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What Questions Should I Ask Myself Before I Retire?

What Questions Should I Ask Myself Before I Retire?

A comprehensive retirement plan requires some extensive pre-planning to ensure you’ve built enough financial assets to live comfortably as you age. 

Jul 15, 2022

What Should I Do One Year Before Retirement?

What Should I Do One Year Before Retirement?

When we are younger, retirement seems like a far-off adventure for an unidentified someday, like exploring the Great Wall of China or the pyramid of Intihuatana at Machu Picchu.

Jul 11, 2022

How Much Does the Average Retiree Live on per Year?

How Much Does the Average Retiree Live on per Year?

Making sure you have enough money to last through your retirement requires careful planning years before you leave the workplace, as well as prudent budgeting during your Golden Years. 

Jul 8, 2022

What Is the 4% Rule When Saving for Retirement?

What Is the 4% Rule When Saving for Retirement?

Saving for retirement, and living comfortably through your retirement years, is a complex topic. So many factors impact the amount of money you may need, and most of them you can’t accurately predict. Of course, it’s better to have more than you need instead of not saving enough and running out too soon. To simplify things, financial planners devise “percent rules” to guide future retirees toward saving specific amounts, usually suggesting at least ten percent of your pre-tax income annually to ensure a secure retirement.

Jul 1, 2022

What Is the Biggest Expense for Most Retirees?

What Is the Biggest Expense for Most Retirees?

Determining the amount of assets and income needed to fund a comfortable retirement is a significant concern for many people, and it’s shrouded in mystery for some. How much money will I need? How long will I live? What’s the best way to safeguard my resources?

Jun 29, 2022

What Is the Difference between Financial Planning and Retirement Planning?

What Is the Difference between Financial Planning and Retirement Planning?

Financial planning is the process of creating a roadmap to guide you to your financial goals. You can draft the plan on your own or with the assistance of a financial planner. Either way, you will initiate the process by evaluating your current financial situation, including weighing your assets and liabilities. Then, with the status quo clearly pictured, you can set a course for your future destination.  

Jun 28, 2022

What Is The Employee Retirement Income Security Act (ERISA)?

What Is The Employee Retirement Income Security Act (ERISA)?

On Sept. 2, 1974 (Labor Day), President Gerald Ford signed the Employee Retirement Income Security Act of 1974 into law. Close to 50 years later, this federal legislation ensures that your voluntarily established defined benefits plan (pension) or defined contribution plan (IRA or 401(k)) is protected from abuses and lack of transparency.

Jun 10, 2022

Is Disability Retirement Income Taxable?

Is Disability Retirement Income Taxable?

We’ve written a great deal about retirement income and Social Security benefits upon retirement. We’ve also discussed taxes levied on withdrawals from retirement plans, annuities, and pensions.

Jun 7, 2022

What Is Retirement Income Ratio?

What Is Retirement Income Ratio?

If you’re planning for retirement, you’ve probably figured out your Social Security benefits and any distributions you might receive from pension accounts, IRAs, or 401(k) investments. You might be in the process of determining how much income you’ll need once you’re no longer drawing a consistent salary or wages. This is where the retirement income replacement ratio comes in. 

Jun 6, 2022

What Is a Beneficiary IRA?

What Is a Beneficiary IRA?

A Beneficiary IRA is also referred to as an Inherited IRA. It is an account opened by a person who inherits an existing IRA or an employer-sponsored retirement plan account when the original owner dies. An IRA, or Individual Retirement Account, is a means of allocating pre-tax income to investments so that they can grow in a tax-deferred manner for retirement savings. The amount of income that an individual can contribute to a traditional IRA on a tax-deferred basis is limited.

Jun 4, 2022

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