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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 […]

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","

What Is Lifestyle Creep?

","

Lifestyle creep, also known as lifestyle inflation, occurs when people spend more on non-essential items, such as dining out, luxury goods, or bigger homes, as they earn more. This shift often happens unconsciously, leading to higher expenses that can quietly erode financial stability.

","

Lifestyle creep usually begins as you earn more money and feel increasingly entitled to reward yourself. Those extra costs can add up, leaving less room for long-term goals such as retirement savings, debt reduction, or building an emergency fund. This can be particularly risky in retirement, when a fixed income may not be able to support bigger spending habits.

","

How Lifestyle Creep Can Impact Retirement

","

As your income increases throughout your career, it’s natural to upgrade your lifestyle—whether through a larger home, luxury vacations, or dining out more often. While these purchases may seem harmless they can become permanent financial commitments. The more you spend today, the less you have to grow your nest egg for the future.

","

If lifestyle creep goes unchecked, you may find yourself needing to work during retirement. This can be especially challenging, as you might not have the same earning power or energy in your later years. Many retirees take on part-time work not out of desire but necessity, as the combination of high expenses and insufficient savings forces them to supplement their income.

","

The real danger of lifestyle creep is that it limits your financial flexibility. Unexpected expenses, such as healthcare costs or economic downturns, can strain an already tight budget. Without adequate savings, retirees may have to make uncomfortable sacrifices or adjust to a lower standard of living. By keeping lifestyle inflation in check while you’re still working, you can preserve more of your income for savings and investments, ensuring a more comfortable and financially secure retirement.

","

Ways to Avoid Lifestyle Creep in Retirement

","

Avoiding lifestyle creep in retirement is essential for protecting your financial future. Here are four general strategies that could help you:

","$44","

Bottom Line

","

","

Avoiding lifestyle creep, both during your working years and in retirement, requires mindfulness and discipline. By creating a budget, setting clear financial goals, and being intentional about your spending, you can ensure that your income is used to build long-term wealth rather than funding unnecessary expenses. A focus on value-driven purchases, regular financial check-ins, and working with a trusted financial advisor can help you stay on track. By controlling lifestyle inflation, you can enjoy your earnings without compromising your future.

","

Retirement Planning Tips

","$45","

Photo credit: © iStock/PIKSEL, ©iStock/DMP

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Changing the beneficiary of a 401(k) plan can involve specific requirements, particularly when it comes to spousal consent. In many cases, to protect your spouse’s financial interests, you need spousal consent to change your 401(k) beneficiary designation. This rule stems from federal regulations under the Employee Retirement Income Security Act (ERISA), which mandates that a spouse must agree in writing to any changes unless certain exceptions apply. Understanding these rules can help you and your spouse make informed decisions about your retirement plans and avoid common mistakes when naming beneficiaries.

","

A financial advisor can help you answer questions about contributions, distributions or beneficiaries relating to your 401(k) plan.

","

What Is Spousal Consent?

","

In the context of a 401(k) retirement account, spousal consent refers to the need for a married participant to get written approval from their spouse before designating a non-spousal beneficiary. This consent usually requires completing a notarized document.

","

Typically, a retirement plan participant’s spouse is the default beneficiary and will inherit your 401(k) assets in the event of the participant’s death. For 401(k) plans, spousal consent ensures that the spouse is aware of and agrees to the decision to name someone else as the beneficiary. This rule prevents a participant from making beneficiary changes that could disadvantage the spouse without their knowledge.

","

How to Get Spousal Consent to Change a 401(k) Beneficiary

","

To get spousal consent to change a 401(k) beneficiary, the account holder needs to complete specific documentation using the following steps:

","

Request and complete the beneficiary designation form from the 401(k) plan administrator. This form typically includes a section specifically for spousal consent.
The participant’s spouse has to sign the spousal consent section of the form in the presence of a notary public or plan representative. This step ensures that the spouse is fully aware of and agrees to the change. Carefully read and understand the form to avoid any mistakes.
Once the form is completed and notarized, submit it to the plan administrator. The administrator will review the documentation and update the beneficiary designation accordingly.
Keep a copy of the signed form for personal records, as it provides proof of consent.

","

Common Mistakes and Fixes

","

When naming beneficiaries on a 401(k) account, certain mistakes are common. Below are four common mistakes and how to fix them:

","$58","

Bottom Line

","

","

Understanding the spousal consent requirements for changing a 401(k) beneficiary is key to following all legal and procedural steps, protecting both the account holder and their spouse. By getting the appropriate written consent, staying informed about plan-specific rules and regularly updating beneficiary designations, you can avoid common mistakes and complications. Careful attention to these details helps you make sure your retirement plans align with current life circumstances and personal wishes.

","

Tips for Managing Your 401(k)

","$59","

Photo credit: ©iStock.com/fizkes, ©iStock.com/fizkes

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In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"William","fullName":"Mark Henricks","lastName":"Henricks","name":"Mark Henricks","postCount":{"pageInfo":{"offsetPagination":{"total":770,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mhenricks","__typename":"User"},"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/retirement/retirement-account-withdrawals-get-more-flexible-2024","metaDesc":"It is easier to take up to $1,000 out of retirement plan savings to help with an emergency under a new rule from the IRS.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":5,"title":"IRS Grants Retirement Account Holders Ability to Withdrawal $1,000 for Emergencies","__typename":"PostTypeSEO"},"slug":"retirement-account-withdrawals-get-more-flexible-2024","status":"publish","title":"IRS Grants Retirement Account Holders Ability to Withdraw $1,000 for Urgent Needs","uri":"/retirement/retirement-account-withdrawals-get-more-flexible-2024","tags":{"nodes":[{"name":"news-sitemap","__typename":"Tag"}],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo5Mw==","databaseId":93,"userId":93,"avatar":"$5b","description":"Mark Henricks has reported on personal finance, investing, retirement, \r\nentrepreneurship and other topics for more than 30 years. 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In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.","additionalMeta":"$5c","email":null,"firstName":"William","fullName":"Mark Henricks","lastName":"Henricks","name":"Mark Henricks","postCount":"$5d","slug":"mark-henricks","__typename":"User"},"editedBy":{"id":"dXNlcjoxOTY=","databaseId":196,"userId":196,"avatar":"$60","description":"Jaclyn is the Director of Economic Analysis at SmartAsset and a CERTIFIED\r\nFINANCIAL PLANNER™. With a bachelor of arts in economics from The College of New Jersey, she evaluates data for trends that affect your financial life. As a spokesperson for SmartAsset, she has been cited by Bloomberg, CNBC, Business Insider, Fox News, The Hill and many more. Jaclyn was previously an editor for CNET Money, where she covered banking, investing, credit cards and real estate. 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Emergency Funds from Retirement Accounts

","

When the Secure 2.0 Act was passed in 2022, it contained a provision expanding savers’ ability to use tax-deferred retirement accounts including IRAs and 401(k) plans as general-purpose emergency funds without incurring penalties. Previous rules allowed penalty-free early withdrawals before age 59 ½ only in a limited number of circumstances, such as needing a down payment to buy their first home in some cases.

","

Until the IRS issued its new rule in July 2024, however, nothing really changed. Retirement savers could only take early withdrawals from retirement funds if they paid penalties and taxes, qualified for one of the hardship exemptions or took loans from 401(k) plans, all of which typically involved significant cost, delay or both, compared to the solution set up in Secure 2.0.

","

Under the new rule, savers can take up to $1,000 from a retirement plan once a year. Rather than having to show that they meet a special situation, they can state they are using funds for everyday emergencies such as car repairs or medical bills. Or they can simply say funds are needed for unspecified emergency personal expenses.

","

They can withdraw the funds without owing penalties, even if the withdrawal occurs before age 59 1/2. The withdrawals aren’t treated as loans, like a loan from a 401(k) account would be. However, if the money is replaced in the account within three years, no taxes are due either.

","

Only one emergency withdrawal of up to $1,000 can be made per year. The account balance has to be at least $1,000 after the withdrawal, so on smaller accounts a lower cap would apply to the withdrawal in order to keep the remaining account balance at $1,000.

","

Usually, taking money out of your retirement account should be a last resort. Consult a financial advisor for professional advice about ways to make your assets work for you.

","

Pros and Cons

","

Having a rainy-day fund of three to six months of expenses where it is safe and readily available is still the most effective way to be prepared for emergencies. And there are other ways to use retirement funds for emergencies. For instance, if someone saves for retirement using a Roth account, contributions can be withdrawn at any time for any reason without owing penalties or taxes.

","

Compared to existing options, the new emergency withdrawal rule provides savers facing unexpected expenses with a potentially useful new possibility. It does have limitations and potential drawbacks, including:

","

Pros

","

Less costly than using credit card or personal loan to cover unexpected expenses.
Applies to a wider range of needs than previously available exemptions for early withdrawals
Funds are available sooner than when borrowing from a 401(k) and money doesn’t have to be repaid.
May encourage people to save more for retirement knowing they can tap it in an emergency.

","

Cons

","

Money has to be returned to the account in three years or income tax is owed.
Amount is limited to $1,000 and can only be taken once per year.
Not all workplaces have savings plans and not all that do offer this emergency withdrawal feature.

","

Get matched with a financial advisor who can help you stay on top of changing legislation and allocate your investments accordingly.

","

Bottom Line

","

Final IRS rules on a feature of the Secure 2.0 Act, make it possible for people under age 59 ½ with tax-deferred retirement accounts to take up to $1,000 per year from the plans without owing penalties. Withdrawals can be taken to fund any need the saver considers an emergency, without having to meet previously strict eligibility requirements. If paid back into the account within three years, the money isn’t subject to income taxes either.

","

Tips

","$6d","

Photo credit: ©iStock.com/Brankospejs

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Pension plans often include spousal survivor benefits, which allow surviving spouses to receive part of the pension payments after the pension holder’s death. These benefits can play a key role in long-term financial planning for married couples, as they provide continued income for surviving spouses. You should know how these benefits work if you or […]

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Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"William","fullName":"Mark Henricks","lastName":"Henricks","name":"Mark Henricks","postCount":{"pageInfo":{"offsetPagination":{"total":770,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mhenricks","__typename":"User"},"reviewedBy":null,"writtenBy":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. Some staff members also hold the Certified Educator in Personal Finance (CEPF®) designation from the Institute for Financial Literacy.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Michael","fullName":"SmartAsset Team","lastName":"Carvin","name":"SmartAsset Team","postCount":{"pageInfo":{"offsetPagination":{"total":1323,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mcarvin","__typename":"User"},"factCheckedBy":null,"secondEditor":{"id":"dXNlcjoxMTc=","databaseId":117,"userId":117,"avatar":{"url":"https://secure.gravatar.com/avatar/9fffe2eb35204e151b68731435d247c5?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Arturo Conde is a senior editor at SmartAsset. He has a master’s from the Graduate School of Journalism at Columbia University and a bachelor’s from the College of Arts and Science at New York University. As a certified educator in personal finance, he edits and writes content that focuses on retirement, investments, home buying and other financial topics.\r\n\r\nArturo is a bilingual native in English and Spanish, and also writes as a freelance journalist for NBC News, among other publications. 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","

If you want to create a retirement plan, a financial advisor could work with you to develop a strategy based on your goals and needs.

","

Understanding Spousal Survivor Benefits in Pension Plans

","

A pension plan is a retirement account provided by an employer that pays out a fixed amount of money to the employee after they retire. Unlike other retirement savings vehicles such as 401(k)s that permit withdrawals only so long as money remains in the account, a pension provides a steady stream of income for life.

","

Most pension plans also offer spousal survivor benefits. Spousal survivor benefits allow the spouse to continue receiving a portion of the pension payments after the death of the pension holder.

","

Specifics vary by plan, but benefits are typically offered as a percentage of the original pension payout. Common percentages are 50% and 75% while some pay 100% of the pension holder’s benefits to a surviving spouse.

","

In most pension plans, the pension holder must choose whether to include spousal survivor benefits at the time of retirement. In some cases, the spouse must also provide written consent if the pension holder opts out of providing survivor benefits. This option allows couples to plan together for the best financial arrangement based on their circumstances.

","

How to Claim Spousal Survivor Benefits

","

","

When a pension holder passes away, the surviving spouse will need to follow certain steps to claim spousal survivor benefits. The first step is to notify the pension plan administrator of the pension holder’s death. This usually requires providing a copy of the death certificate and completing some paperwork to begin the claim process.

","

Once the pension plan administrator is informed, they will typically guide the surviving spouse through the steps necessary to start receiving benefits. This may include filling out forms to confirm eligibility for the survivor benefits and selecting how the payments will be made, such as choosing a lump-sum payout or ongoing monthly payments. The pension plan’s specific requirements for claiming survivor benefits should be outlined in the plan documents, so it’s important to review them carefully.

","

Spousal survivor benefits are generally taxable, though tax treatment may vary depending on the specific pension plan and the surviving spouse’s tax bracket. Consulting with a financial advisor or tax professional can help you understand and manage the tax implications of the benefits.

","

What Happens to Spousal Survivor Benefits in a Divorce?

","

In the event of a divorce, spousal pension benefits may be affected depending on the terms of the divorce agreement and state laws. Typically, spousal survivor benefits can be included in a divorce settlement, meaning that the ex-spouse may still be entitled to a portion of the pension benefits after the divorce is finalized.

","

Many divorces involving pensions require a qualified domestic relations order (QDRO), a legal document that specifies how pension benefits will be divided between the two parties. The QDRO outlines whether the ex-spouse is entitled to survivor benefits and how much they are entitled to. Without a QDRO, an ex-spouse may not be able to claim pension benefits, so it’s essential to have this document in place if the pension benefits are to be divided.

","

In some cases, the ex-spouse may waive their rights to the pension benefits as part of the divorce settlement. If the pension holder remarries after the divorce, the new spouse may be entitled to survivor benefits instead. Each situation is different, so you should consult with a legal professional when handling pension benefits in a divorce.

","

Frequently Asked Questions About Spousal Survivor Benefits

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Can I Opt Out of Spousal Survivor Benefits?

","

In many pension plans, the pension holder can choose to opt out of spousal survivor benefits, but it often requires the spouse’s written consent. Opting out of survivor benefits may increase the monthly pension payment during the pension holder’s lifetime, but it leaves the spouse without ongoing income after the pension holder’s death.

","

Are Spousal Survivor Benefits Taxable?

","

Yes, spousal survivor benefits are generally considered taxable income. The exact tax treatment may vary depending on the pension plan and the surviving spouse’s tax situation. It’s a good idea to consult a tax professional to understand the specific implications.

","

What Happens to Survivor Benefits If I Remarry?

","

If you remarry after your spouse passes away, you will typically continue to receive survivor benefits. However, pension plan rules may vary, so it’s essential to review your specific plan’s policies regarding remarriage and survivor benefits.

","

Bottom Line

","

","

Spousal survivor benefits are part of pension plans, offering financial support to surviving spouses after the pension holder’s death. While most plans include these benefits, decisions by the pension holder and spouse can impact how they are paid. Knowing how spousal survivor benefits work, how to claim them and what happens in a divorce helps couples make informed retirement planning decisions.

","

Tips for Retirement Planning

","$80","

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