Retirement Planning Archives

7 09, 2021

Have a Retirement Account? Be Prepared for Your RMDs!
Have a Retirement Account? Be Prepared for Your RMDs!

Have a Retirement Account? Be Prepared for Your RMDs!

BML Wealth Marketing2021-10-04T11:42:13-07:00September 7, 2021|Financial Planning, Retirement Planning|

If you’ve contributed to a 401(k) or IRA, you should prepare a strategy for your RMDs (Required Minimum Distributions). After many years of enjoying tax free growth, your retirement savings from non-Roth (i.e. traditional) accounts will eventually be subject to tax. Rather than be caught off guard, take control and learn the ins and outs of your RMDs so you can avoid penalties, and determine the best strategy for re-distributing your RMDs. Required minimum distributions from your IRA, Simple IRA, SEP IRA, or retirement plan must begin at age 70 ½. You have to take [...]

15 08, 2021

What’s Your 401(k) Game Plan?
What’s Your 401(k) Game Plan?

What’s Your 401(k) Game Plan?

BML Wealth Marketing2021-10-05T08:29:39-07:00August 15, 2021|Retirement Income, Retirement Planning|

If you’re nearing retirement, have retired, or recently left your company for any reason, you should create a 401(k) game plan. Know how your investment options can expand, how to avoid tax traps, and what you’ll do with any company stock in your 401(k). There are many options, and the right one depends on your age, retirement goals, and overall financial situation – here’s what to consider. You Can Roll Over Your 401(k) Into an IRA Although you may have the option to cash out of your old 401(k), you will pay tax on those [...]

25 07, 2021

Where Could Your Retirement Income Come From?
Where Could Your Retirement Income Come From?

Where Could Your Retirement Income Come From?

BML Wealth Marketing2021-07-25T20:03:06-07:00July 25, 2021|Investing, Retirement Income, Retirement Planning, Social Security|

You're used to receiving a paycheck, and perhaps you've been used to it steadily increasing over the course of your career. You may have experienced what’s known as “lifestyle inflation” and may not plan to downgrade in retirement. Whatever the case, it’s important to know where your retirement income will come from. It could come from several different sources, so know how much will come from each and the total amount. Social Security Social Security benefits are a highly reliable source of retirement income that can last for the rest of your life. While you [...]

19 07, 2021

The Most Important Ages for Your Retirement Accounts
The Most Important Ages for Your Retirement Accounts

The Most Important Ages for Your Retirement Accounts

BML Wealth Marketing2021-07-19T08:58:48-07:00July 19, 2021|Retirement Planning|

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 [...]

11 07, 2021

Retirement Has Changed – Have Your Plans?
Retirement Has Changed – Have Your Plans?

Retirement Has Changed – Have Your Plans?

BML Wealth Marketing2021-07-11T22:35:51-07:00July 11, 2021|Healthcare, Retirement Planning, Taxes|

People are retiring differently today than in the past – just think, will you retire exactly like your parents did? Probably not. Retirement is no longer about the end of a career; it's about the beginning of a new, often quite active phase of life that could last decades. And while this is something to celebrate, it also requires a plan to make savings last a lifetime. Here’s how retirement has changed and what you can do to plan ahead.Today’s Retirees May Have a Greater Tax Burden Retirees of previous generations may not have worried about [...]

9 07, 2021

Practical Tips for Starting Your Retirement Off on the Right Foot
Practical Tips for Starting Your Retirement Off on the Right Foot

Practical Tips for Starting Your Retirement Off on the Right Foot

BML Wealth Marketing2021-07-09T13:52:18-07:00July 9, 2021|Retirement Planning|

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 [...]

21 06, 2021

4 Major Retirement Challenges to Overcome
4 Major Retirement Challenges to Overcome

4 Major Retirement Challenges to Overcome

BML Wealth Marketing2023-12-19T20:57:31-08:00June 21, 2021|Retirement Planning|

Today’s retirees may be the richest the world has ever seen with Baby Boomers holding more than half of U.S. household wealth as of the end of 2020.[1] While you may be looking forward to traveling, working on your golf game, or retiring early to enjoy more free time, you first have to overcome some major retirement challenges. Here are some questions to ask yourself when creating a plan to overcome them. Facing Market Volatility If you don’t want to put off retirement or downgrade your retirement lifestyle, you may want to reassess your risk [...]

23 05, 2021

Rising Costs in Retirement: Are You Prepared?
Rising Costs in Retirement: Are You Prepared?

Rising Costs in Retirement: Are You Prepared?

BML Wealth Marketing2021-05-23T23:21:41-07:00May 23, 2021|Financial Planning, Inflation, Retirement Planning|

In 1960, a gallon of milk cost 36 cents, and today it costs $3.35 on average.[1] Inflation is to blame, and we could see higher inflation in the coming years. It’s important to have a sense of how much you’ll need to spend in retirement, but this is difficult when future costs and tax rates are unknown. How will you respond to rising costs in retirement – are you prepared? Healthcare & Long Term Care Costs Healthcare costs have been rising over the past 40 years, and this trend is expected to increase. It's important [...]

16 05, 2021

Why $1 Million in Savings May Not Be Enough
Why $1 Million in Savings May Not Be Enough

Why $1 Million in Savings May Not Be Enough

BML Wealth Marketing2021-05-16T18:59:10-07:00May 16, 2021|Budgeting, Retirement Income, Retirement Planning|

They say age is just a number, but the same probably shouldn’t be said of retirement preparation. While $1 million may seem like a substantial nest egg, it may no longer be enough if you want to retire comfortably. In the past, many people set a goal to have a million dollars to retire on, but in today’s world it may not get you where you need to be for retirement. Healthcare costs and inflation are just a few of the retirement expenses that can eat up savings. Everyone’s retirement goals and situation are unique, [...]

10 05, 2021

Have You Factored Inflation into Your Retirement Plan?
Have You Factored Inflation into Your Retirement Plan?

Have You Factored Inflation into Your Retirement Plan?

BML Wealth Marketing2021-05-10T06:20:23-07:00May 10, 2021|Economy, Financial Planning, Retirement Planning|

We’ve seen increased government spending due to COVID and significant increases in government debt. Some economists theorize that this could lead to increased inflation, and many claim that we are already seeing the effects. Although the official inflation rate may remain low for now, you may notice price increases of everyday items and services. If you’re nearing or in retirement, you need to protect yourself from the eroding effects of inflation, even if it never rises to the level it did during the 1970s. Have you factored inflation into your retirement plan? How Much Could [...]