Retirement Income Planning
The Value of Opening a Roth IRA at the End of the Year
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…
Read More3 Ways the Gender Pay Gap Affects Women in Retirement
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…
Read MoreMaking the Switch to Paying Yourself
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…
Read MoreDoes the 4% Rule Really Work?
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…
Read More5 Key Components to the Retirement Bucket Strategy
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…
Read MoreRetirement Requires a New Perspective on Wealth and Income
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…
Read MoreWill You Have Tax-Advantaged Buckets in Retirement?
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.…
Read MoreWhy Today’s Retirees Might Fear Running Out of Money
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…
Read MoreThree Unexpected Taxes in Retirement
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…
Read MoreWill You Go Part-Time Before Fully Retiring?
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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