BML Wealth Marketing, Author at BML Wealth Management

21 05, 2021

3 Things to Think About Before Buying a Vacation Home
3 Things to Think About Before Buying a Vacation Home

3 Things to Think About Before Buying a Vacation Home

BML Wealth Marketing2021-05-21T14:53:24-07:00May 21, 2021|Financial Planning, Investing|

A home is one of the most significant purchases you’ve made in your lifetime, so you should take your time when thinking about buying a second one. Many people have a favorite vacation spot in a scenic area, but they can’t spend a significant amount of time there until they’re retired. If you’re thinking about buying a house in such a spot, you have three big things to think about before purchasing your vacation home. Will You Eventually Move There? First, you should consider what the primary purpose of the second home is going to [...]

16 05, 2021

Why $1 Million in Savings May Not Be Enough
Why $1 Million in Savings May Not Be Enough

Why $1 Million in Savings May Not Be Enough

BML Wealth Marketing2021-05-16T18:59:10-07:00May 16, 2021|Budgeting, Retirement Income, Retirement Planning|

They say age is just a number, but the same probably shouldn’t be said of retirement preparation. While $1 million may seem like a substantial nest egg, it may no longer be enough if you want to retire comfortably. In the past, many people set a goal to have a million dollars to retire on, but in today’s world it may not get you where you need to be for retirement. Healthcare costs and inflation are just a few of the retirement expenses that can eat up savings. Everyone’s retirement goals and situation are unique, [...]

10 05, 2021

Have You Factored Inflation into Your Retirement Plan?
Have You Factored Inflation into Your Retirement Plan?

Have You Factored Inflation into Your Retirement Plan?

BML Wealth Marketing2021-05-10T06:20:23-07:00May 10, 2021|Economy, Financial Planning, Retirement Planning|

We’ve seen increased government spending due to COVID and significant increases in government debt. Some economists theorize that this could lead to increased inflation, and many claim that we are already seeing the effects. Although the official inflation rate may remain low for now, you may notice price increases of everyday items and services. If you’re nearing or in retirement, you need to protect yourself from the eroding effects of inflation, even if it never rises to the level it did during the 1970s. Have you factored inflation into your retirement plan? How Much Could [...]

7 05, 2021

Will You Have to Retire Earlier Than You Expected To?
Will You Have to Retire Earlier Than You Expected To?

Will You Have to Retire Earlier Than You Expected To?

BML Wealth Marketing2021-05-07T12:23:01-07:00May 7, 2021|Financial Planning, Retirement Planning|

If you’re nearing retirement age and know you’re not financially prepared for retirement, your solution may be to work longer. While forgoing an early retirement can be prudent, your career might not last as long as you’d like it to. The pandemic and resulting economic conditions forced 1.9 million workers ages 55 and over out of the labor force in 2020.[1] Even in normal times, health problems, family responsibilities, layoffs, and business closings can cause people to leave their jobs unexpectedly. The truth is that retirement isn’t always voluntary, and you could have to retire [...]

2 05, 2021

Prepare for Taxes On Your Retirement Accounts
Prepare for Taxes On Your Retirement Accounts

Prepare for Taxes On Your Retirement Accounts

BML Wealth Marketing2021-05-02T22:23:23-07:00May 2, 2021|Retirement Income, Tax Planning, Taxes|

The Biden administration has already spent $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals. You may think you won’t have to worry as much about your tax burden in retirement, but you could be wrong. You may need to prepare for taxes on your retirement accounts. How Are Distributions Taxed? Distributions from traditional retirement accounts such as IRAs, 401(k)s, 403(b), 457, and Thrift Savings plans [...]

30 04, 2021

How Will You Create a New Life In Retirement?
How Will You Create a New Life In Retirement?

How Will You Create a New Life In Retirement?

BML Wealth Marketing2021-04-30T14:56:48-07:00April 30, 2021|Lifestyle, Retirement|

Even though most people look forward to retirement, some forget that losing the structured routines, sense of purpose, and social interactions from having a job can lead to a difficult transition. During the past year, many have realized that never going into the office has drawbacks, even if being home a bit more is nice. Adaptation is key, and a recent Harvard Business study[1] outlines how retirees can adapt to this new stage in life. The study used the term “life structure” to describe the places you spend your time, the activities you engaged in, [...]

25 04, 2021

Is It Time to Spring Clean Your Financial House?
Is It Time to Spring Clean Your Financial House?

Is It Time to Spring Clean Your Financial House?

BML Wealth Marketing2021-04-25T20:56:57-07:00April 25, 2021|Financial Planning|

If you spring clean your house, why not take some time to spring clean your finances too? If you have a 401(k), IRA, or other retirement account, this is especially important. Managing this area of your finances isn’t a ‘set it and forget it’ activity. Here’s how you can see if you need to take action to clean your financial house. Review Your Retirement Accounts Once you leave a job or are close to an important birthday such as age 55 or 59 ½, you should consider what to do with your old 401(k). You [...]

23 04, 2021

Have You Solved Your Retirement Puzzle?
Have You Solved Your Retirement Puzzle?

Have You Solved Your Retirement Puzzle?

BML Wealth Marketing2021-04-23T05:46:36-07:00April 23, 2021|Retirement Planning|

Have you ever been totally stumped by a puzzle or brain-teaser? Maybe that’s why we’re impressed by people who can solve a Rubix Cube in seconds, or finish a thousand-piece jigsaw puzzle, or do the Sunday crossword puzzle in pen. But, if you talk to a lifelong puzzle master, they’ll tell you there’s no magic secret to how they do what they do. All it takes is patience, a strategy, and attention to detail. And the same applies to solving your retirement puzzle. First, you don’t just dive right into the Sunday crossword or thousand-piece [...]

18 04, 2021

Don’t Forget About These Big Retirement Expenses
Don’t Forget About These Big Retirement Expenses

Don’t Forget About These Big Retirement Expenses

BML Wealth Marketing2021-08-01T22:03:26-07:00April 18, 2021|Financial Planning, Retirement Planning|

The rule of thumb says you’ll need about 80% of your pre-retirement income in retirement, but everyone is different. Many retirees want to upgrade their lifestyle in retirement or maintain their current lifestyle. In fact, a recent study shows that about one in three retirees actually spent more than they expected they would when they first retired, and one in 10 spent much more than they anticipated. To help avoid this outcome, don’t forget about these potentially big retirement expenses. Healthcare & Long Term Care The average 65-year-old couple retiring today will need an estimated [...]

16 04, 2021

Win the Retirement Lottery Without Winning the Lottery
Win the Retirement Lottery Without Winning the Lottery

Win the Retirement Lottery Without Winning the Lottery

BML Wealth Marketing2021-04-16T12:55:09-07:00April 16, 2021|Financial Planning, Retirement Income, Retirement Planning|

There are so many stories about entertainers, athletes, and lottery winners who have all lost their fortunes and ended up bankrupt. Each one of these people lost millions of dollars, and in many cases, enough money to last an average family for generations. When these stories come to light, people often make comments about how that would never happen to them, and that may be true. However, these stories do give us something to think about. Your retirement is very similar to winning the lottery. Once you stop working, you’ll likely be entering retirement with [...]

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