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When it Comes to Taxes, Plan for Your Future Self
Retirement is a major event that can drastically change your day-to-day life, your financial strategies, and even your tax burden. Retirees may no longer receive taxable income from an employer, but they will likely receive income from other sources which can be taxed. This is why when it comes to taxes, it’s important to help plan for your future self. [...]
Make the Most of Your 401(k)
We all know that a 401(k) is one of the most important retirement planning tools we have: The potential tax benefits and power of compound interest can make it a great savings and investment tool for anyone who practices financial discipline and contributes regularly. But your contributions aren’t the only things to consider when figuring out how to make the [...]
Put Your Money to Work
You’ve worked for your money, and retirement is the time to have your money work for you. But what does this mean? Basically, your goal in retirement should be to turn what you’ve saved into retirement income. Many Americans are worried about running out of money, since pensions are rare and there are reasons why you can’t rely solely on [...]
Avoid Ageism in Retirement
Despite the fact that America has an aging population, there is much evidence of ageism around us. The way we perceive older adults can limit their roles in society, and a pervasive negative view of aging can have a psychological impact on us. Sometimes ageism can be seen in a seemingly benign birthday card depicting age as something to laugh [...]
Small Steps and Giant Leaps Toward Retirement
July 20th marks the 50th anniversary of the moon landing. In the middle of summer vacation, Baby Boomers gathered around their TVs to watch Neil Armstrong take one small step for man and one giant leap for mankind. This milestone in human history marked many Americans’ upbringings and identities in a significant way. It was a testament to the power [...]
Beware of Sequence of Returns Risk
Times of market volatility are never pleasant, but they pose a particular threat to you as you near and enter retirement. The state of the market just before you retire can impact your returns throughout your entire retirement. This is because once someone takes withdrawals from a fund’s underlying investments, they expose themselves to sequence of returns risk. It’s important [...]
Plan to Maintain Your Independence This 4th of July
Many Baby Boomers are watching their parents age to the point where they should move out of their home – and refuse. Maybe it’s that they are stubborn when it comes to their independence, or maybe they refuse to be a burden on their children. While these sentiments are admirable, older children can be faced with daily anxiety about their [...]
A Plan to Help Minimize Your Taxes in Retirement
Your steady source of income might disappear in retirement, but unfortunately your taxes probably won’t. Did you know that up to 85% of your Social Security benefit could be taxed? And, retirement account distributions are taxed differently than investment income. If you’ll have multiple income sources, you should know how each is taxed so that you can best plan to [...]
