Retirement News & Updates
Methods of Generating Extra Income in Retirement
You may run into trouble if you retire early, since your Social Security benefits might not be enough to support you. Maybe you have grown children or grandchildren whom you need to provide for. Sometimes, living expenses can actually increase after you retire. And, naturally, even after you retire, you
Retirement Spending
Many people nearing retirement make the mistake of just “guessing” their retirement income needs rather than actually calculating what they’ll need to support their retirement spending. This is because many people don’t put enough thought into their financial needs when they are working, either. However, given that you don’t have
Best Places to Retire in 2024
We read an article recently examining more than 800 locations in America, comparing everything from housing costs to taxes to health care, air quality, and natural hazard risk. What they found were some of the best places to retire in 2024. The town of Las Cruces, for example, a town
How Would You Answer?
Nobel laureate, the late Daniel Kahneman, proposed a question; “How does the experience of a loss compare with the experience of a gain?” There were four possible answers to choose from: Which answer would you choose? Kahneman’s research study concluded that losses are twice as painful as gains are pleasurable:
Do You Plan to Retire Before Age 65?
If you want to retire before age 65, or are forced to retire owing to health difficulties, downsizing, or family circumstances, how will you pay for health insurance until you are eligible for Medicare? Many Americans retire before the age of 65, either by choice or need. And, health insurance
Financial Stability
A big part of planning for your retirement future is accounting for the “what-ifs.” No matter how careful anyone is, unexpected changes can occur: accidents, illness, and deaths. That’s where insurance comes in. Life insurance and the features it offers are definitely worth considering, and not only to provide for
Fine-Tuning Your Retirement
It’s been a while since the Secure Act of 2022 came about, but it’s time to refocus on its impact in 2024. Did you know that, beginning in 2024, Roth 401(k)s are no longer subject to RMDs? This means that Roth savers, whether in a 401(k) or an IRA, can
Financial Conflict Between Couples
Strategists who work with couples have found there to be a few conflicts that are most common between them. Different priorities: financial management done predominately by one partner, helping adult children, and disagreements over an inheritance. Each seems to resonate in different ways as we all know how common it
What Happens?
We’ve been asked a few questions regarding what happens to those portions of your estate that aren’t treated consistently with what you say in your will. Many people assume wills and trusts are the pillars of a perfect estate plan. However, asset titling–the way you own an asset–is just as
Roth IRA Vs Traditional IRA
Having just taken a look at your traditional IRA, you may be wondering if the time is now to convert it to a Roth IRA. Choosing between a Roth and a traditional IRA requires you to estimate what your tax situation will be when you start drawing from the account.
Tax Breaks Retirees Can Use in 2024
Retirees should take advantage of any applicable tax benefits. This is especially true if you’re on a fixed income; every penny counts because you rely entirely on it to make ends meet. However, it’s not always easy to protect your retirement savings. It’s easy to overlook important tax breaks and
It’s That Time of Year
It’s usually around this time of year, when individuals are preparing paperwork for filing their tax returns, that we are asked what the deadlines for contributions are, and what happens if one spouse is non-working but still wants to make IRA contributions. As a general rule, you have until tax
The Busyness of Life
What does retirement really, truly mean? What are your plans for after you retire? We’ve been thinking about this recently. Many would define it as “retreating from the ‘busyness’ of life.” When do you plan on retiring? How old will you be? How long do you think you’ll spend in
Bridge the Gap
We’ve heard many times that it’s a good idea for retirees to put off receiving Social Security payments, as waiting can allow you to get more out of them than if you were to start as soon as age permits. One way to make this more feasible is to include
Stay Active During Retirement
Retirement is a new beginning. As a new retiree, you enter a new stage of your life, where your time is now regulated by you and you alone, rather than revolving around your work. Unfortunately, many new retirees find this isn’t what they’d expected it to be. Many people begin
Preparing For Tax Season
We’ve officially entered tax season, so we thought we’d take the time to remind you about some of the steps you might want to take to prepare. The IRS has taken several steps to help people get the information they need to file their 2023 tax returns. Visit the IRS’
Money in College Savings Accounts Can Instead Be Put Towards Retirement
Starting in 2024, due to the Secure Act 2.0, up to $35,000 of the money in a 529 college savings account to be rolled over to a Roth IRA for the beneficiary of the 529 account. Although funds in a college savings account going unused is rare, it’s not unheard
Money in College Savings Accounts Can Instead Be Put Towards Retirement
Starting in 2024, due to the Secure Act 2.0, up to $35,000 of the money in a 529 college savings account to be rolled over to a Roth IRA for the beneficiary of the 529 account. Although funds in a college savings account going unused is rare, it’s not unheard