Retirement Planning Archives

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 [...]

10 05, 2023

What Happens to Inherited Retirement Accounts?
What Happens to Inherited Retirement Accounts?

What Happens to Inherited Retirement Accounts?

BML Wealth Marketing2023-06-08T22:19:10-07:00May 10, 2023|Investing, Retirement Income, Retirement Planning|

You may know plenty about the differences between traditional IRAs and Roth IRAs, as well as the risks to your IRAs in this market, but what happens to an IRA (or other retirement account) that still has money in it when its owner passes away? You may think that the beneficiary just gets all the money in the account, but unfortunately, it’s not that simple. Retirement account funds will be transferred to a beneficiary, but their relationship to the owner is what determines how they can access the money and what they can do with [...]

17 04, 2023

What if 1 Million Dollars Isn’t Enough to Retire?
What if 1 Million Dollars Isn’t Enough to Retire?

What if 1 Million Dollars Isn’t Enough to Retire?

BML Wealth Marketing2023-06-08T22:28:20-07:00April 17, 2023|Income Planning, Retirement Income, Retirement Planning|

If you are headed toward retirement soon, or you have just retired, you may find yourself wondering, "Is my nest egg enough?" It's a common question and one that causes a lot of people a lot of reasonable anxiety. Because retirement finances are much more about prediction than they are about facts and assurances, it can be hard to feel confident that you will have enough to carry you through your entire retirement. As you know, medical expenses, long-term care, housing repairs, and other unpredictable costs are just a part of life, so how can [...]

3 04, 2023

Navigating Retirement as a High-Net-Worth Individual
Navigating Retirement as a High-Net-Worth Individual

Navigating Retirement as a High-Net-Worth Individual

BML Wealth Marketing2023-06-08T21:14:43-07:00April 3, 2023|Financial Planning, Retirement Income, Retirement Planning|

For high-net-worth individuals and families, retirement is a significant shift. A high-net-worth individual, also known as an HNWI, is typically someone with at least $1 million in cash or assets that can be easily converted into cash, including stocks, bonds, mutual fund shares, and other investments.[1] As an HNWI, you may not be too worried about depleting your funds in retirement, but there are many complexities that come into play that can eat away at your wealth faster than you think. Let's discuss a few tips and tricks that can help you make the most [...]

27 03, 2023

Current Market Risks and Your Retirement
Current Market Risks and Your Retirement

Current Market Risks and Your Retirement

BML Wealth Marketing2023-06-08T21:25:10-07:00March 27, 2023|Economy, Retirement Planning, Stock Market|

Our current economic situation is complex and, in some ways, unprecedented. Because of the pandemic, we have seen massive changes in how the market behaves, and we are having to readjust how we approach retirement planning. Government Payouts One of the major changes that we saw during the pandemic was the government directly stepping in to help with the economic downturn. The issue with this is that federal payouts can increase inflation, and when that is coupled with the constant creep of normal inflation, the situation can get out of hand quickly.[1] Suddenly the everyday [...]