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) [...]

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 [...]

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 [...]

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 [...]

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 [...]