The rule of thumb says you’ll need about 80% of your pre-retirement income in retirement, but everyone is different. Many retirees want to upgrade their lifestyle in retirement or maintain their current lifestyle. In fact, a recent study shows that about one in three retirees actually spent more than they expected they would when they…

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There are so many stories about entertainers, athletes, and lottery winners who have all lost their fortunes and ended up bankrupt. Each one of these people lost millions of dollars, and in many cases, enough money to last an average family for generations. When these stories come to light, people often make comments about how…

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Tax season is the perfect time to take stock of your overall finances and how they may have changed in the last year. And luckily for you, tax season is extended until May 17th this year, so you have even more time to do that! As you go through important documents, make sure to review…

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The pandemic has been hard on Americans nearing and in retirement, but there are likely other obstacles coming. Increased government spending on COVID relief plus strain on our healthcare system could mean we’ll see higher taxes, inflation, and healthcare costs in the future. It’s crucial to have a comprehensive retirement plan for the future because…

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birthdays in retirement

When we think about important birthdays, we think of 18 and 21, but what about 59 ½ or 72? Just because you’re older doesn’t mean you don’t have more milestones to hit. Starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications for your retirement. Are you close to…

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Whether your team won or lost a few weeks ago, we can all agree that it’s no easy feat to make it to the big game at the end of the season. This game is the culmination of both teams practicing and strategizing all season long. Creating a game plan for football is a lot…

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stock market

  Planning for retirement is never a “set it and forget it” activity. There are unexpected disasters, market drops, and changing laws that invariably cause retirees to reevaluate their plans of action. Recently, the Federal Reserve’s statements regarding interest rates and inflation, as well as the GameStop stock frenzy, may have you wondering how to…

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SECURE Act

The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) recently had its one-year anniversary. It was the biggest piece of retirement legislation to be passed in many years, and it will undoubtedly have a major effect on how many Americans approach retirement and estate planning. It had several aims, from making it easier…

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retirement taxes

You might expect your tax burden to decrease in retirement – after all, you’re no longer receiving a paycheck that incurs income tax, the payroll tax, and Medicare tax. However, your income in retirement could be significant, between investment income, rental properties, pensions, Social Security, and retirement account withdrawals. Starting at age 72, you likely…

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retirement challenges

No matter where you are in your retirement journey, a financial advisor may be able to provide you with potentially valuable information and advice. A comprehensive retirement plan tailored specifically to your situation could have a major impact on your retirement: It may help you avoid common retirement pitfalls and mitigate risks. Here are 3…

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