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Rising Costs in Retirement: Are You Prepared?
In 1960, a gallon of milk cost 36 cents, and today it costs $3.35 on average.[1] Inflation is to blame, and we could see higher inflation in the coming years. It’s important to have a sense of how much you’ll need to spend in retirement, but this is difficult when future costs and tax rates are unknown. How…
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3 Things to Think About Before Buying a Vacation Home
A home is one of the most significant purchases you’ve made in your lifetime, so you should take your time when thinking about buying a second one. Many people have a favorite vacation spot in a scenic area, but they can’t spend a significant amount of time there until they’re retired. If you’re thinking about buying a house…
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How Much Do You Need to Save for Retirement?
While $1 million is sometimes cited as the ideal number for retirement savings, this assumes a one-size-fits-all approach to retirement planning. Everyone’s retirement goals are unique, and preparing for retirement might not be as simple as saving a certain amount at all. It’s worth taking a more in-depth look at your finances and future needs to see…
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Rekindle Your Friendships in Retirement
Summer is right around the corner, and you may be making plans. After the isolation of COVID, many of us are excited to get back to traveling, seeing family, and visiting friends. One of the best things about retirement is the free time – in some ways, it’s like a 30-year summer vacation. Or longer! And what was…
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Have You Factored Inflation into Your Retirement Plan?
We’ve seen increased government spending due to COVID and significant increases in government debt. Some economists theorize that this could lead to increased inflation, and many claim that we are already seeing the effects. Although the official inflation rate may remain low for now, you may notice price increases of everyday items and services. If you’re nearing or…
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Will You Have to Retire Earlier Than You Expected To?
If you’re nearing retirement age and know you’re not financially prepared for retirement, your solution may be to work longer. While forgoing an early retirement can be prudent, your career might not last as long as you’d like it to. The pandemic and resulting economic conditions forced 1.9 million workers ages 55 and over out of the labor…
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Prepare for Taxes On Your Retirement Accounts
The Biden administration has already spent $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals. You may think you won’t have to worry as much about your tax…
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How Will You Create a New Life In Retirement?
Even though most people look forward to retirement, some forget that losing the structured routines, sense of purpose, and social interactions from having a job can lead to a difficult transition. During the past year, many have realized that never going into the office has drawbacks, even if being home a bit more is nice. Adaptation is key,…
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Is It Time to Spring Clean Your Financial House?
If you spring clean your house, why not take some time to spring clean your finances too? If you have a 401(k), IRA, or other retirement account, this is especially important. Managing this area of your finances isn’t a ‘set it and forget it’ activity. Here’s how you can see if you need to take action to clean…
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Have You Solved Your Retirement Puzzle?
Have you ever been totally stumped by a puzzle or brain-teaser? Maybe that’s why we’re impressed by people who can solve a Rubix Cube in seconds, or finish a thousand-piece jigsaw puzzle, or do the Sunday crossword puzzle in pen. But, if you talk to a lifelong puzzle master, they’ll tell you there’s no magic secret to how…
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