The Value of Opening a Roth IRA at the End of the Year

The Value of Opening a Roth IRA at the End of the Year Barnett Financial & Tax

These days, retirement planning will likely involve Individual Retirement Accounts in one way or another. Whether you’re looking to roll over a 401(k), optimize your withdrawal timing, or take advantage of catch-up contributions, your IRA strategy may be one of the main components of your income strategy. So, let’s talk about the Roth IRA and…

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3 Ways the Gender Pay Gap Affects Women in Retirement

3 Ways the Gender Pay Gap Affects Women in Retirement Barnett Financial & Tax

There has historically been a pay gap between men and women for comparable jobs which favors men. This phenomenon generally affects retirement funds as well – this is called the gender retirement gap.[1] On average, women earn 17% less than men, taking home $89 compared to the man’s $100.[2] The gender pay gap has lasted…

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Making the Switch to Paying Yourself

Making the Switch to Paying Yourself Barnett Financial & Tax

You’ve probably had a daily routine for most of your life – from tying your tie and greeting your coworkers to loosening that tie when you get home. When thinking about retirement, not only does your daily routine change but your financial routine does too. In your working years, you made sure to have a…

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Does the 4% Rule Really Work?

Does the 4% Rule Really Work Barnett Financial And Tax

During your saving years, your main goal is to accumulate wealth so that you have the resources to achieve a comfortable retirement. But that is just half the battle. How you use your savings to cover your living costs is the real key to living the retirement you dream of. You may have done some…

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5 Key Components to the Retirement Bucket Strategy

5 Key Components to the Retirement Bucket Strategy Barnett FInancial & Tax

Saving for retirement is a long-term endeavor. It’s not about finding the next hottest stock or trying to get rich quickly. It requires a different perspective on your wealth and income that accounts for your needs in different stages of your life, from the beginning of your working years through your retirement. These five key…

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Retirement Requires a New Perspective on Wealth and Income

Retirement Requires a New Perspective on Wealth and Income Barnett Financial and Tax

This 4th of July, you may be throwing a party, watching fireworks, barbequing something good, or all the above. But what remains important is that you can do all that with family and loved ones. Last year on the 4th, you may not have worried about market downturns or cost-of-living increases, but with market volatility…

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Will You Have Tax-Advantaged Buckets in Retirement?

Will You Have Tax-Advantaged Buckets in Retirement? Barnett Financial & Tax

You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But, do you have any after-tax “buckets” that you can use strategically in retirement to help reduce your tax bill? There may be a few options available to you, so know how they work.…

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Why Today’s Retirees Might Fear Running Out of Money

Why Today’s Retirees Might Fear Running Out of Money Barnett Financial & Tax

You might have been aiming to save a certain amount for retirement – and maybe you’ve already achieved that goal. But, considering inflation, an unpredictable market, and a lack of guaranteed income once your paycheck stops, you might be reconsidering whether you’ve actually saved enough. There are a few reasons why today’s retirees might fear…

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Three Unexpected Taxes in Retirement

Three Unexpected Taxes in Retirement Barnett Financial & Tax

When we think of major retirement expenses, we often consider housing, healthcare, and that trip of a lifetime we’ve been dreaming about for years. But, we often fail to consider what could potentially be our biggest expense – taxes. Many of your sources of income in retirement are taxable, so don’t overlook these three unexpected…

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Will You Go Part-Time Before Fully Retiring?

Will You Go Part-Time Before Fully Retiring? Barnett Financial and Tax

While many look forward to retirement, it can be a difficult transition when it really comes down to it. Some people don’t know what to do with all of their free time and miss the personal connections that work used to provide. Perhaps that’s why more people are opting to go part-time before fully retiring.…

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