Financial 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 [...]

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 [...]

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 [...]