Retirement Planning Archives

18 11, 2022

3 Ways the Gender Pay Gap Affects Women in Retirement
3 Ways the Gender Pay Gap Affects Women in Retirement

3 Ways the Gender Pay Gap Affects Women in Retirement

BML Wealth Marketing2023-02-09T02:01:01-08:00November 18, 2022|Financial Planning, Retirement Planning|

There has historically been a pay gap between men and women for comparable jobs which favors men. This phenomenon generally affects retirement funds as well – this is called the gender retirement gap.[1] On average, women earn 17% less than men, taking home $89 compared to the man’s $100.[2] The gender pay gap has lasted throughout history, affecting global economic potential, and has cost the US an annual $1.6 trillion[3] in potential economic activity. This pay gap has hindered women’s ability to achieve retirement. Less Social Security Benefits Of all outcomes, this is the most [...]

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 [...]

17 10, 2022

3 Birthdays You Need to Know for Your Retirement Accounts
3 Birthdays You Need to Know for Your Retirement Accounts

3 Birthdays You Need to Know for Your Retirement Accounts

BML Wealth Marketing2023-02-09T02:08:01-08:00October 17, 2022|Retirement Planning|

Optimizing your retirement savings takes more than just making sure your IRA isn’t at risk in this market. There are rules and regulations that can help you avoid higher taxes and penalty fees and help you structure your income to minimize taxes. Know these 3 ages that can help you get the most out of your retirement accounts. Take Catch-up Contributions at 50 At age 50, workers with certain qualified retirement plans can make annual “catch-up” contributions in addition to their normal contributions. In 2022, you can contribute up to $6,000 to an IRA if [...]

30 09, 2022

A Guide to Retirement Planning for Couples
A Guide to Retirement Planning for Couples

A Guide to Retirement Planning for Couples

BML Wealth Marketing2022-09-30T13:49:16-07:00September 30, 2022|Retirement Planning|

If you’re married, retirement planning is a team effort. Or at least, it should be. While discussing finances and estate planning can easily fall by the wayside, it’s important to prioritize with your spouse. Whether you both retire around the same time, at different times, or one spouse hasn’t worked outside the home in many years, you should discuss retirement today. Here’s a guide to retirement planning for couples. A Spousal IRA For your spouse or significant other, you might want to consider an IRA contribution. You won’t be able to directly contribute to their [...]

5 09, 2022

Going “Back to School” on Your Retirement Plan
Going “Back to School” on Your Retirement Plan

Going “Back to School” on Your Retirement Plan

BML Wealth Marketing2022-09-05T21:54:56-07:00September 5, 2022|Retirement Planning|

When you think about your school years, whether your high school, college, or post-grad days, you’ll revisit memorable moments from when you had your whole life ahead of you. Schooling is all about providing students with the tools they need to achieve their future potential. When it comes to retirement planning, the same is true! Believe it or not, you have your whole life ahead of you in retirement as well, so make sure you’re prepared. Revisit your Risk Tolerance Ask yourself, is your risk tolerance reflected in your retirement portfolio? Striking a balance between [...]

1 08, 2022

Are You Asking the Right Questions Before You Retire?
Are You Asking the Right Questions Before You Retire?

Are You Asking the Right Questions Before You Retire?

BML Wealth Marketing2022-08-01T07:36:42-07:00August 1, 2022|Retirement Planning|

You might remember a time when markets kept increasing and your retirement portfolio was smooth sailing. But that was before the recent inflation numbers and market correction. You may have built a substantial nest egg, but even then, you may be concerned about how you will maintain your lifestyle in retirement and how you will avoid running out of money in this new economic environment. Here are a few questions to ask yourself as you plan for your retirement in a new financial environment. What Will My Tax Rates Be in the Future? Taxes 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 [...]

27 06, 2022

You’re Ready to Retire – But Are Your Finances?
You’re Ready to Retire – But Are Your Finances?

You’re Ready to Retire – But Are Your Finances?

BML Wealth Marketing2022-06-29T09:46:37-07:00June 27, 2022|Financial Planning, Retirement Planning|

Many people feel ready to retire, but fewer are financially ready to do so. It’s one thing to feel you’ve accomplished enough in your career or even that you’ve saved enough, but it’s another to have a plan in place that covers everything important. If you’re ready to retire, consider your finances. Have a Plan, Not Just a Portfolio Now that you’ve accumulated wealth, the question becomes how you’ll use it to fund your retirement. As we’ve seen, the market is unpredictable. It’s one thing to have a bunch of investments, but it’s another thing [...]

17 06, 2022

Flat Tires Don’t Have to Derail Your Retirement
Flat Tires Don’t Have to Derail Your Retirement

Flat Tires Don’t Have to Derail Your Retirement

BML Wealth Marketing2022-06-17T08:52:39-07:00June 17, 2022|Retirement Planning|

When you’re cruising down the open road and everything is going smoothly, you’re probably not thinking about getting a flat tire. But, the reality is that it can happen at any time. Do you have a tire jack, lug wrench, and spare tire in the trunk? An under-inflated tire caused by a slow leak can be a dangerous issue if left unattended. Getting stranded without the proper equipment isn’t much fun either. Just as it’s important to take care of these kinds of issues with your car, it’s important to be prepared for adverse financial [...]