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Retirement Planning
12 Best States for Retirement: 2020
For most Americans, retirement generally occurs at the time they can start receiving Social Security or retirement benefits, according to a report released Monday by WalletHub, a personal finance website. For those whose finances in retirement is a big concern, relocating to a state that lets them keep more money without requiring a major lifestyle change…
Read MoreIs it time to have ‘that talk’ with your aging parents about their finances?
Advice from the author of ‘Mom and Dad, We Need to Talk’ Having the conversation now can save all of you a lot of trouble in the future. Cameron Huddleston, author of “Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances,” remembers the birds-and-the-bees talk she had as…
Read MoreHow Working Past 65 Can Affect Your Social Security Benefits and Medicare Premiums
For a growing number of Americans, “retirement” simply means changing where or how you work. More than half of Americans age 40 and up expect to continue doing paid work after retirement, according to TD Ameritrade. This includes 86% of people in their 50s, while a remarkable 92% of people in their 40s expect to keep working…
Read MoreCongress’s 5 Biggest Changes In 2020 That Will Impact the Future of Your Retirement
American flag waving with the Capitol Hill in the background-GETTY The days of relying on Social Security and defined benefit plans for a secure and comfortable retirement are swiftly coming to an end. The next waves of retirees should have substantial personal savings in order to create a detailed and long-lasting plan, better than those…
Read MoreObservations from the Brink of Retirement
A retirement income specialist shares three important lessons he’s learned during his own financial and mental journey as he gets ready to dive into retirement. His personal insights could help guide your path as well. Planning for my own retirement has been interesting, as my day job is teaching financial advisers about retirement planning. At…
Read More10 Ways to Reduce Your 401(k) Taxes
How the pros help clients minimize their tax burden If you have a traditional 401(k), you will have to pay taxes when you take distributions. Unfortunately, that 401(k) money is subject to the worst kind of taxes—ordinary income taxes. The amount you pay is based on your tax bracket, and if you’re younger than 59½, add 10% (for early withdrawal) in…
Read MoreHow Do You Define Retirement?
For my parent’s generation, who worked diligently after World War II, defining “retirement” was easy. You simply stopped working altogether and devoted most of your time to leisure pursuits. Bolstered by fixed, defined-benefit pensions and Medicare, the “Greatest Generation” often had the luxury of leaving the workforce with a decent nest egg. But things have…
Read MoreSpending Bill Includes Seismic Retirement Changes, Curtails Stretch IRAs
GETTY The just-released, 1,773-page, $1.4 trillion 2020 spending bill means many Americans will be rewriting their retirement plans—if the budget gets signed into law before the holidays as expected. It includes the SECURE Act—Setting Every Community Up for Retirement Enhancement Act of 2019—which passed in the House 417-3 in May but stalled in the Senate. Basically, the…
Read MoreThe 9 Types of People You’ll Meet in Retirement
Everyone’s experience in retirement is unique. But there are some characterizations we can draw from data collected in various surveys and studies of retirees. Put together they form the nine types of people you’ll encounter throughout your later years. Some offer attributes you may want to adopt, and others those you are best to avoid.…
Read MoreDecember 2019 Newsletter
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