Retirement Planning

Retirement planning can seem overwhelming, even if you feel you’ve saved enough to retire. It’s hard to know where to begin because a comprehensive retirement plan involves so many elements, from an investment strategy to tax minimization. When faced with a complex problem, we can often end up procrastinating. But a better approach is to start with a few easy things. #1 Estimate How Much Money You’ll Need Each Year in Retirement A financial plan starts with knowing how much money you’ll need each year in retirement. Consider your expenses now and what will change [...]

For many people, retirement planning is a joint effort. Whether you’re newlyweds or celebrating another milestone anniversary, there are some important conversations that you may want to consider having with your spouse regarding retirement. Here are some topics you may want to cover when creating a retirement plan built for two. How Much Do We Have Saved? First, it’s important that you both are on the same page about your finances and how much you actually have saved for retirement. You'll truly want to make an effort to approach retirement planning as a team. As [...]

If you’ve ever owned a house, you know how much upkeep it requires. Something always needs to be fixed or replaced, and if small problems go unchecked for too long, they can turn into bigger problems. The same is true for retirement planning. Here are three important questions to ask yourself to keep your retirement plan up-to-date. Are You Protected Against a Major Market Correction? We saw a rise to record highs in 2021, but what will happen in 2022? 54% of American investors see the stock market heading for a crash, according to a [...]

Hopefully, all your presents are wrapped and under the tree by now. This is a time of year when we’re mostly focused on other people, but once you’ve distributed all of your gifts, consider giving yourself the gift of a retirement plan. To help you get started, here are three questions your retirement plan should answer: 1. Where Will My Retirement Income Come From? Think about all the places your retirement income could come from and how much will come from each source. You'll likely claim a Social Security benefit in retirement, and you can [...]

The only certainty in life is that there will be uncertainties. However, that doesn’t mean you can’t create a plan to address them. Retirement shouldn’t be a time of anxiety or worry; it should be a time when you feel more financially secure and can enjoy the money you’ve worked hard to earn for decades. The first step is to understand the uncertainties you could face in retirement. We Could Continue to See High Inflation Interest rates are at historic lows and could stay low for some time. If you can’t expect to earn much [...]

  Many of today's retirees are the wealthiest retirees of all time. Rising home values, strong market returns, and a generation of dedicated workers mean that there are more millionaires than ever. But, even if you have built a substantial nest egg, you may not feel like a millionaire and may be worried about how you'll maintain your lifestyle in retirement and avoid running out of money. Here's what millionaires next door can ask themselves when retirement planning. How Much Money Do You Need to Retire? Don’t know how much you need to save before [...]

Almost everything we do has some type of a process or warm-up routine. From playing golf to driving a car, every activity has certain steps that should be taken before you begin. Take for example a pilot performing their pre-flight routine and inspections. They walk around the entire plane looking for any visual problems on the body, wings, landing equipment, tail and nose to make sure it looks proper. Next, they do a pre-flight check of all systems inside the cockpit as they enter their route information. For the pilot, this is part of their [...]

Sometimes life gives us lemons, as the saying goes. In order to make lemonade, you need a plan. Whether it’s a financial crisis or a personal setback, there are events that can upend your retirement if you’re not prepared. Have a plan for handling retirement curveballs if they come your way. An Earlier-Than-Expected Retirement It can be much harder for someone over 50 to find a new job and particularly hard to find a job that pays the same as a previous job. Although many Americans plan to retire late, they may not end up [...]