Retirement Planning

  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 [...]

If you have a 401(k), IRA, or other retirement accounts, it’s important to keep a few things top of mind: Know how much you're contributing, how your investments are performing, and how much you're paying in fees. You should also note important milestone ages and their recent changes. Here are the most important ages for your retirement accounts, starting at age 50.Age 50At age 50, workers can make annual “catch-up” contributions in addition to their normal contributions. In 2021, you can contribute up to $6,000 to an IRA if you are under 50 and an [...]

Retirement planning can be stressful because there are a lot of things to keep track of. One of the steps that often gets overlooked is announcing to your employer that you are going to retire. This may require writing a letter to explain your plans while also choosing a date for your last day of work. It is a big step because it signifies the beginning of your retirement journey. So, to start your retirement off on the right foot, try taking some time beforehand to plan your announcement.Before you start writing your letter and [...]