BML Wealth Marketing, Author at BML Wealth Management

10 06, 2022

How Retirement Can Be Your New Beginning
How Retirement Can Be Your New Beginning

How Retirement Can Be Your New Beginning

BML Wealth Marketing2022-06-10T09:25:05-07:00June 10, 2022|Lifestyle|

Humans are creatures of habit. When we’ve spent time and effort on something over a long period of time, it’s hard to imagine living without that something. The same can be said about work! Many people nearing or in retirement age don’t think about what their day-to-day lives in retirement will be like because they simply can’t imagine life without their work. Some may consider going part-time before retiring to help ease the transition. Either way, thinking about retirement can be difficult and you may start to ask, “What’s next?” So, What’s Next? If you’re [...]

7 06, 2022

Will You Have Tax-Advantaged Buckets in Retirement?
Will You Have Tax-Advantaged Buckets in Retirement?

Will You Have Tax-Advantaged Buckets in Retirement?

BML Wealth Marketing2022-06-07T11:41:49-07:00June 7, 2022|Retirement Income, Tax Planning|

You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But, do you have any after-tax “buckets” that you can use strategically in retirement to help reduce your tax bill? There may be a few options available to you, so know how they work. How is a Roth IRA Different from a Traditional IRA? Many people contribute pre-tax dollars to a traditional IRA during their working years. When money is distributed, it’s taxed at ordinary income rates. In contrast, a Roth IRA is funded [...]

3 06, 2022

Looking for a Good Summer Read?
Looking for a Good Summer Read?

Looking for a Good Summer Read?

BML Wealth Marketing2022-06-03T11:26:02-07:00June 3, 2022|Lifestyle|

There is almost nothing better than a beautiful day out in the sunshine, a glass of something cool in your hand, and a great book in your lap. So, when you’re packing your travel bag full of necessities or just looking for a summer escape on your front porch, consider grabbing one of these titles! The Invisible Husband of Frick Island by Colleen Oakley A young, ambitious journalist gets assigned to cover a fluff piece in a quaint little town in the middle of Chesapeake Bay. Piper Parrish lives in this adorable community and has [...]

31 05, 2022

Why Today’s Retirees Might Fear Running Out of Money
Why Today’s Retirees Might Fear Running Out of Money

Why Today’s Retirees Might Fear Running Out of Money

BML Wealth Marketing2022-05-31T08:31:42-07:00May 31, 2022|Financial Planning, Retirement Income, Retirement Planning|

You might have been aiming to save a certain amount for retirement - and maybe you’ve already achieved that goal. But, considering inflation, an unpredictable market, and a lack of guaranteed income once your paycheck stops, you might be reconsidering whether you’ve actually saved enough. There are a few reasons why today’s retirees might fear running out of money and why they need to have a financial plan. Inflation at 40-Year Highs Daily life is arguably the most expensive it’s been in 40 years. April’s year-over-year inflation rate was 8.3%. Gas prices recently hit a [...]

27 05, 2022

Is the Open Road in Your Future?
Is the Open Road in Your Future?

Is the Open Road in Your Future?

BML Wealth Marketing2022-05-27T09:06:32-07:00May 27, 2022|Lifestyle, Retirement|

"Retirement is not the end of the road. It is the beginning of the open highway." - Unknown Some retirees may have seen their travel plans stalled out in the past couple of years due to COVID and COVID-related restrictions, but many are beginning to feel better about traveling this year and want to get out on the open road.[1] Road trips are a classic vacation style and a great alternative to large crowds and international travel. With so many amazing sites to see in the United States, there is sure to be something for [...]

23 05, 2022

You Can’t Stop Inflation, But You Can Prepare
You Can’t Stop Inflation, But You Can Prepare

You Can’t Stop Inflation, But You Can Prepare

BML Wealth Marketing2022-05-23T08:34:33-07:00May 23, 2022|Economy, Financial Planning, Inflation|

Did you ever hear your parents or grandparents talk about how much less everything used to cost? They weren’t exaggerating - in 1960, a gallon of conventional whole milk was 31 cents, and today it’s $3.77 on average.[1] A few dollars might not seem like much, but that’s a 1,116% increase. You’ve likely noticed higher prices recently, even if they aren’t 1,116% higher. Unfortunately, you can’t stop inflation. But, you can prepare by working to protect your money from inflation. How Much is Inflation Costing You? In March alone, U.S. gas prices rose by more [...]

20 05, 2022

Your Business Succession Plan Checklist
Your Business Succession Plan Checklist

Your Business Succession Plan Checklist

BML Wealth Marketing2022-05-20T09:46:45-07:00May 20, 2022|Estate Planning, Financial Planning, Retirement Planning|

For many years, you’ve been the captain of your ship. Running your own business hasn’t been easy, and success was never guaranteed. Now that you’re getting closer to retirement, you’ll have to make some big decisions. In order for your business to outlive you, you’ll need to map out a path forward. This means setting up a succession plan for your business. Here’s a preliminary checklist to get you started. Identify Your Successors Name both managers and owners of the business, and codify their roles in writing, active or non-active, for all family members. And, [...]

16 05, 2022

Four Common Retirement Mistakes You Could Be Making
Four Common Retirement Mistakes You Could Be Making

Four Common Retirement Mistakes You Could Be Making

BML Wealth Marketing2022-05-16T00:11:19-07:00May 16, 2022|Financial Planning, Retirement Planning|

Practice makes perfect, but unfortunately, retirement isn’t something you can practice. It typically happens one time, and there may not be many opportunities to learn from your mistakes. The best way to avoid making mistakes in the first place is to educate yourself and create a plan. Here are some common retirement mistakes you could be making. Wishing for the Best Instead of Preparing for the Worst We saw record highs in 2021, but 2022 may turn out to be an entirely different story. The market may continue to react poorly to the prospect of [...]

13 05, 2022

Gift Ideas for Graduation Season
Gift Ideas for Graduation Season

Gift Ideas for Graduation Season

BML Wealth Marketing2022-05-13T11:47:11-07:00May 13, 2022|Lifestyle|

It’s graduation season, which means you might be attending a few graduation parties soon. Gifts aren’t always expected, but it can be nice to give a graduate something they can use. Gifts don’t always have to be expensive or cost money at all – here are some gift ideas for graduation season. If you were planning on just writing a check, consider specifying that it should be used for books and school supplies or other educational expenses. Alternatively, you can give a graduate a gift card to a store where they can buy essentials like [...]

10 05, 2022

Three Unexpected Taxes in Retirement
Three Unexpected Taxes in Retirement

Three Unexpected Taxes in Retirement

BML Wealth Marketing2022-05-10T07:42:00-07:00May 10, 2022|Retirement Income, Retirement Planning, Tax Planning, Taxes|

When we think of major retirement expenses, we often consider housing, healthcare, and that trip of a lifetime we’ve been dreaming about for years. But, we often fail to consider what could potentially be our biggest expense – taxes. Many of your sources of income in retirement are taxable, so don’t overlook these three unexpected taxes in retirement. Tax on Your Social Security Benefit Although you’ve paid into Social Security your entire working life, your benefit could be taxed, depending on your income. To figure out if your benefit can be taxed, add up your [...]

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