Retirement Planning Archives

15 03, 2021

Are You Close to An Important Birthday?
Are You Close to An Important Birthday?

Are You Close to An Important Birthday?

BML Wealth Marketing2021-03-15T09:20:30-07:00March 15, 2021|Financial Planning, Retirement Planning|

When we think about important birthdays, we think of 18 and 21, but what about 59 ½ or 72? Just because you’re older doesn’t mean you don’t have more milestones to hit. Starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications for your retirement. Are you close to an important birthday? Age 50 At 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 additional $1,000 [...]

26 02, 2021

When Retirement Is Like Football
When Retirement Is Like Football

When Retirement Is Like Football

BML Wealth Marketing2021-02-26T20:22:45-08:00February 26, 2021|Retirement Planning|

Whether your team won or lost a few weeks ago, we can all agree that it’s no easy feat to make it to the big game at the end of the season. This game is the culmination of both teams practicing and strategizing all season long. Creating a game plan for football is a lot like creating a retirement plan. You have to know how to adapt to unexpected challenges and recognize the importance of good coaching. There’s no Strict Script If you watched Tom Brady beat the Chiefs and win his 7th ring, you [...]

15 02, 2021

3 Recent Events That Could Show the Future of Your Finances
3 Recent Events That Could Show the Future of Your Finances

3 Recent Events That Could Show the Future of Your Finances

BML Wealth Marketing2021-02-16T13:53:14-08:00February 15, 2021|Economy, Retirement Planning, Stock Market|

Planning for retirement is never a “set it and forget it” activity. There are unexpected disasters, market drops, and changing laws that invariably cause retirees to reevaluate their plans of action. Recently, the Federal Reserve’s statements regarding interest rates and inflation, as well as the GameStop stock frenzy, may have you wondering how to respond. Let’s look at three events that could show the future of your finances. The Federal Reserve’s Latest Meeting The Federal Reserve met at the end of January and issued several important statements. They said they would keep interest rates at [...]

7 02, 2021

3 Ways the SECURE Act Could Affect Your Retirement
3 Ways the SECURE Act Could Affect Your Retirement

3 Ways the SECURE Act Could Affect Your Retirement

BML Wealth Marketing2021-02-07T23:16:12-08:00February 7, 2021|Retirement Income, Retirement Planning|

The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) recently had its one-year anniversary. It was the biggest piece of retirement legislation to be passed in many years, and it will undoubtedly have a major effect on how many Americans approach retirement and estate planning. It had several aims, from making it easier for workers to save for retirement to potentially increasing the amount the IRS could collect in taxes on inherited IRAs. What it means for you now and in the future depends on your unique situation – here are 3 ways [...]

31 01, 2021

Concerned About Taxes On Your Retirement Account?
Concerned About Taxes On Your Retirement Account?

Concerned About Taxes On Your Retirement Account?

BML Wealth Marketing2021-02-05T09:05:45-08:00January 31, 2021|Retirement Planning, Tax Planning|

You might expect your tax burden to decrease in retirement – after all, you’re no longer receiving a paycheck that incurs income tax, the payroll tax, and Medicare tax. However, your income in retirement could be significant, between investment income, rental properties, pensions, Social Security, and retirement account withdrawals. Starting at age 72, you likely must take Required Minimum Distributions (RMDs) from your traditional retirement accounts, which could potentially increase your taxable income. And considering the mounting national debt and a new president who has proposed several tax-increasing policies, you might be concerned about taxes [...]

17 01, 2021

3 Retirement Challenges You Can Plan For
3 Retirement Challenges You Can Plan For

3 Retirement Challenges You Can Plan For

BML Wealth Marketing2021-02-02T18:07:21-08:00January 17, 2021|Retirement Planning|

No matter where you are in your retirement journey, a financial advisor may be able to provide you with potentially valuable information and advice. A comprehensive retirement plan tailored specifically to your situation could have a major impact on your retirement: It may help you avoid common retirement pitfalls and mitigate risks. Here are 3 potential retirement challenges you can plan for. Longevity While a longer life is certainly a blessing, with it comes the risk of outliving your money. Considering the often expensive healthcare costs in old age, the staggering cost of long-term care [...]

4 01, 2021

Ready to Retire in 2021? Ask Yourself These 3 Questions
Ready to Retire in 2021? Ask Yourself These 3 Questions

Ready to Retire in 2021? Ask Yourself These 3 Questions

BML Wealth Marketing2021-01-04T12:28:52-08:00January 4, 2021|Financial Planning, Retirement Planning|

Will 2021 be your retirement year? And how do you know when it’s time to retire? For some, retirement comes at a milestone. Maybe it’s 35 years on the job or your 65th birthday, or maybe your goal is to retire when you have a certain amount in savings. Retirement is different for everyone, and it’s a big decision to make. You might not be ready on your 65th birthday, or maybe you’ll be ready before that. Either way, take the time to decide if you will retire in 2021 by answering these three questions. [...]

28 12, 2020

3 Easy Ways To Get On-Track for 2021 & Beyond
3 Easy Ways To Get On-Track for 2021 & Beyond

3 Easy Ways To Get On-Track for 2021 & Beyond

BML Wealth Marketing2020-12-28T11:54:30-08:00December 28, 2020|Income Planning, Retirement Planning|

Only 28% of Americans will make New Year’s resolutions that are financial in nature, according to a recent MassMutual survey.[1] Perhaps more should – retirement requires significant planning and there is no better time to start than at the beginning of a new year. If you’re wondering how to do this, then you might consider these 3 easy ways to get on-track for 2021 and beyond. Plan for Retirement Account Contributions and Distributions Contributing to a qualified, tax-deferred retirement account can help to reduce your tax burden and save for retirement, so know how much [...]

4 12, 2020

Transitioning Into Retirement Is No Small Task
Transitioning Into Retirement Is No Small Task

Transitioning Into Retirement Is No Small Task

BML Wealth Marketing2020-11-28T23:12:10-08:00December 4, 2020|Lifestyle, Retirement, Retirement Planning|

Even though most people look forward to retirement, some forget that losing the structured routines, sense of purpose, and social interactions that work brings can lead to a difficult transition from working to retirement. Recently, a professor at Harvard Business School conducted a study on the mental and emotional effects of retirement.[1] The study found that people undergo “life restructuring” and “identity bridging” in retirement, and it gives examples of how people can successfully transition into retirement. But even though retirement changes your daily schedule, there are ways to help make your smooth transition into [...]

30 11, 2020

Note These 3 Retirement Risks
Note These 3 Retirement Risks

Note These 3 Retirement Risks

BML Wealth Marketing2025-02-05T22:00:42-08:00November 30, 2020|Retirement Planning|

Imagine you’ve saved your target amount for retirement and are on track to receive your optimal Social Security benefit. Many think these are the only things to take care of, but retirement planning consists of much more. It’s also crucial to consider how much risk you’re taking and how much risk your money can manage. No one can predict the next 30 years of market ups and downs, how long they’ll live for, or what their tax rates will be in 10 years. Here’s what to consider when assessing risk in retirement. Market Risk Chances [...]