Retirement Planning Archives

21 06, 2021

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

4 Major Retirement Challenges to Overcome

BML Wealth Marketing2025-02-05T21:54:29-08:00June 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 [...]

7 05, 2021

Will You Have to Retire Earlier Than You Expected To?
Will You Have to Retire Earlier Than You Expected To?

Will You Have to Retire Earlier Than You Expected To?

BML Wealth Marketing2021-05-07T12:23:01-07:00May 7, 2021|Financial Planning, Retirement Planning|

If you’re nearing retirement age and know you’re not financially prepared for retirement, your solution may be to work longer. While forgoing an early retirement can be prudent, your career might not last as long as you’d like it to. The pandemic and resulting economic conditions forced 1.9 million workers ages 55 and over out of the labor force in 2020.[1] Even in normal times, health problems, family responsibilities, layoffs, and business closings can cause people to leave their jobs unexpectedly. The truth is that retirement isn’t always voluntary, and you could have to retire [...]

23 04, 2021

Have You Solved Your Retirement Puzzle?
Have You Solved Your Retirement Puzzle?

Have You Solved Your Retirement Puzzle?

BML Wealth Marketing2021-04-23T05:46:36-07:00April 23, 2021|Retirement Planning|

Have you ever been totally stumped by a puzzle or brain-teaser? Maybe that’s why we’re impressed by people who can solve a Rubix Cube in seconds, or finish a thousand-piece jigsaw puzzle, or do the Sunday crossword puzzle in pen. But, if you talk to a lifelong puzzle master, they’ll tell you there’s no magic secret to how they do what they do. All it takes is patience, a strategy, and attention to detail. And the same applies to solving your retirement puzzle. First, you don’t just dive right into the Sunday crossword or thousand-piece [...]

18 04, 2021

Don’t Forget About These Big Retirement Expenses
Don’t Forget About These Big Retirement Expenses

Don’t Forget About These Big Retirement Expenses

BML Wealth Marketing2021-08-01T22:03:26-07:00April 18, 2021|Financial Planning, Retirement Planning|

The rule of thumb says you’ll need about 80% of your pre-retirement income in retirement, but everyone is different. Many retirees want to upgrade their lifestyle in retirement or maintain their current lifestyle. In fact, a recent study shows that about one in three retirees actually spent more than they expected they would when they first retired, and one in 10 spent much more than they anticipated. To help avoid this outcome, don’t forget about these potentially big retirement expenses. Healthcare & Long Term Care The average 65-year-old couple retiring today will need an estimated [...]

16 04, 2021

Win the Retirement Lottery Without Winning the Lottery
Win the Retirement Lottery Without Winning the Lottery

Win the Retirement Lottery Without Winning the Lottery

BML Wealth Marketing2021-04-16T12:55:09-07:00April 16, 2021|Financial Planning, Retirement Income, Retirement Planning|

There are so many stories about entertainers, athletes, and lottery winners who have all lost their fortunes and ended up bankrupt. Each one of these people lost millions of dollars, and in many cases, enough money to last an average family for generations. When these stories come to light, people often make comments about how that would never happen to them, and that may be true. However, these stories do give us something to think about. Your retirement is very similar to winning the lottery. Once you stop working, you’ll likely be entering retirement with [...]

12 04, 2021

More Time to File Taxes and Review Your Retirement Plan
More Time to File Taxes and Review Your Retirement Plan

More Time to File Taxes and Review Your Retirement Plan

BML Wealth Marketing2021-04-12T05:25:29-07:00April 12, 2021|Financial Planning, Retirement Planning, Taxes|

Tax season is the perfect time to take stock of your overall finances and how they may have changed in the last year. And luckily for you, tax season is extended until May 17th this year, so you have even more time to do that! As you go through important documents, make sure to review your investment plan, estate plan, long-term tax minimization strategies, and overall retirement plan during this extended tax season. What’s Your Investment Strategy? Having a bucket of investments isn’t the same as having a comprehensive investment strategy. The latter becomes even [...]

28 03, 2021

The Pandemic Won’t Be the Last Retirement Challenge You’ll Face
The Pandemic Won’t Be the Last Retirement Challenge You’ll Face

The Pandemic Won’t Be the Last Retirement Challenge You’ll Face

BML Wealth Marketing2021-03-28T20:06:28-07:00March 28, 2021|Economy, Retirement Planning|

The pandemic has been hard on Americans nearing and in retirement, but there are likely other obstacles coming. Increased government spending on COVID relief plus strain on our healthcare system could mean we’ll see higher taxes, inflation, and healthcare costs in the future. It’s crucial to have a comprehensive retirement plan for the future because the pandemic won’t be the last retirement challenge you’ll face. Current and Future Taxes The recent change in leadership in Washington and a growing national debt could potentially mean higher taxes in the future. There is currently support for taxing [...]