Retirement Planning Archives

20 02, 2025

The Power of Compound Interest: Start Saving for Retirement Today
The Power of Compound Interest: Start Saving for Retirement Today

The Power of Compound Interest: Start Saving for Retirement Today

Evan Lamont2025-01-29T14:08:26-08:00February 20, 2025|Retirement Income, Retirement Planning|

Saving for retirement can seem daunting, especially when juggling competing financial priorities. However, understanding and leveraging the power of compound interest can make a significant difference in achieving your long-term goals. The earlier you start, the more time your savings have to grow, making compound interest a vital tool for building your retirement fund. What Is Compound Interest? Compound interest refers to earning interest on both your initial investment (principal) and the interest that accrues over time. This cumulative effect accelerates the growth of your savings as your money continues to work for you. For [...]

13 02, 2025

How to Enhance Your Retirement Savings in Your 50s
How to Enhance Your Retirement Savings in Your 50s

How to Enhance Your Retirement Savings in Your 50s

Evan Lamont2025-01-29T13:28:09-08:00February 13, 2025|Retirement Planning|

Reaching your 50s is a significant milestone in your financial journey. Retirement planning becomes a priority, and this decade offers opportunities to refine your savings strategies. While everyone’s financial situation is unique, there are practical steps you can take to position yourself for the retirement you envision. Focus on Catch-Up Contributions If you’re over 50, certain retirement accounts allow you to make additional contributions, called catch-up contributions. These provide an opportunity to grow your retirement savings further. For 2024: 401(k): Eligible individuals can contribute up to $22,500 annually, with an additional $7,500 for catch-up contributions. [...]

6 02, 2025

Common Mistakes to Avoid When Planning for Retirement
Common Mistakes to Avoid When Planning for Retirement

Common Mistakes to Avoid When Planning for Retirement

Evan Lamont2025-01-29T13:06:17-08:00February 6, 2025|Retirement Planning|

Common Mistakes to Avoid When Planning for Retirement Planning for retirement is a key component of achieving financial security. However, certain mistakes can hinder your ability to enjoy a comfortable future. By understanding and addressing these common pitfalls, you can take proactive steps to strengthen your retirement strategy. Underestimating Retirement Expenses One frequent mistake is underestimating the amount of money needed in retirement. It’s important to consider all potential costs, not just basic living expenses. Account for inflation: Ensure your savings grow to keep pace with rising costs over time. Include healthcare expenses: Factor in [...]

30 01, 2025

5 Simple Steps to Building a Solid Retirement Fund
5 Simple Steps to Building a Solid Retirement Fund

5 Simple Steps to Building a Solid Retirement Fund

Evan Lamont2025-01-29T12:28:47-08:00January 30, 2025|Retirement Planning|

Creating a secure retirement requires thoughtful planning and consistent action. With the right strategies, you can work toward steady retirement fund growth and increased financial confidence. Here are five practical steps to help you build a solid retirement fund. Step 1: Start Saving Early Time plays a crucial role in growing your retirement savings. The earlier you start, the longer your contributions have to grow through compound interest. Even small amounts saved early can make a significant difference. Open a retirement savings account, such as a 401(k) or IRA, as soon as possible. Set up [...]

4 12, 2023

Help Boost Your Income with These 3 Strategies
Help Boost Your Income with These 3 Strategies

Help Boost Your Income with These 3 Strategies

BML Wealth Marketing2023-12-06T07:01:50-08:00December 4, 2023|Retirement Income, Retirement Planning|

Do you feel like you have enough saved for retirement? Do you have anything saved for retirement? If your answer to either of these questions is no, then our advisors may have some strategies to help you turn your retirement income strategy around. Here are some things that our advisors recommend when it comes to boosting your retirement savings: Assess Your Financial Situation Honestly This isn’t as easy as it sounds. When you were a kid and you were deciding how to spend the money you had, it was probably pretty easy to budget things [...]

21 11, 2023

Understanding the Four Phases of Your Retirement Budget Strategy
Understanding the Four Phases of Your Retirement Budget Strategy

Understanding the Four Phases of Your Retirement Budget Strategy

BML Wealth Marketing2023-11-21T11:35:33-08:00November 21, 2023|Retirement Income, Retirement Planning|

One way of thinking about retirement is that it happens in phases. The length of each phase and the strategies for each are going to differ from person to person, but this can be a helpful way to break down a very complex topic. We’re going to break down each one of the phases and explain some important financial moments in each. Phase 1: Pre-retirement (Approximately Ages 50-62) This is around the age when you will start to have a sense of what you have saved and what your expenses might look like. When you [...]

6 11, 2023

4 Birthdays Crucial to Your Pre-Retirement Plan
4 Birthdays Crucial to Your Pre-Retirement Plan

4 Birthdays Crucial to Your Pre-Retirement Plan

BML Wealth Marketing2023-11-06T15:39:21-08:00November 6, 2023|Retirement Planning|

There are many important birthdays when it comes to retirement planning. So, as you approach your retirement, it’s crucial to have a few of these in mind as key milestones. Here are 4 important birthdays to make note of as you set up your financial future: Catch-Up Contributions Begin at Age 50 When you reach age 50, you can contribute more to your retirement accounts than you were able to when you were younger.[1] In 2023, 401(k) contributors who are age 50 and up can contribute $30,000 to their account ($7,500 over the normal [...]

9 10, 2023

Reexamining the Retirement Investment Portfolio
Reexamining the Retirement Investment Portfolio

Reexamining the Retirement Investment Portfolio

BML Wealth Marketing2023-10-09T10:52:29-07:00October 9, 2023|Investing, Retirement Planning|

When talking about retirement financial planning, we often take investment strategy at face value. But what does an investment strategy really consist of? An investment strategy is utilized to help your wealth not only retain its value against inflation but hopefully grow as well. When it comes to retirement, there’s another aspect of income generation that is introduced. But no matter if you’re considering wealth growth or income generation, your investment decisions will involve calculations around your risk tolerance and unique goals as well. Let’s cover these concepts briefly to better understand what an investment [...]

18 09, 2023

2 Ways to Take Care of Debt in Retirement
2 Ways to Take Care of Debt in Retirement

2 Ways to Take Care of Debt in Retirement

BML Wealth Marketing2023-09-18T06:30:30-07:00September 18, 2023|Financial Planning, Retirement Goals, Retirement Planning|

The unfortunate reality is that many Americans are now headed into retirement with some amount of debt.[1] In 2016, almost 61% of Americans were moving into the retirement stage of their life with unpaid debt.[1] And while you may think that your expenses will decrease once you retire, that isn’t always the case.[1] Sometimes, your expenses will stay the same, and other times, your expenses will go up. Unfortunately, there’s no way to predict your month-to-month costs in retirement. You can estimate based on your current lifestyle and costs, but there is no magic number [...]

14 08, 2023

Understanding Your Savings Goal – How Much Do You Really Need to Retire?
Understanding Your Savings Goal – How Much Do You Really Need to Retire?

Understanding Your Savings Goal – How Much Do You Really Need to Retire?

BML Wealth Marketing2023-08-14T10:33:07-07:00August 14, 2023|Retirement Goals, Retirement Income, Retirement Planning|

“How much do I need to retire?” This is one of the most frequently asked questions in the world of retirement finance. If you don’t have a lot of retirement planning experience, it can also be a tough question to answer. This article will hopefully give you some sense of where you might want to be headed in terms of answering this question and also get you up to speed on the classic retirement savings advice. Firstly: There is no specific retirement savings number universal to all people. This probably isn’t the answer you were [...]