2 Ways the 2022 Economic Woes Affected Your Retirement Accounts

2 Ways the 2022 Economic Woes Affected Your Retirement Accounts Barnett Financial & Tax

The 2022 economic climate has been bumpy for most and, in some cases, even bumpier for retirees. Americans and the world at large dealt with the economic ramifications of the Russia-Ukraine war, post-pandemic industrial effects, and rising inflation and interest rates. As the year ends, it’s important to understand how these economic factors may have…

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Turning 59.5? Here are the Factors to Consider

Turning 59.5? Here are the Factors to Consider Barnett Financial & Tax

Approaching 60 is an exciting time. Not only does it come with more wisdom and thrill for a new chapter of life, but it also presents important financial decisions that can affect your life in retirement. If you are turning 59.5 this year, you will become eligible to withdraw from your retirement accounts without penalty.…

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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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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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3 Birthdays You Need to Know for Your Retirement Accounts

3 Birthdays You Need to Know for Your Retirement Accounts Barnett Financial & Tax

Optimizing your retirement savings takes more than just making sure your IRA isn’t at risk in this market. There are rules and regulations that can help you avoid higher taxes and penalty fees and help you structure your income to minimize taxes. Know these 3 ages that can help you get the most out of…

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A Guide to Retirement Planning for Couples

A Guide to Retirement Planning for Couples Barnett Financial & Tax

If you’re married, retirement planning is a team effort. Or at least, it should be. While discussing finances and estate planning can easily fall by the wayside, it’s important to prioritize with your spouse. Whether you both retire around the same time, at different times, or one spouse hasn’t worked outside the home in many…

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Going “Back to School” on Your Retirement Plan

Going “Back to School” on Your Retirement Plan Barnett Financial & Tax Planning

When you think about your school years, whether your high school, college, or post-grad days, you’ll revisit memorable moments from when you had your whole life ahead of you. Schooling is all about providing students with the tools they need to achieve their future potential. When it comes to retirement planning, the same is true!…

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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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