Retirement Planning Archives

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 [...]

2 05, 2022

The Retirement Rules Could Change Soon – Have a Response
The Retirement Rules Could Change Soon – Have a Response

The Retirement Rules Could Change Soon – Have a Response

BML Wealth Marketing2022-05-02T09:02:27-07:00May 2, 2022|Financial Planning, Retirement Planning|

If you have a financial plan in place, you may think you’re set. However, the rules of retirement are always subject to change. We’ve seen new retirement legislation in the last few years and could see more soon. It’s important to understand how you could be affected and think about how you will respond. The End of the “Stretch IRA” The first SECURE Act, passed in 2019, changed the rules for inherited retirement accounts: Instead of allowing those who inherit 401(k)s or IRAs to “stretch” distributions over their lifetime, they now must empty the account [...]

22 04, 2022

Are Your Retirement Savings Safe?
Are Your Retirement Savings Safe?

Are Your Retirement Savings Safe?

BML Wealth Marketing2022-04-22T10:56:56-07:00April 22, 2022|Cyber Security, Retirement Planning|

We know that it’s important to protect our retirement savings from market corrections and inflation, but what about cybercriminals? Retirement account fraud is becoming more and more common. It’s important to take steps to protect your information and accounts from cybersecurity threats. Here are three things you can do to help keep your retirement savings safe. Keep an Eye on Your 401(k) If there’s a fraudulent charge on your credit card, there is recourse – but what about your 401(k)? Cyber fraud is becoming more common, and plan sponsors don’t guarantee reimbursements. It’s becoming harder [...]

18 04, 2022

3 Major Retirement Expenses to Include in Your Budget
3 Major Retirement Expenses to Include in Your Budget

3 Major Retirement Expenses to Include in Your Budget

BML Wealth Marketing2022-04-18T06:24:23-07:00April 18, 2022|Financial Planning, Retirement Planning|

General retirement planning advice says that you’ll need about 80% of your pre-retirement income in retirement, but this may not be the case for everyone. Inflation, taxes, and long-term care costs are easily overlooked - but these expenses could be high. When creating your retirement budget, don’t forget to include these three expenses. Taxes: How Much Will You Pay in the Future? It’s easy to forget about taxes after you file, but it’s important to think long-term when it comes to your tax burden. Your tax situation can change significantly in retirement, but that doesn’t [...]