- How to Find a Retirement Planning Advisor
Finding a retirement financial advisor will require you to evaluate key traits and qualifications that align with your goals. This means looking for advisors who specialize in retirement planning, possess relevant certifications and have a strong track record with retirement-specific strategies. Asking about their experience with different retirement income approaches—such as Social Security timing, pension… read more…
- What’s a Realistic Retirement Budget? I’m 52 With $680k Saved, Making $115,000 Annually.
Your early-fifties is an excellent time to start making a retirement budget. In your 40s, you risk jumping the gun. You’re usually not even halfway through your career at age 40, since many people start their careers between 21 and 25 and finish working between 65 and 70. So, with around 25 to 30 earning… read more…
- Should Retirees Follow the ‘100 Minus Your Age’ Rule?
The 100 Minus Your Age Rule, often referred to as the Rule of 100, is a straightforward investment guideline aimed at helping retirement savers allocate their assets between stocks and bonds effectively. Per the rule, an investor subtracts their age from 100 to calculate the percentage of their portfolio that should be invested in stocks,… read more…
- Am I Too Late to Invest for Retirement at 65? I Own My Home but Only Have $85k in Savings
While 65 is later than most people begin investing for retirement, it’s not too late. The question is not whether to invest but how to invest to increase your chances of achieving your financial retirement goals. That’s going to require answering a number of questions, including how healthy you are, how long you can expect… read more…
- What’s a Realistic Retirement Budget? I’m 55 With $490k Saved, Making $80,000 Annually.
Your mid-fifties is a good time to do a retirement check. To be clear, you should always have at least one eye on retirement. This isn’t something to ever forget entirely. But most of the time, that means nothing more than making sure your annual contributions go through in-full, on-time and to the right places,… read more…
- I’m a 46 Year Old Divorced Dad. I Have $460k in My 401(k) and Contribute the Maximum. Can I Retire in 10 Years?
Early retirement is an ambitious goal. Reaching it isn’t just about making sure that you have the money saved up. It’s also about making sure you address the potential risks, changes and needs that can come along in your 40s and 50s, because most people will have more obligations in their mid-life than they will… read more…
- I Have $850k in My 401(k). What Should I Do With It When I Retire?
For households with very little saved, there is a rulebook. A tight retirement requires you to restructure your spending, maximize Social Security and delay withdrawals as late as possible. For households with significant savings, there’s another set of rules. You want to manage your wealth, plan for your estate and minimize taxes. With $850,000 in… read more…
- I’m 61 With $1.4 Million in My 401(k). Should I Convert $120k Per Year to Avoid RMDs?
Converting retirement savings held in a 401(k) to a Roth account can help you reduce or even avoid mandatory withdrawals while giving your more tax planning flexibility. Roth conversions can be particularly helpful if you expect to be in a higher tax bracket in retirement. Talk over your retirement plans with a financial advisor any… read more…
- 4 Investment Options to Help You Build Your Retirement Income
Part of planning for a secure retirement is crafting a reliable income stream that can support your lifestyle once you stop working. There are a variety of investment options that can help you grow your savings and generate income throughout retirement. Each choice offers specific benefits, risks, costs and limitations. The key is to find… read more…
- How to Avoid Lifestyle Creep When Working and in Retirement
Lifestyle creep happens when your spending increases gradually as your income grows. It’s important to recognize the difference between necessary expenses and discretionary spending when you’re working or saving for retirement. Tracking your budget closely and setting financial goals are common strategies used to curb lifestyle creep. Regularly consulting a financial advisor and accounting for… read more…
- I’m 62 With $1.6 Million in an IRA and a $2,800 per Month Social Security. What’s My Retirement Budget?
A budget by definition includes both income and expenses. The two halves of a budget are interdependent, so that if expenses go up, income must also rise. Otherwise, the budget won’t balance. Someone ready to retire at 62 with $1.6 million in an IRA and $2,800 in monthly Social Security benefits could start with an… read more…
- How to Choose the Right Account for Your Retirement Savings
Choosing the best retirement savings option starts with finding an account that fits your goals. Some accounts offer upfront tax benefits, while others provide tax-free growth. The right choice for your finances will depend on factors like your income, retirement lifestyle goals and withdrawal flexibility. A financial advisor can help you select an account for… read more…
- Retirement Withdrawal Strategies That Can Stretch Your Savings
Choosing the right retirement withdrawal strategy can stretch your savings throughout your retirement years. Effective withdrawal strategies provide a structured way to balance your income needs while preserving your retirement savings. A financial advisor can work with you to create a strategy for your retirement plan. Why It’s Important to Choose a Retirement Withdrawal Strategy… read more…
- How Deferred Compensation Works in Florida
Deferred compensation allows Florida employees to set part of their earnings aside for future uses. This strategy could help you manage taxes or plan retirement, as it delays a portion of your income, which can include bonuses, stock options, or other incentives. And in Florida’s tax-friendly environment, where there is no state income tax, deferred… read more…
- How Deferred Compensation Works in Kentucky
The Kentucky deferred compensation (KDC) plan allows employees to defer a portion of their income for a later date or retirement. State employees, including public school teachers, can participate in 401(k), 457 and IRA plans, which offer tax benefits by delaying income taxes on contributions until withdrawal. Participants can select from a range of investment… read more…
- How Deferred Compensation Works in Nevada
Deferred compensation is a retirement savings plan that allows employees to set aside a portion of their income to be paid out at a future date, which is typically during retirement. The Nevada deferred compensation program is designed to help public employees save for retirement by deferring a portion of their salary into investment accounts… read more…
- How Deferred Compensation Works in Wisconsin
Deferred compensation plans allow employees to set aside part of their income to be paid later, often during retirement when they may be in a lower tax bracket. They are commonly used in Wisconsin by public sector workers. Though these plans are also available to private sector employees. A financial advisor can help you compare… read more…
- How Deferred Compensation Works in Ohio
In Ohio, state and local government employees may have access to the Ohio Deferred Compensation program, a voluntary supplemental retirement plan. This program operates alongside other retirement benefits, such as pensions. Participants can choose from various investment options and decide how much they want to contribute, up to certain limits set by the Internal Revenue… read more…
- How Deferred Compensation Works for Retirement
Deferred compensation allows individuals to delay receiving part of their income until a future date, often during retirement. This strategy is appealing for retirement savings and tax management, as the income is typically taxed at a lower rate when withdrawn. There are two types: qualified deferred compensation plans and non-qualified deferred compensation (NQDC) plans, each… read more…
- How to Create a Financial Plan for Retirement
Creating a financial plan for retirement involves preparing for two stages of life: the saving/accumulation stage, and the retirement spending stage. You need a plan that will allow you to build wealth over your working life so that you have enough on hand to retire comfortably when the time comes. You also need a plan… read more…
- How Deferred Compensation Works in New York City
Deferred compensation in New York City offers public employees an opportunity to plan for their financial future. The New York City Deferred Compensation Plan is a voluntary program that allows city employees to set aside a portion of their salary for retirement, thereby reducing their taxable income in the present. Participants can choose between a… read more…
- How to Catch Up on Retirement Savings in Your 50s
If you’re in your 50s and feel like you’re behind on saving for retirement, you’re not alone. Many people suspect that they may not have saved enough to comfortably retire even after the date of their planned retirement is not far off. There’s time to make up ground, however. You can still catch up on… read more…
- How Much You Need to Save to Retire By 2050
The year 2050 is still decades away, but it’s not too early to start planning for a mid-century retirement. Understanding how much you will need to retire by 2050 depends on a range of factors, including inflation, expected lifestyle expenses and healthcare costs. Few if any of these important concerns can be forecast with accuracy… read more…
- Understanding the Flooring Approach for Retirement Income Planning
The flooring approach is a retirement strategy that uses guaranteed income sources, like Social Security, pensions, or annuities, to cover essential expenses. This creates a stable “floor” of income for basic needs. When using this strategy, it’s important to identify your essential expenses and choose the right income sources. A financial advisor can help you… read more…
- How to Catch Up on Retirement Savings in Your 60s
If you are in your 60s and feel like you have not saved enough for retirement, you are not alone. Many people in this age group realize they may need to catch up on their retirement savings to ensure they can enjoy their golden years comfortably. While it may seem daunting, there are several strategies… read more…