If you're getting ready to retire, you likely have a lot of questions about the best time to claim Social Security. If you're among the younger generation (Millennials/GenX), your main question might be - when will Social Security run out of money? Both of these are legitimate questions. It's probably safe to say that even those ready to begin taking their benefit might be … [Read more...] about When Will Social Security Run Out of Money?
Social Security survivor benefits are something too many people ignore. Or at the very least, they don’t pay enough attention to them. Doing so can cost the surviving spouse tens of thousands of dollars in lost income. I've seen so many people make Social Security claiming decisions without a thought about survivor benefits. DON'T BE ONE OF THOSE PEOPLE! Read on to … [Read more...] about What You Need to Know about Social Security Survivor Benefits
When I talk to people thinking about retirement, one of the first questions I get is some version of - "what's the best way to get retirement income planning right?" Of course, the answer for everyone is different. Why? Everyone's personal circumstances are different. The answer varies based on your situation. Yet I see one blog article after another, media personalities … [Read more...] about What You Need to Know about Retirement Income Planning
Your beneficiary designation matters - A LOT! Naming IRA beneficiaries is not something to take lightly. A beneficiary designation is something people often forget about when preparing for retirement. That can be a very costly mistake. This post offers 7 things you need to know. One of the things I review in my financial advisory practice is retirement account (IRAs, … [Read more...] about 7 Things You Need to Know about Your IRA Beneficiary Designation
If you're like most people, you likely have old retirement accounts (401(k) (403(b), 457, etc.) from former employers. When we change jobs, whatever the reason, we often neglect to think about what to do with our former employer's retirement accounts. There are too many other things on our minds. Financial advisors will often tell you the best option is to rollover … [Read more...] about A Guide on What You Need to Know about Old Retirement Accounts
The rules for taking a required minimum distribution (RMD) are complicated. With the IRS, that's not surprising. And the penalties for noncompliance are stiff. If you miss taking an RMD or take out less than what is required, you will pay a 50% penalty. Yes, you read that right, a 50% penalty. In today's post, I'll walk you through the rules, show you how to calculate your … [Read more...] about How to Get Your Required Minimum Distribution Right
One of the top questions I hear and read about is some version of, "how long will my money last?" In most cases, people are concerned about running out of money in retirement. With so many people retiring early these days, it's a legitimate concern. Money doesn't need to last longer because we're retiring at younger ages. That's only part of the story. We are also living … [Read more...] about How Long Will My Money Last in Retirement?
No matter your age, you’ve likely given some thought to when you will retire. Is part of that thinking about what will make you happy in retirement? If not, maybe it should be. I realize it’s a strange question to ask when talking about retirement. To me, though, it’s a relevant one. As a financial advisor, I’ve noticed those who are happy in retirement are, for the most … [Read more...] about How Do You Know You’ll Be Happy in Retirement?
Most of the blogs today write about and promote early retirement. That's a great pursuit. Today, I'm going to take a little different approach to the conversation. I want to look at five mistakes I see people make after retirement. There are many more we could list. We'll focus on the five I see most in my planning practice and those I read about in blog articles and … [Read more...] about Five Mistakes People Make After Retirement
If you work for a corporation with publicly traded stock, it's likely you own some of that stock in your 401(k) plan. If you do, it's crucial you understand the rules for net unrealized appreciation. What is net unrealized appreciation? It's the unrealized gain accumulated in your company stock while you own it in your plan. Unrealized gain means the amount the stock price … [Read more...] about Why You Need to Know the Rules for Net Unrealized Appreciation