Financial Planning Archives

31 05, 2021

When Will You Transition from Saving to Spending?
When Will You Transition from Saving to Spending?

When Will You Transition from Saving to Spending?

BML Wealth Marketing2021-05-31T19:46:41-07:00May 31, 2021|Financial Planning|

In retirement, you have to transition from saving to spending. You've worked hard to amass wealth, and now you must protect it from market downturns and make it last for the rest of your life. We have seen record highs in the stock market recently, but the state of the market at the time of your retirement isn’t within your control. Here are three crucial questions to ask yourself when preparing for and in retirement. When Will You Retire? The decision to retire isn't always based on money. Sometimes the desire for freedom, health problems, [...]

23 05, 2021

Rising Costs in Retirement: Are You Prepared?
Rising Costs in Retirement: Are You Prepared?

Rising Costs in Retirement: Are You Prepared?

BML Wealth Marketing2021-05-23T23:21:41-07:00May 23, 2021|Financial Planning, Inflation, Retirement Planning|

In 1960, a gallon of milk cost 36 cents, and today it costs $3.35 on average.[1] Inflation is to blame, and we could see higher inflation in the coming years. It’s important to have a sense of how much you’ll need to spend in retirement, but this is difficult when future costs and tax rates are unknown. How will you respond to rising costs in retirement – are you prepared? Healthcare & Long Term Care Costs Healthcare costs have been rising over the past 40 years, and this trend is expected to increase. It's important [...]

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 [...]

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 [...]

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 [...]

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 [...]

12 04, 2021

More Time to File Taxes and Review Your Retirement Plan
More Time to File Taxes and Review Your Retirement Plan

More Time to File Taxes and Review Your Retirement Plan

BML Wealth Marketing2021-04-12T05:25:29-07:00April 12, 2021|Financial Planning, Retirement Planning, Taxes|

Tax season is the perfect time to take stock of your overall finances and how they may have changed in the last year. And luckily for you, tax season is extended until May 17th this year, so you have even more time to do that! As you go through important documents, make sure to review your investment plan, estate plan, long-term tax minimization strategies, and overall retirement plan during this extended tax season. What’s Your Investment Strategy? Having a bucket of investments isn’t the same as having a comprehensive investment strategy. The latter becomes even [...]

15 03, 2021

Are You Close to An Important Birthday?
Are You Close to An Important Birthday?

Are You Close to An Important Birthday?

BML Wealth Marketing2021-03-15T09:20:30-07:00March 15, 2021|Financial Planning, Retirement Planning|

When we think about important birthdays, we think of 18 and 21, but what about 59 ½ or 72? Just because you’re older doesn’t mean you don’t have more milestones to hit. Starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications for your retirement. Are you close to an important birthday? Age 50 At age 50, workers can make annual "catch-up" contributions in addition to their normal contributions. In 2021, you can contribute up to $6,000 to an IRA if you are under 50 and an additional $1,000 [...]