Retirement Planning Archives

6 03, 2023

Will Your Retirement Savings Be Enough?
Will Your Retirement Savings Be Enough?

Will Your Retirement Savings Be Enough?

BML Wealth Marketing2023-06-08T21:27:46-07:00March 6, 2023|Retirement Income, Retirement Planning|

Are you unsure of how much money you will need in retirement? This is a very common concern for Americans as they approach retirement age. This blog will give you some tips on how to begin estimating your needs in the future, as well as some tips on how to increase the longevity of your savings. How Much Should I Spend? One of the easiest ways to judge how much money you will need in retirement is to take stock of how much money you need right now.[1] Track your expenses and see how much [...]

9 01, 2023

2 Ways the 2022 Economic Woes Affected Your Retirement Accounts
2 Ways the 2022 Economic Woes Affected Your Retirement Accounts

2 Ways the 2022 Economic Woes Affected Your Retirement Accounts

BML Wealth Marketing2023-02-09T01:38:11-08:00January 9, 2023|Economy, Retirement Planning|

The 2022 economic climate has been bumpy for most and, in some cases, even bumpier for retirees. Americans and the world at large dealt with the economic ramifications of the Russia-Ukraine war, post-pandemic industrial effects, and rising inflation and interest rates. As the year ends, it's important to understand how these economic factors may have affected your finances as a retiree. Inflation Pinched Pockets Between 1991 and 2021, annual inflation averaged 2.5%, close to the Federal Reserve’s desired 2% target, which many believe to indicate a healthy economy.[1] However, in 2022, this number spiked to [...]

4 01, 2023

Turning 59.5? Here are the Factors to Consider
Turning 59.5? Here are the Factors to Consider

Turning 59.5? Here are the Factors to Consider

BML Wealth Marketing2023-02-09T01:40:03-08:00January 4, 2023|Retirement Planning|

Approaching 60 is an exciting time. Not only does it come with more wisdom and thrill for a new chapter of life, but it also presents important financial decisions that can affect your life in retirement. If you are turning 59.5 this year, you will become eligible to withdraw from your retirement accounts without penalty. This birthday, and possibly 3 other birthdays that affect your retirement accounts, presents an opportunity to rethink your finances and live a new life. Here are factors to consider in this important year of your life. Rethink Your 401(K) [...]

29 11, 2022

The Value of Opening a Roth IRA at the End of the Year
The Value of Opening a Roth IRA at the End of the Year

The Value of Opening a Roth IRA at the End of the Year

BML Wealth Marketing2023-02-09T01:55:25-08:00November 29, 2022|Financial Planning, Investing, Retirement Income, Retirement Planning|

These days, retirement planning will likely involve Individual Retirement Accounts in one way or another. Whether you’re looking to roll over a 401(k), optimize your withdrawal timing, or take advantage of catch-up contributions, your IRA strategy may be one of the main components of your income strategy. So, let’s talk about the Roth IRA and its unique value at the end of the calendar year. What is the Roth IRA, and When is it Useful? The Roth IRA is a type of retirement account that you may withdraw from tax-free after a certain age and [...]

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 [...]