether you started saving later in life or recently took a hit in your 401(k), a $200,000 retirement goal can be sufficient to last during your golden years. Read on to explore the crucial factors… read more…

July 7, 2023Having multiple streams of income for retirement can help you feel more financially secure. Minimizing the amount of taxes you pay can help you preserve more of your savings.There are actually a few ways to avoid taxes on your retirement accounts. Getting familiar with how different types of retirement income are taxed can help with… read more…

July 7, 2023Many financial professionals are worried about an imminent recession. It has become such a watchword in financial circles, in fact, that most Americans believe a recession has already begun. A financial advisor can help you plan for economic uncertainty and protect your portfolio from recession. While that isn’t true, there are reasons for guarded concern. Between… read more…

July 6, 2023Federal taxes on retirement income vary depending on the type of income you receive and your overall tax situation. Sources such as Social Security benefits, traditional IRA or 401(k) withdrawals, pensions and investment earnings may each be taxed differently. Some retirement income is fully taxable, while other sources may be partially taxed or tax-free. Understanding… read more…

July 2, 2023Americans believe they will need $1.27 million to retire comfortably, according to the latest set of findings from Northwestern Mutual’s 2023 Planning & Progress Study. That number continues to increase, up from $1.25 million reported last year. High-net-worth individuals – those with more than $1 million in investable assets – believe they’ll need $3 million to retire comfortably. Consider… read more…

July 1, 2023Still, most workers saving in 401(k)s and other employer-sponsored plans stayed the course, despite being hit by increased living expenses that resulted from high inflation. “Most people did not make drastic, knee-jerk reactions to their investments,” Rob Austin, head of research at Alight Solutions, said in a statement. “Only 3% of people stopped contributing, and… read more…