Retirement Planning

Many people only focus on what’s happening inside their portfolio at this very minute. A recent Kiplinger article asks, “Is Your Retirement Plan Completely Backward?” According to the article, many investors have their tools, but not a plan. That’s backward, because retirement planning is a process. Consider these steps: Goals.You may want to retire at a certain age and/or with a certain income to…Read More

Question: Which of these has the greatest effect on your retirement standard of living? Saving an additional 1% of your salary for the 30 years prior to retirement. Postponing your retirement by 3 to 4 months. MarketWatch’s recent article, “The single most important retirement strategy,” says that a new study by the National Bureau of Economic Research found that the two options…Read More

If you’re in your early 50s and have next to nothing saved for retirement, you're not alone. The Employee Benefit Research Institute found that more than a third of workers between the ages of 45 and 54 who responded, said they had less than $25,000 set aside for retirement, while more than a quarter of those 55 and older said…Read More

Investopedia’s recent article, “2 Ways to Reduce Taxes and Save More for Retirement,” provides two great ways to start accumulating more tax-free retirement savings: a Spousal IRA and a Backdoor Roth IRA Contribution. Spousal IRA. Under the usual situations, a person who wants to contribute to an IRA has to earn income.  However, there’s an exception, if you’re a non-working spouse. Your working spouse…Read More

An effective way to safeguard your retirement savings from the high price of assisted living, in-home care or the cost of a stay in a nursing home is a long-term-care insurance policy. However, recent premium hikes have many baby boomers concerned that this type of coverage is no longer affordable. Kiplinger’s recent story, “The Long-Term-Care Insurance Dilemma,” reports that the median cost of…Read More

When you and your partner are at a certain point in your relationship, you need to get serious about your financial future. It’s best to work as a team. This is a great way to get on track more quickly and efficiently. Couples really benefit from a team mindset because it’s likely that when it comes to retirement, each person…Read More

There’s no magic formula for a prosperous retirement. However, following a few simple rules might help: save what you can, don’t spend more than your income, steer clear of debt, invest well and if you are lucky enough, have a job with a guaranteed pension or an employer match to your retirement accounts. Some people would rather retire later and…Read More

Retirees often apply simplified rules of thumb to see how much to withdraw from their savings each year. What happens is that their assets continue to increase in retirement, and this increased wealth is passed along to beneficiaries. There’s nothing wrong with passing along more. However, what if there was a way to enjoy more of what you’ve saved? Perhaps…Read More

Kiplinger’s recent article, “The Biggest Social Security Mistake You Can Make,” explains that the biggest Social Security mistake isn’t taking it too early. Individuals can claim their Social Security retirement benefits as early as age 62 (and get a reduced benefit) or wait and receive a larger benefit. At 70, the maximum benefit is reached, which is about 75% greater than the early…Read More

Many retirement savers changing jobs, simply transfer funds directly from their previous employer's 401(k) into their new employer's retirement plan. They do this with a quick phone call to the new plan administrator.  However, in some cases, that's not always the best move. CNBC’s recent article, “New job? How to become a retirement-plan rollover champ,” explains that there's no blanket answer for every…Read More