It’s easy to dream about the future, but it’s much more difficult to make a realistic plan to achieve those dreams. This is true of any stage in life. But when it comes to retirement, we find that many pre-retirees make assumptions that are not only untrue in many cases but can prevent them from [...]
We often remind our clients that entering retirement without debt is one of the smartest steps you can take. Not only is debt stressful and costly; you’ll enjoy your retirement income much more if you feel free of prior obligations. However, not all retirees were able to follow this advice, and some even incur more [...]
During the retirement planning process, many clients are surprised to learn that Medicare won’t cover all of their medical costs. Yes, we all pay for the program and expect to enroll at age 65, but it’s not really that different from the health insurance plans you’ve utilized throughout the years. You will still be subject [...]
As you may have gleaned from years of headlines on the topic, the Social Security program faces a number of problems in the future. One of those is the fact that by about 2035, the program won’t bring in enough revenue (from taxes) to pay all currently scheduled benefits. And as we all know, the [...]
If you feel exhausted by your daily commute or fed up with office politics, you’re probably counting down the day until retirement. Or you might truly enjoy your job, but wish you had more time for family, friends, or hobbies. Whatever your reasoning, it’s normal to wish retirement could happen right now. Oddly enough, that [...]
Some people love working… And then there’s everyone else. If you’re feeling antsy to retire soon, stop and ask yourself these three questions to assess your knowledge and readiness. Retirement planning is composed of many important factors. But if you can answer these questions confidently, you’re probably getting close to retirement! What is your plan [...]
Each year, we urge smart savers to contribute as much as possible to their retirement plans, so that they can earn a valuable deduction on their income tax returns. Essentially, your taxable income is lowered by the amount of your contributions, up to certain limits. And in most cases, you must make those contributions by [...]
The Covid-19 pandemic ushered in an era of migration for millions of Americans, who now worked from home and could seek out new locations that offered lower costs of living (including taxes). It’s a trend long recognized by retirees, who find themselves no longer tied to specific locations due to their employment. If you fall [...]
You might recall that in 2019, Congress passed the SECURE Act. The new laws enacted a number of changes to how retirement accounts are utilized, with the age for required minimum distributions changed from 70 ½ to 72. Now, the SECURE 2.0 Act has again bumped that age, up to 73 this time. Then, the [...]
Most retirees must plan to live on a more limited budget than they enjoyed during their working years. To some degree that can be very doable, especially if you carefully pay down debts and no longer incur commuting expenses. But if you receive a surprising income tax bill, your budget can be seriously disrupted. That’s [...]