Retirement Planning Archives

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 [...]

31 07, 2023

Defined-Benefit vs. Defined-Contribution Plans
Defined-Benefit vs. Defined-Contribution Plans

Defined-Benefit vs. Defined-Contribution Plans

BML Wealth Marketing2023-07-31T13:33:40-07:00July 31, 2023|Retirement Income, Retirement Planning|

The following two types of retirement savings methods may sound similar, but there are a lot of important differences that might be useful for you to know if you’re looking to get a better understanding of what retirement might look like for you. Defined-Benefit Let’s start with a defined-benefit plan. These types of plans commonly come in the form of pension plans.[1] A pension plan guarantees a certain level of retirement benefit based on your salary and how many years you worked for the company.[2] As an employee with a defined-benefit plan, you have little [...]

17 07, 2023

Retirement Tax Strategies to Consider
Retirement Tax Strategies to Consider

Retirement Tax Strategies to Consider

BML Wealth Marketing2023-07-17T09:54:15-07:00July 17, 2023|Retirement Planning, Tax Planning, Tax Strategies|

How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. If you are putting together the puzzle pieces of your retirement plan and you are curious about some strategies related to taxes and retirement, here are some possible options: Consider a Roth IRA Roth IRAs allow you to contribute to a certain type of account that is not taxed upon withdrawal as long as you withdraw after you are 59 ½ and the account has existed for 5 or more years. There are [...]

10 07, 2023

Using Your House to Fund Your Retirement
Using Your House to Fund Your Retirement

Using Your House to Fund Your Retirement

BML Wealth Marketing2023-07-10T09:06:52-07:00July 10, 2023|Financial Planning, Real Estate, Retirement Planning|

It is possible for a person to end up in a situation where they have a lot of money in a home but don’t have a lot of money in the bank. If you have been paying off your mortgage for years, your equity in the home could amount to a lot of money. But that isn’t money you can use without making significant financial changes. And just because you have a high-value home, it doesn’t mean that you have a lot of cash on hand for expenses. If you are about to head into [...]

5 06, 2023

Addressing Retirement for Gen X
Addressing Retirement for Gen X

Addressing Retirement for Gen X

BML Wealth Marketing2023-06-05T09:18:29-07:00June 5, 2023|Retirement Planning|

A recent study by Investopedia found that Generation X’s biggest worry is retirement. The survey found that although many members of Gen X feel like they understand their finances, they are still concerned about setting themselves up to transition into retirement. Nearly one in four Gen Xers are not sure when, or even if, they will be able to retire.[1] These numbers are very significant. They mean that even if Gen X feels like they know what they need to do, they aren’t sure how they will get there. You may be feeling the same [...]

22 05, 2023

Target-Date Funds: The Backbone of Many Retirement Accounts
Target-Date Funds: The Backbone of Many Retirement Accounts

Target-Date Funds: The Backbone of Many Retirement Accounts

BML Wealth Marketing2023-06-08T22:13:31-07:00May 22, 2023|Investing, Retirement Planning|

A target-date fund is an investing tool, often in the form of an ETF or mutual fund, that adjusts its investment strategy based on how much time there is until the target date. The investments are strategized for long-term growth when you are further away from the target date and strategized for wealth preservation the closer you get to it. Another name for these kinds of funds is age-based funds and life-cycle funds, and they are structured around the financial needs of someone aiming to save for retirement.[1] The major benefit of target-date funds is [...]