Retirement Income Archives

16 11, 2022

Making the Switch to Paying Yourself
Making the Switch to Paying Yourself

Making the Switch to Paying Yourself

BML Wealth Marketing2022-12-07T10:15:02-08:00November 16, 2022|Retirement Income, Retirement Planning|

For most of your life, you’ve probably had a daily routine – from tying your tie to greeting your coworkers to loosening that tie when you get home. When thinking about retirement, not only does your daily routine change but your financial routine does too. In your working years, you made sure to have a savings and wealth accumulation plan. Your retirement goals were focused on building wealth but now, your goal is to spend it efficiently. When you’re going back to school on your retirement plan, you’ll recognize that that’s a much different question [...]

31 10, 2022

Does the 4% Rule Really Work?
Does the 4% Rule Really Work?

Does the 4% Rule Really Work?

BML Wealth Marketing2023-02-09T02:04:44-08:00October 31, 2022|Financial Planning, Investing, Retirement Income, Retirement Planning|

During your saving years, your main goal is to accumulate wealth so that you have the resources to achieve a comfortable retirement. But that is just half the battle. How you use your savings to cover your living costs is the real key to living the retirement you dream of. You may have done some research on what strategies you can use to provide yourself with the income and liquid cash you need to cover your expenses in retirement and come across a few general, cookie-cutter strategies, such as the 4% rule. What is the [...]

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 [...]

7 06, 2022

Will You Have Tax-Advantaged Buckets in Retirement?
Will You Have Tax-Advantaged Buckets in Retirement?

Will You Have Tax-Advantaged Buckets in Retirement?

BML Wealth Marketing2022-06-07T11:41:49-07:00June 7, 2022|Retirement Income, Tax Planning|

You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But, do you have any after-tax “buckets” that you can use strategically in retirement to help reduce your tax bill? There may be a few options available to you, so know how they work. How is a Roth IRA Different from a Traditional IRA? Many people contribute pre-tax dollars to a traditional IRA during their working years. When money is distributed, it’s taxed at ordinary income rates. In contrast, a Roth IRA is funded [...]

31 05, 2022

Why Today’s Retirees Might Fear Running Out of Money
Why Today’s Retirees Might Fear Running Out of Money

Why Today’s Retirees Might Fear Running Out of Money

BML Wealth Marketing2022-05-31T08:31:42-07:00May 31, 2022|Financial Planning, Retirement Income, Retirement Planning|

You might have been aiming to save a certain amount for retirement - and maybe you’ve already achieved that goal. But, considering inflation, an unpredictable market, and a lack of guaranteed income once your paycheck stops, you might be reconsidering whether you’ve actually saved enough. There are a few reasons why today’s retirees might fear running out of money and why they need to have a financial plan. Inflation at 40-Year Highs Daily life is arguably the most expensive it’s been in 40 years. April’s year-over-year inflation rate was 8.3%. Gas prices recently hit a [...]

10 05, 2022

Three Unexpected Taxes in Retirement
Three Unexpected Taxes in Retirement

Three Unexpected Taxes in Retirement

BML Wealth Marketing2022-05-10T07:42:00-07:00May 10, 2022|Retirement Income, Retirement Planning, Tax Planning, Taxes|

When we think of major retirement expenses, we often consider housing, healthcare, and that trip of a lifetime we’ve been dreaming about for years. But, we often fail to consider what could potentially be our biggest expense – taxes. Many of your sources of income in retirement are taxable, so don’t overlook these three unexpected taxes in retirement. Tax on Your Social Security Benefit Although you’ve paid into Social Security your entire working life, your benefit could be taxed, depending on your income. To figure out if your benefit can be taxed, add up your [...]

6 05, 2022

Will You Go Part-Time Before Fully Retiring?
Will You Go Part-Time Before Fully Retiring?

Will You Go Part-Time Before Fully Retiring?

BML Wealth Marketing2022-05-06T11:14:55-07:00May 6, 2022|Retirement Goals, Retirement Income, Retirement Planning|

While many look forward to retirement, it can be a difficult transition when it really comes down to it. Some people don’t know what to do with all of their free time and miss the personal connections that work used to provide. Perhaps that’s why more people are opting to go part-time before fully retiring. Here’s what to keep in mind if you’re considering this. Transitioning to part-time employment can give you some of the freedom of retirement while keeping familiar routines and relationships in place. It can also help you figure out a plan [...]

4 03, 2022

Will Your Savings Last for the Rest of Your Life?
Will Your Savings Last for the Rest of Your Life?

Will Your Savings Last for the Rest of Your Life?

BML Wealth Marketing2022-03-07T08:01:48-08:00March 4, 2022|Retirement Income|

Once you’ve saved enough for retirement, the question becomes how you’ll make your savings last for the rest of your life. Higher costs make this difficult, and we’ve been seeing higher costs as a result of inflation for some months. It’s important to know how inflation can erode your savings over time and how to create a plan to address this. We Could See “Persistently Higher Inflation” Federal Reserve Chairman Jerome Powell said last year that “the threat of persistently higher inflation has grown,” and we have continued to see inflation in 2022. Product shortages [...]

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 [...]

15 08, 2021

What’s Your 401(k) Game Plan?
What’s Your 401(k) Game Plan?

What’s Your 401(k) Game Plan?

BML Wealth Marketing2021-10-05T08:29:39-07:00August 15, 2021|Retirement Income, Retirement Planning|

If you’re nearing retirement, have retired, or recently left your company for any reason, you should create a 401(k) game plan. Know how your investment options can expand, how to avoid tax traps, and what you’ll do with any company stock in your 401(k). There are many options, and the right one depends on your age, retirement goals, and overall financial situation – here’s what to consider. You Can Roll Over Your 401(k) Into an IRA Although you may have the option to cash out of your old 401(k), you will pay tax on those [...]