Traditional IRAs, 401(k)s, and other similar retirement accounts enable you to save money before taxes, allowing your money to grow for decades. However, the IRS will eventually require you to begin withdrawing a portion of your savings on an annual basis. These withdrawals are known as required minimum distributions, or RMDs, and the income you […]
New RMD Rules For 2025 Read More »
There is no one “ideal retirement.” But there are many ways to have a happy retirement if you have reflected on the choices you have, and what you are willing to leave to chance. The way you answer the following questions may help you decide what may need more thought before you begin your retirement:
We frequently write about longevity and how important it is to have savings we don’t outlive. And while we’ve always striven to give our clients options for products where the income stream continues no matter how long you live, we are still often asked for a ‘number’ so that can be ascribed to someone’s projected
Years ago, it seemed as if the only reason to purchase life insurance was simply to make sure loved ones who depend on your income had what they needed financially after you passed away. Products have evolved along with the passage of time. While life insurance may still seem like something you buy primarily for
Evolution of Life Insurance Read More »
By the middle of the twenty-first century, one in every six people will be 65 or older. Furthermore, it is likely that by 2034, the Social Security Administration program in the United States will be unable to provide complete benefits. These demographic and financial pressures could spark a retirement crisis. However, there is another issue
Retirement Age is Changing Read More »
Working after retirement brings with it the need to understand certain tax and contribution rules governing the way you can use and/or continue to contribute to the money in your qualified retirement savings accounts. Looking first at continued contributions, in most cases, you should be able to, regardless of your age. There are no income
Working After Retirement Read More »
There is nothing generally inherent in any given year that says it’s a bad or good time to retire. The question that needs to be answered is whether you’re ready financially and emotionally. So, how do you determine if you are ready? Begin by asking yourself if you have estimated your stream of lifetime retirement
Is This Year a Good Year To Retire? Read More »
We often think that emotions only impact inter-personal decisions, however making consequential financial decisions in a heightened emotional state also generally isn’t a good idea. Behavioral psychologists have identified a few common biases that can undermine our decision-making skills. While some are rooted in emotion, others are what we think of as mental shortcuts our
Behavioral Decision Making Read More »
Late in life job loss can be devastating on many fronts. One area we haven’t discussed before is a different use of an annuity you purchased, originally intending to turn on the income stream upon retirement or leave the funds to beneficiaries. Because different annuities offer different benefits, some provide the ability for growth of
Losing a job is difficult at any stage of life—but when it happens later in your career, the impact can be especially challenging. Many workers in their fifties are still paying mortgages, helping kids through college, or supporting aging parents. Finding a new role with similar pay and benefits can be tough, and as layoffs
Late-Career Job Losses Are Affecting Retirement in America Read More »