Retirement Archives

1 05, 2025

How Changes in Tax Laws Could Impact Your Retirement Savings
How Changes in Tax Laws Could Impact Your Retirement Savings

How Changes in Tax Laws Could Impact Your Retirement Savings

Evan Lamont2025-04-03T07:21:04-07:00May 1, 2025|Retirement, Tax Planning|

Tax laws are subject to change, and even small modifications can have significant implications for retirement planning. Adjustments to contribution limits, withdrawal requirements, tax brackets, and investment taxation can influence how retirees save, withdraw, and preserve their wealth. Staying informed about these changes can help individuals make strategic financial decisions to protect their retirement savings. Changes in Contribution Limits One of the most common tax law adjustments involves contribution limits for 401(k)s and IRAs. The IRS periodically increases these limits to account for inflation, allowing individuals to save more in tax-advantaged accounts. Recent updates have [...]

24 04, 2025

Smart Strategies to Minimize Taxes on Your Retirement Income
Smart Strategies to Minimize Taxes on Your Retirement Income

Smart Strategies to Minimize Taxes on Your Retirement Income

Evan Lamont2025-04-03T07:25:51-07:00April 24, 2025|Retirement, Retirement Income|

One of the biggest financial challenges in retirement is managing taxes effectively to preserve more of your savings. Without proper planning, taxes can reduce your retirement income and impact your financial security. Fortunately, by implementing tax-efficient strategies, you can manage your tax burden while optimizing your income. Understand Your Tax Bracket in Retirement A key step in minimizing retirement taxes is understanding how your income sources affect your tax bracket. While many assume they will be in a lower tax bracket in retirement, that is not always the case. Withdrawals from tax-deferred accounts such as [...]

17 04, 2025

How to Make the Most of Tax-Advantaged Accounts for Retirement
How to Make the Most of Tax-Advantaged Accounts for Retirement

How to Make the Most of Tax-Advantaged Accounts for Retirement

Evan Lamont2025-04-03T07:43:25-07:00April 17, 2025|Retirement, Tax Strategies|

Tax-advantaged accounts can play a crucial role in building retirement savings by offering tax-deferred growth, tax-free withdrawals, or tax deductions. Understanding how these accounts work can help individuals create a more effective retirement strategy. What Are Tax-Advantaged Accounts? These accounts provide tax benefits at different stages—when making contributions, during the investment growth period, or at withdrawal. Common tax-advantaged retirement accounts include: 401(k) Plans – Contributions are made pre-tax, reducing taxable income. Earnings grow tax-deferred until withdrawal. Traditional IRAs – Contributions may be tax-deductible, and investments grow tax-deferred until withdrawals are made in retirement. Roth IRAs [...]

13 03, 2025

The Impact of Tax Law on Retirement Planning
The Impact of Tax Law on Retirement Planning

The Impact of Tax Law on Retirement Planning

Evan Lamont2025-03-24T04:29:34-07:00March 13, 2025|Retirement, Retirement Planning|

Understanding how tax laws affect retirement planning is essential for optimizing savings and managing tax liabilities. Legislative changes can influence contribution limits, withdrawals, and tax strategies, making it important to stay informed and adapt accordingly. How Tax Law Affects Retirement Savings Tax laws shape retirement accounts by setting contribution limits, defining tax deductions, and establishing withdrawal rules. Key considerations include: Contribution Limits: Annual limits for 401(k)s, IRAs, and other tax-advantaged accounts may be adjusted by legislation. Tax Deductibility: The ability to deduct contributions to traditional retirement accounts depends on factors such as income level and [...]

27 02, 2025

Understanding the Role of 401(k) Plans in Retirement Savings
Understanding the Role of 401(k) Plans in Retirement Savings

Understanding the Role of 401(k) Plans in Retirement Savings

Evan Lamont2025-01-29T14:13:39-08:00February 27, 2025|401K, Retirement, Retirement Goals, Retirement Planning|

A 401(k) plan is one of the most widely used tools for retirement savings, offering tax advantages and long-term growth opportunities. By understanding how these employer-sponsored plans work, you can optimize their benefits and create a strong foundation for your financial future. What Is a 401(k) Plan? A 401(k) plan is a retirement savings account provided by employers. It allows employees to contribute a portion of their income, often on a pre-tax basis, to grow their retirement savings over time. Contributions grow tax-deferred, meaning taxes are paid when funds are withdrawn during retirement. Some employers [...]

9 12, 2022

These Classic Bands from the 60s and 70s Are Still Jamming!
These Classic Bands from the 60s and 70s Are Still Jamming!

These Classic Bands from the 60s and 70s Are Still Jamming!

BML Wealth Marketing2025-02-05T21:47:07-08:00December 9, 2022|Lifestyle, Retirement|

Baby Boomers have certainly proved that retirement can be a time of not just rest and relaxation but of fun and adventure. As you enter this wonderful new phase of your life, there are famous bands and musicians from the 60s and 70s that are still on tour now, whose tunes and jams have uplifted your spirits and given you an outlet to express yourself. If you’re a music lover wanting to see some of your favorite bands, check out these 9 tours you may want to attend! Earth, Wind & Fire – These funk [...]

4 11, 2022

4 Unconventional Vacations and Relocations
4 Unconventional Vacations and Relocations

4 Unconventional Vacations and Relocations

BML Wealth Marketing2023-02-09T02:06:00-08:00November 4, 2022|Lifestyle, Retirement|

As generations leave the workforce, retirement culture resets and reshapes in unique ways. You may have seen your parents choose to retire at home or in their community, but Baby Boomers have taken a different approach to retirement by relocating further from their hometowns or staying on the road for their retirement years. If you’re one for adventure, then consider these unconventional vacation and relocation options! Vacation on a Cruise Ship The concept of spending more time on a cruise ship is certainly gaining popularity as it becomes more accessible. As a water lover, you [...]

27 05, 2022

Is the Open Road in Your Future?
Is the Open Road in Your Future?

Is the Open Road in Your Future?

BML Wealth Marketing2022-05-27T09:06:32-07:00May 27, 2022|Lifestyle, Retirement|

"Retirement is not the end of the road. It is the beginning of the open highway." - Unknown Some retirees may have seen their travel plans stalled out in the past couple of years due to COVID and COVID-related restrictions, but many are beginning to feel better about traveling this year and want to get out on the open road.[1] Road trips are a classic vacation style and a great alternative to large crowds and international travel. With so many amazing sites to see in the United States, there is sure to be something for [...]

8 04, 2022

How Do You Know When You’re Truly Ready to Retire?
How Do You Know When You’re Truly Ready to Retire?

How Do You Know When You’re Truly Ready to Retire?

BML Wealth Marketing2022-04-08T08:56:59-07:00April 8, 2022|Retirement, Retirement Planning|

You may have heard that Tom Brady retired from the NFL. You may have also heard that his retirement lasted about 40 days and that he will now be playing another year for the Tampa Bay Buccaneers. He’s not the only person to go back on their retirement. However, it can be harder for many people to return from work if they change their mind about retirement. It helps to be sure you want to retire – but how do you know when you’re truly ready? Your Feelings About Work Have Changed One sign that [...]

11 03, 2022

How to Get Through the “Disenchantment” Phase of Retirement
How to Get Through the “Disenchantment” Phase of Retirement

How to Get Through the “Disenchantment” Phase of Retirement

BML Wealth Marketing2022-03-11T10:11:44-08:00March 11, 2022|Psychology, Retirement|

Everyone talks a lot about how to prepare for retirement financially, but often there is less focus on how to re-orient your life and mindset. Research shows that the way people feel about their retirements follows a u-shaped curve; first, people are quite positive, then not as much, and then are positive again. From the “honeymoon” phase of retirement to disenchantment and re-orientation, here’s how to get yourself through. The Honeymoon Phase: Many people idealize retirement. When we’re extremely busy, the idea of unlimited free time is tempting. So, when people finally reach retirement and [...]