Retirement Income Archives

25 07, 2021

Where Could Your Retirement Income Come From?
Where Could Your Retirement Income Come From?

Where Could Your Retirement Income Come From?

BML Wealth Marketing2021-07-25T20:03:06-07:00July 25, 2021|Investing, Retirement Income, Retirement Planning, Social Security|

You're used to receiving a paycheck, and perhaps you've been used to it steadily increasing over the course of your career. You may have experienced what’s known as “lifestyle inflation” and may not plan to downgrade in retirement. Whatever the case, it’s important to know where your retirement income will come from. It could come from several different sources, so know how much will come from each and the total amount. Social Security Social Security benefits are a highly reliable source of retirement income that can last for the rest of your life. While you [...]

14 06, 2021

4 Reasons to Have a 401(k) Strategy
4 Reasons to Have a 401(k) Strategy

4 Reasons to Have a 401(k) Strategy

BML Wealth Marketing2021-06-14T09:02:05-07:00June 14, 2021|Retirement Income|

If you’ve saved a substantial amount in a tax-deferred retirement account, it will no doubt be instrumental in retirement. The next step is to strategize how you’ll use those savings. There are several important things to know about your 401(k), such as how much you can contribute, options for your 401(k) when you leave your job, and how RMDs work. Here are four reasons to have a 401(k) strategy. You Have Options for Old 401(k)s When you leave a job, you can either cash out of your 401(k), roll it over into a 401(k) at [...]

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, [...]

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 [...]

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 [...]

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 [...]

7 02, 2021

3 Ways the SECURE Act Could Affect Your Retirement
3 Ways the SECURE Act Could Affect Your Retirement

3 Ways the SECURE Act Could Affect Your Retirement

BML Wealth Marketing2021-02-07T23:16:12-08:00February 7, 2021|Retirement Income, Retirement Planning|

The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) recently had its one-year anniversary. It was the biggest piece of retirement legislation to be passed in many years, and it will undoubtedly have a major effect on how many Americans approach retirement and estate planning. It had several aims, from making it easier for workers to save for retirement to potentially increasing the amount the IRS could collect in taxes on inherited IRAs. What it means for you now and in the future depends on your unique situation – here are 3 ways [...]

4 10, 2020

3 Things You Can Do If You Don’t Qualify for a Roth IRA
3 Things You Can Do If You Don’t Qualify for a Roth IRA

3 Things You Can Do If You Don’t Qualify for a Roth IRA

BML Wealth Marketing2021-08-01T22:08:01-07:00October 4, 2020|Investing, Retirement Income|

There's evidence to suggest that we might be experiencing historically low tax rates right now. The Tax Cuts and Jobs Act will expire in 2025 or possibly sooner if there’s a leadership change in Washington. By the end of the year, total government debt is expected to almost equal the size of the U.S. economy.[1] This is one trend to keep an eye on when planning for retirement since taxes could rise in the future to pay for increased spending now. One popular long-term tax minimization strategy is to use a Roth IRA. However, there [...]

2 08, 2020

Pension Or No Pension, Have a Plan for Creating Retirement Income
Pension Or No Pension, Have a Plan for Creating Retirement Income

Pension Or No Pension, Have a Plan for Creating Retirement Income

BML Wealth Marketing2021-08-01T22:06:28-07:00August 2, 2020|Retirement Income, Retirement Planning|

Here's proof that funding retirement has changed: In 1970, 45% of private-sector employees were covered by a pension plan.[1] Now, 4% are covered.[2] Pensions have largely been replaced by 401(k), IRAs, and similar retirement plans, and retirees must find a way to make their savings last throughout retirement. If you are lucky enough to have a pension, you still have important decisions to make as to how you want to receive payments. Pension or no pension, you should have a plan for creating retirement income. Can You Rely On Your Pension? Last year, General Electric [...]

26 07, 2020

3 Things to Know About Your 401(k)
3 Things to Know About Your 401(k)

3 Things to Know About Your 401(k)

BML Wealth Marketing2020-07-26T15:02:45-07:00July 26, 2020|Financial Planning, Retirement Income, Retirement Planning|

We all know that a 401(k) is one of the most important retirement planning tools we have. The potential tax benefits and power of compound interest can make it a great saving and investment tool for anyone who practices financial discipline and contributes regularly. There are several important things to know about your 401(k), such as how much you can contribute, options for your 401(k) when you leave your job, and how much you are paying in 401(k) fees. You Have Options for Old 401(k)s When you leave a job, you can either cash out [...]