- More Than 12,000 Americans Will Turn 65 Every Day in 2024. Are You Ready for Retirement?
The U.S. population is approaching a landmark sometimes called Peak 65, the point next year when more than 12,000 people will start turning 65 each day, hitting an estimated total of 4 million for the year, according to U.S. Census Bureau figures. By the end of 2030, all Baby Boomers – those born between 1946 and… read more…
- Many Americans Are Mishandling Their Social Security. Are You One of Them?
The biggest obstacle to maximizing your Social Security benefits isn’t your life expectancy, your health or how long you work – it’s your brain. That’s the conclusion of a new study published by the National Bureau of Economic Research. Researchers found that your fear of loss and personal sense of ownership of your benefits are… read more…
- 5 Rules of Thumb for Retirement Savings
Saving for retirement can be a daunting challenge for many. The landscape is filled with many retirement plans and investment companies vying for your attention, along with complex contribution restrictions, tax rules and paperwork. Overcoming these challenges becomes achievable when you utilize proven rules of thumb to set yourself on the path toward a financially… read more…
- Spouses May Soon Need to Agree on 401(k) Withdrawals Under This Proposed Law
Congress could soon change how spouses access their retirement accounts. A pair of Democratic bills recently introduced in the House and Senate would require spouses to consent before either one can make any withdrawals from their 401(k) accounts. The bills, sponsored by Rep. Lauren Underwood, D-Illinois, and Sen. Tammy Baldwin, D-Wisconsin, seek to amend the… read more…
- How Much Should I Withdraw From My Retirement Account? Edward Jones Says Start With These Percentages
One of the most important decisions in retirement is choosing how much to withdraw from your savings. You need to take out enough to meet your spending needs, but not so much that you end up running out of money. While there’s no real consensus on a safe withdrawal rate, a recent report from Edward… read more…
- Retirement Savings Milestones
Retirement planning is a process that begins as soon as you start contemplating the financial consequences of ending work and extends for the rest of your life. While every retirement planning process is unique in the specific details, most retirement savers encounter some common milestones along the way. Looking ahead to these milestones and what… read more…
- 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…