Income Planning Archives

17 04, 2023

What if 1 Million Dollars Isn’t Enough to Retire?
What if 1 Million Dollars Isn’t Enough to Retire?

What if 1 Million Dollars Isn’t Enough to Retire?

BML Wealth Marketing2023-06-08T22:28:20-07:00April 17, 2023|Income Planning, Retirement Income, Retirement Planning|

If you are headed toward retirement soon, or you have just retired, you may find yourself wondering, "Is my nest egg enough?" It's a common question and one that causes a lot of people a lot of reasonable anxiety. Because retirement finances are much more about prediction than they are about facts and assurances, it can be hard to feel confident that you will have enough to carry you through your entire retirement. As you know, medical expenses, long-term care, housing repairs, and other unpredictable costs are just a part of life, so how can [...]

4 07, 2022

Retirement Requires a New Perspective on Wealth and Income
Retirement Requires a New Perspective on Wealth and Income

Retirement Requires a New Perspective on Wealth and Income

BML Wealth Marketing2022-07-05T08:23:16-07:00July 4, 2022|Financial Planning, Income Planning, Retirement Income, Retirement Planning|

This 4th of July, you may be throwing a party, watching fireworks, barbequing something good, or all the above. But what remains important is that you can do all that with family and loved ones. Last year on the 4th, you may not have worried about market downturns or cost-of-living increases, but with market volatility and inflation threatening retirement plans this year, it’s important to make sure you know your options when it comes to protecting your wealth, earning income, and knowing the difference between both. Keeping Your Income at Pace with Inflation Income is [...]

8 11, 2021

What is a Roth Conversion and Should You Do It?
What is a Roth Conversion and Should You Do It?

What is a Roth Conversion and Should You Do It?

BML Wealth Marketing2021-11-08T08:15:45-08:00November 8, 2021|Income Planning, Retirement Income, Tax Planning|

When you think of your major expenses, you might think of housing, healthcare, travel, or something else. But have you considered that taxes could be your biggest expense, even in retirement? There could be ways to reduce your tax burden today and tomorrow, including a Roth IRA conversion. What is Roth IRA vs. a Traditional IRA? Workers can contribute pre-tax dollars to a traditional IRA. When money is distributed, it’s taxed at ordinary income rates. In contrast, a Roth IRA is funded with after-tax dollars. A Roth IRA can be a valuable asset in retirement [...]

5 04, 2021

4 Types of Retirement Income and How They’re Taxed
4 Types of Retirement Income and How They’re Taxed

4 Types of Retirement Income and How They’re Taxed

BML Wealth Marketing2021-04-05T08:18:55-07:00April 5, 2021|Income Planning, Retirement Income, Tax Planning|

Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. Start with these 4 types of retirement income and how they’re taxed. Investments held for over a year are taxed at preferential rates. Investments that are held for one year or less are considered short-term capital gains. Short-term gains are taxed at ordinary income rates. However, investments that [...]

28 12, 2020

3 Easy Ways To Get On-Track for 2021 & Beyond
3 Easy Ways To Get On-Track for 2021 & Beyond

3 Easy Ways To Get On-Track for 2021 & Beyond

BML Wealth Marketing2020-12-28T11:54:30-08:00December 28, 2020|Income Planning, Retirement Planning|

Only 28% of Americans will make New Year’s resolutions that are financial in nature, according to a recent MassMutual survey.[1] Perhaps more should – retirement requires significant planning and there is no better time to start than at the beginning of a new year. If you’re wondering how to do this, then you might consider these 3 easy ways to get on-track for 2021 and beyond. Plan for Retirement Account Contributions and Distributions Contributing to a qualified, tax-deferred retirement account can help to reduce your tax burden and save for retirement, so know how much [...]

20 09, 2020

3 Options for Your 401(k) When Leaving Your Job
3 Options for Your 401(k) When Leaving Your Job

3 Options for Your 401(k) When Leaving Your Job

BML Wealth Marketing2020-09-20T20:47:11-07:00September 20, 2020|401K, Financial Planning, Income Planning, Retirement Planning|

If you’ve ever left a job, you may have had to decide what to do with your old 401(k). You might have rolled it over into a 401(k) at your new job or even forgotten about it when you were younger. But if you’ve recently lost your job, retired, or left your job for another reason, you may be wondering how to make the most of your 401(k). There are many options, and the right one depends on your age, retirement goals, and overall financial situation. To start, here are three options for your 401(k) [...]