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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…

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Observations 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…

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10 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…

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How 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…

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Spending 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…

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The 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.…

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