Retirement Planning Archives

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 [...]

31 05, 2022

Why Today’s Retirees Might Fear Running Out of Money
Why Today’s Retirees Might Fear Running Out of Money

Why Today’s Retirees Might Fear Running Out of Money

BML Wealth Marketing2022-05-31T08:31:42-07:00May 31, 2022|Financial Planning, Retirement Income, Retirement Planning|

You might have been aiming to save a certain amount for retirement - and maybe you’ve already achieved that goal. But, considering inflation, an unpredictable market, and a lack of guaranteed income once your paycheck stops, you might be reconsidering whether you’ve actually saved enough. There are a few reasons why today’s retirees might fear running out of money and why they need to have a financial plan. Inflation at 40-Year Highs Daily life is arguably the most expensive it’s been in 40 years. April’s year-over-year inflation rate was 8.3%. Gas prices recently hit a [...]

20 05, 2022

Your Business Succession Plan Checklist
Your Business Succession Plan Checklist

Your Business Succession Plan Checklist

BML Wealth Marketing2022-05-20T09:46:45-07:00May 20, 2022|Estate Planning, Financial Planning, Retirement Planning|

For many years, you’ve been the captain of your ship. Running your own business hasn’t been easy, and success was never guaranteed. Now that you’re getting closer to retirement, you’ll have to make some big decisions. In order for your business to outlive you, you’ll need to map out a path forward. This means setting up a succession plan for your business. Here’s a preliminary checklist to get you started. Identify Your Successors Name both managers and owners of the business, and codify their roles in writing, active or non-active, for all family members. And, [...]

16 05, 2022

Four Common Retirement Mistakes You Could Be Making
Four Common Retirement Mistakes You Could Be Making

Four Common Retirement Mistakes You Could Be Making

BML Wealth Marketing2022-05-16T00:11:19-07:00May 16, 2022|Financial Planning, Retirement Planning|

Practice makes perfect, but unfortunately, retirement isn’t something you can practice. It typically happens one time, and there may not be many opportunities to learn from your mistakes. The best way to avoid making mistakes in the first place is to educate yourself and create a plan. Here are some common retirement mistakes you could be making. Wishing for the Best Instead of Preparing for the Worst We saw record highs in 2021, but 2022 may turn out to be an entirely different story. The market may continue to react poorly to the prospect of [...]

10 05, 2022

Three Unexpected Taxes in Retirement
Three Unexpected Taxes in Retirement

Three Unexpected Taxes in Retirement

BML Wealth Marketing2022-05-10T07:42:00-07:00May 10, 2022|Retirement Income, Retirement Planning, Tax Planning, Taxes|

When we think of major retirement expenses, we often consider housing, healthcare, and that trip of a lifetime we’ve been dreaming about for years. But, we often fail to consider what could potentially be our biggest expense – taxes. Many of your sources of income in retirement are taxable, so don’t overlook these three unexpected taxes in retirement. Tax on Your Social Security Benefit Although you’ve paid into Social Security your entire working life, your benefit could be taxed, depending on your income. To figure out if your benefit can be taxed, add up your [...]

6 05, 2022

Will You Go Part-Time Before Fully Retiring?
Will You Go Part-Time Before Fully Retiring?

Will You Go Part-Time Before Fully Retiring?

BML Wealth Marketing2022-05-06T11:14:55-07:00May 6, 2022|Retirement Goals, Retirement Income, Retirement Planning|

While many look forward to retirement, it can be a difficult transition when it really comes down to it. Some people don’t know what to do with all of their free time and miss the personal connections that work used to provide. Perhaps that’s why more people are opting to go part-time before fully retiring. Here’s what to keep in mind if you’re considering this. Transitioning to part-time employment can give you some of the freedom of retirement while keeping familiar routines and relationships in place. It can also help you figure out a plan [...]