BML Wealth Marketing, Author at BML Wealth Management

1 10, 2023

Why October is a Crucial Time for Retirees
Why October is a Crucial Time for Retirees

Why October is a Crucial Time for Retirees

BML Wealth Marketing2023-10-01T23:59:41-07:00October 1, 2023|Social Security|

Now that the temperature is getting colder and we’re heading into October, there is something very important on the horizon for retirees: the announcement of the 2023 COLA for Social Security. COLA stands for “cost of living adjustment,” and it is essentially a yearly increase to Social Security payouts.[1] Every year, Social Security is increased by a percentage that is meant to counter inflation.[1] Over time, goods will become more expensive, so the COLA is meant to make sure that the money you get for Social Security increases at a comparative rate.[1] Inflation and COLAs [...]

25 09, 2023

Inflation Affects Your Finances, Even In Small Amounts
Inflation Affects Your Finances, Even In Small Amounts

Inflation Affects Your Finances, Even In Small Amounts

BML Wealth Marketing2023-09-25T01:12:50-07:00September 25, 2023|Economy, Financial Planning|

There’s been a lot of news about inflation lately. As of July, the inflation rate was around 3.2%.[1] This means that the cost of goods and services, including but not limited to items such as groceries, housing, and gas, has gone up by 3.2% since this time last year.[2] You might think 3.2% is a pretty small number, and maybe you haven’t noticed a huge jump in the costs of the things you purchase every day. So, how could such a small number be important to your savings and your retirement? We’re going to give [...]

18 09, 2023

2 Ways to Take Care of Debt in Retirement
2 Ways to Take Care of Debt in Retirement

2 Ways to Take Care of Debt in Retirement

BML Wealth Marketing2023-09-18T06:30:30-07:00September 18, 2023|Financial Planning, Retirement Goals, Retirement Planning|

The unfortunate reality is that many Americans are now headed into retirement with some amount of debt.[1] In 2016, almost 61% of Americans were moving into the retirement stage of their life with unpaid debt.[1] And while you may think that your expenses will decrease once you retire, that isn’t always the case.[1] Sometimes, your expenses will stay the same, and other times, your expenses will go up. Unfortunately, there’s no way to predict your month-to-month costs in retirement. You can estimate based on your current lifestyle and costs, but there is no magic number [...]

12 09, 2023

The Role of Charity in Your Retirement
The Role of Charity in Your Retirement

The Role of Charity in Your Retirement

BML Wealth Marketing2023-09-12T11:40:47-07:00September 12, 2023|Uncategorized|

Everyone wants to give back in one way or another. After you’ve spent your whole life working, you may find that in retirement, you want to give some money to charity. But if you are living off of income streams from sources like your retirement accounts and Social Security, you may be worried about finding a way to make charity work for your financial picture. Most retirees take the standard deduction on their taxes as opposed to choosing to itemize.[1] But, as of the 2017 Tax Cuts and Jobs Act, the only way to benefit [...]

5 09, 2023

A Strategy Guide for When to Claim Social Security
A Strategy Guide for When to Claim Social Security

A Strategy Guide for When to Claim Social Security

BML Wealth Marketing2023-09-05T10:01:01-07:00September 5, 2023|Social Security|

Deciding when you claim Social Security is a key part of the puzzle for your retirement plan. You can withdraw as soon as you turn 62, but you can also delay your claim until you are 70 years old. There are pros and cons to each, so how do you know which age is right for you? Withdrawing at 62 People who withdraw before their “full retirement age” receive permanently reduced payments from their Social Security.[1] However, keep in mind that you’ll be receiving benefits for a longer period of time. Full Retirement Age varies [...]

27 08, 2023

Should I Convert My 401(k) To A Roth IRA?
Should I Convert My 401(k) To A Roth IRA?

Should I Convert My 401(k) To A Roth IRA?

BML Wealth Marketing2023-08-27T22:00:40-07:00August 27, 2023|Investing, Retirement Income|

Let’s say you’ve just changed jobs. What are you going to do with your 401(k)? You may be able to convert your 401(k) to a Roth IRA, but is that a good option for you? In this article, we’ll talk about what happens when you make this conversion and give you some examples of different financial situations for when this could be the right move for you. Making the Calculation One of the most important things to consider if you’re making the conversion to a Roth IRA is this: If you have a traditional 401(k), [...]

21 08, 2023

A Refresher on Estate Planning Basics
A Refresher on Estate Planning Basics

A Refresher on Estate Planning Basics

BML Wealth Marketing2023-08-21T09:59:48-07:00August 21, 2023|Estate Planning|

Estate planning is a big deal. It’s a way for us to leave what we’ve built over the course of our lives to our loved ones. Gifts of property and belongings can pass on a sense of family, care, and love and can also help your loved ones financially. So, what is the first and most important thing to do when it comes to estate planning? This may seem obvious, but the first thing is to do it. Plan out your estate. Think about who is getting what, and be specific about the details. Sure, [...]

14 08, 2023

Understanding Your Savings Goal – How Much Do You Really Need to Retire?
Understanding Your Savings Goal – How Much Do You Really Need to Retire?

Understanding Your Savings Goal – How Much Do You Really Need to Retire?

BML Wealth Marketing2023-08-14T10:33:07-07:00August 14, 2023|Retirement Goals, Retirement Income, Retirement Planning|

“How much do I need to retire?” This is one of the most frequently asked questions in the world of retirement finance. If you don’t have a lot of retirement planning experience, it can also be a tough question to answer. This article will hopefully give you some sense of where you might want to be headed in terms of answering this question and also get you up to speed on the classic retirement savings advice. Firstly: There is no specific retirement savings number universal to all people. This probably isn’t the answer you were [...]

7 08, 2023

How to Achieve Financial Freedom
How to Achieve Financial Freedom

How to Achieve Financial Freedom

BML Wealth Marketing2023-08-07T10:40:39-07:00August 7, 2023|Financial Planning|

The difficult thing about “financial freedom” as a concept is that many people define it in a vague way. Most people think of it as not having to worry about money and being able to have the things they want without having to scrimp and save for them. But there are all sorts of things that cause worry in regard to our money: mortgage payments, credit card debt, or how much money is in our retirement account. You might even be asking yourself a specific question like, “What if 1 million dollars isn’t even enough [...]

31 07, 2023

Defined-Benefit vs. Defined-Contribution Plans
Defined-Benefit vs. Defined-Contribution Plans

Defined-Benefit vs. Defined-Contribution Plans

BML Wealth Marketing2023-07-31T13:33:40-07:00July 31, 2023|Retirement Income, Retirement Planning|

The following two types of retirement savings methods may sound similar, but there are a lot of important differences that might be useful for you to know if you’re looking to get a better understanding of what retirement might look like for you. Defined-Benefit Let’s start with a defined-benefit plan. These types of plans commonly come in the form of pension plans.[1] A pension plan guarantees a certain level of retirement benefit based on your salary and how many years you worked for the company.[2] As an employee with a defined-benefit plan, you have little [...]

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