Once you hit your sixties, you’re in the home stretch toward retirement. At this time, you need to confront several big decisions and make plans for certain parts of your life. If you’ve reached this decade and you’re approaching retirement, consider these five decisions carefully. Decide when to claim Social Security. Social Security deems “full [...]
Have you noticed rising prices on a number of goods and services recently? If so, you’re not alone. In fact, the Consumer Price Index, which monitors inflation, is currently reflecting higher prices in a number of categories. That’s the bad news. The good news is that, since a subsection of the Consumer Price Index is [...]
Have you always dreamed of living in a mortgage-free home? For many, this goal is central to their retirement plan. Not only does it feel good to free your budget of what is probably your largest monthly expense; there’s just something about coming home to a house that completely belongs to you. So it’s no [...]
As you already know, many employers offer retirement benefits to their employees. Some might even match the contributions you make to your retirement account. But if you’ve ever changed careers at some point, you might have left behind some benefits. Another scenario is that your employer goes out of business. In the ensuing frenzy to [...]
More than a year into the coronavirus pandemic, we now have more information on how the event has changed our work, income, and overall lives. One of the greatest impacts has been upon those planning to retire in the near future, with one or more of the following situations affecting many of you. An optional [...]
We all hope that we will never suffer an accident or illness that leaves us incapacitated, but the reality is that this situation does sometimes happen. Like most people, you probably have some idea of the decisions you would prefer to make in those circumstances. But unfortunately, the very nature of your injury or illness [...]
Once you’ve concluded your working years and are ready to retire, you must still deal with income taxes. Depending upon how you structured your retirement plans, some of your income might not be taxed. But surprisingly, Social Security benefits can be taxed, depending upon your income. That rule is true for both federal and state [...]
You saved faithfully for years, evaluated your prospective retirement income, and have set a date to finally retire… But now, in light of a rocky stock market and financial uncertainty looming, you might be reconsidering your plans. Don’t panic and make big decisions. We’ve seen stock market slumps before, and we’ve learned from experience that [...]
As you look toward your target retirement date, you will continue to evaluate your expected budget and then compare those figures to your estimated retirement income. Lately we’ve all confronted a new reality with the coronavirus outbreak, and many of you might be rethinking your retirement plans in light of stock market changes, the cost [...]
When it comes to retirement planning, a 401(k) provides an excellent opportunity to prepare for the future while also enjoying certain tax perks now. However, like any investment product, a 401(k) should be used wisely in order to gain the most benefit from it. As you continue to save and plan for the future, watch [...]