Retirement Planning

Archive for the ‘Retirement Planning’ Category

couple downsizing for retirement

Right-sizing Your Home: Financial Benefits and Considerations for Downsizing in Retirement

Are you considering downsizing your home as you approach retirement? Downsizing offers many financial benefits and lifestyle advantages that can significantly enhance your retirement.
Retired Couple Biking

Designing Your Dream Retirement: Crafting a Financial Plan for Your Ideal Lifestyle

Are you ready to turn your retirement dreams into reality? Let's explore how strategic financial planning can help you craft the ideal lifestyle you've always envisioned.
social security benefit

Social Security Rules for Divorce and Spousal Benefits

Learn what Social Security benefits you're entitled to when you've been married (and divorced) more than once.
Retirement Couple

Avoid These Mistakes as You Plan for Retirement

It's the million dollar question: Are you prepared to retire comfortably?
income in retirement

Guide to Money Management and Income in Retirement

Heading into retirement? Here are some ways to maximize your finances.
retirement account changes

Changes are Coming to Your Retirement Accounts

Changes are coming to retirement accounts. But it's not all bad. Here's what you need to know about Secure 2.0.
Traditional 401k vs Roth 401k

Traditional 401(k) vs. Roth 401(k) Plans: Which is Right for You?

Traditional and Roth 401(k) plans can yield different results at retirement. Let's explore the pros and cons.

Will Rising Interest Rates Impact When You Take Your Pension?

Retirement brings newfound freedoms, as well as important financial decisions that need to be made.
medicare IRMAA

Who is IRMAA, and Why Does She Hate Me?

For most Medicare subscribers, IRMAA is inevitable. Learn how it's calculated and how you may be able to reduce it.
traditional vs roth ira

Why Now May be a Good Time for Roth IRA Conversions

A down market may present retirement planning opportunities, such as a Roth IRA conversion. Here's why.
Social Security COLA

COLA Increase Announced for Social Security

The Social Security Administration announced a substantial COLA increase for Social Security recipients. Will it make a difference?
cost cutting in retirement

How to Cut Costs in Retirement

As you plan for retirement, it's advisable to identify where you can cut costs. Here are some pointers.
retirement planning milestones

Retirement Planning By the Numbers

There are certain ages that are significant when planning for retirement. Here are some milestone ages to be aware of.
required minimum distribution (RMD) changes

Required Minimum Distribution (RMD) Rules Have Changed for 2020

The rules for 2020 Required Minimum Distributions has (temporarily) changed. Don't take your RMD until you read this.
social security increase

Social Security Benefits Will Increase 1.3% in 2021

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3% in 2021.
budgeting in retirement

Budgeting for Retirement

When retirement is near, budgeting is critical. It could mean the difference between enjoying your retirement, and outliving your money.
RMD Deadline CARES Act

August 31 is the Deadline to Roll Back RMDs

Did you take an RMD before the CARES Act passed? There's still time to roll back your withdrawal.
NJ pension exclusion

What You Need to Know About the NJ Pension Exclusion

Where you will live is one of the most significant retirement decisions you will make. Is NJ right for you?
retirement planning mistakes to avoid

Avoid These Pandemic-Prone Mistakes When Planning for Retirement

Planning for retirement, especially during a pandemic, can be stressful. Avoid these retirement planning mistakes to ensure you achieve your retirement goals.
401(k) after job loss

What to do with Your 401(k) Plan After Unemployment

Few life events are more stressful than a job loss. If you or someone you know is in this situation due to COVID-19, you’ll likely have several questions about job hunting, unemployment insurance, and health care. You may also be wondering, “What should I do with my 401(k) retirement plan?” People leaving an employer typically […]

How the CARES Act Impacts Required Minimum Distributions

What is The CARES Act? The CARES Act, signed into law on Friday, March 27, is a relief bill for individuals, small businesses, and non-profit organizations, whereby the government gives up current tax revenue to provide financial relief for individuals. Much of the talk surrounding the CARES Act centered on the immediate economic stimuli, such […]
secure act webinar

SECURE Act Webinar Recording Available Now

There is a high likelihood the SECURE Act will affect your retirement and estate planning. Passed into law in December 2019, the “Setting Every Community Up for Retirement Enhancement (SECURE) Act” created the most significant changes to retirement income planning since 2006. More than 100 people attended our webinar on February 12 to learn how […]
SECURE Act webinar

Webinar: How the SECURE Act Changes Your Retirement and Estate Planning

There is a high likelihood the SECURE Act will affect your retirement planning. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed into law in December, creating the most significant changes to retirement income planning since 2006. Join us for a 1-hour webinar where we will discuss the major changes made by […]
secure act financial retirement planning

What You Need to Know About the Recently Passed SECURE Act

On December 20, 2019, Congress passed, and the President signed the “Setting Every Community Up for Retirement Enhancement Act,” better known as the SECURE Act. The Bill contains the most significant changes to retirement planning since the Pension Protection Act in 2006 and has something in it for everyone. We first wrote about the SECURE […]
avoid retirement mistakes

9 Common Mistakes to Avoid in Retirement

You’re heading to the finish line – retirement is approaching, or maybe you’ve already retired. You’ll want to steer clear of mistakes that can derail your plans to live comfortably in retirement. Here are the most common pitfalls to avoid: #1: Not having a financial plan The biggest mistake is not having a formal plan […]
strategies to save money when young

Teach Your Children Well

Does your teenage or college age child work part-time? If so, one of the best things you can do as parents is to encourage them to start saving money. Saving money from a job — rather than spending it — teaches discipline, responsibility, and the value of hard work. But what type of an account […]
Staying active in retirement

What Does Retirement Mean to You?

As you progress through youth and middle age, retirement moves from being a vague abstraction to an impending reality. How should we prepare for this major change in our lives? In addition to planning for financial security, we should consider the content of our retirement years. How will the activities we choose express our values, […]

Three Changes to Retirement Accounts You Should be Aware Of

Lost in all the tax law changes that went into effect this year were several changes made to IRA and Roth IRA accounts that bear mentioning. IRS Blessing of the Backdoor Roth IRA The amount of money you can contribute to a Roth IRA is typically limited and direct contributions are completely disallowed if you […]

Tax Bill Alert

Don’t look now but another tax bill is working its way through the House Ways and Means Committee. If passed in its present form, it makes additional changes to retirement plans (among other things), including IRAs and 401(k) plans. The bill also includes technical corrections to the Tax Cuts and Jobs Act of 2018 law, […]
retirement savings

Don’t Forget your RMD

When it comes to retirement accounts such as Individual Retirement Accounts (IRAs), 401(k)s and 403(b)s, there are two magic ages to remember. The first is age 59 ½ when you can begin accessing your retirement accounts penalty-free. The second may be lesser known, but can be more costly if forgotten. Starting at age 70 ½ […]
deciding to retire or keep working

“To Retire or Not to Retire” is the Question

The baby boomer generation consists of 78 million people, all born between 1946 and 1964. Every day 10,000 more in this group reach the age of 65 and are confronted with one of the biggest decisions of their lives – whether or not to retire. Choosing how to spend your time, your changing family dynamics […]

Where Do You Plan to Live in Retirement?

Whether you are approaching retirement or have already retired, you have probably thought about your options regarding residential living in your senior years. Should you remain in your current residence indefinitely or look for a situation that might better fit your evolving needs? This is one of the  most important decisions an individual or couple […]

Roth Conversions and the New Tax Law

Roth IRAs have been around since the Tax Payer Relief Act of 1997.  During that time, the use of the Roth IRA has grown significantly and can serve as a valuable part of tax and cash flow planning in one’s financial plan.  The main method of funding larger contributions to a Roth account is via […]

IRAs and 401(k)s: To Roth or Not to Roth

The Roth IRA was created in 1997 and quickly became popular. One of the main differences between it and the traditional IRA is when you are entitled to receive the tax deduction. Here’s some insight into which might be best for you. In 1997 the Taxpayer Relief Act was passed, establishing one of the most […]
social security benefits

Social Security System is Not Going Away

Retirement security and protection against the risks of disability and premature death are among the most important challenges families face when they contemplate their financial goals and objectives. Americans have developed a structure of social insurance, called the Social Security system, to help provide a foundation for success in these areas. However, in recent times, […]

Making the Most of Your Social Security Benefits: A Strategy for Widows

Elizabeth (name changed) contacted her financial advisor after her husband passed away earlier this year. One of the important issues discussed was the proper strategy to use in order to maximize her Social Security benefits. Elizabeth is 64 years old and earning $150,000 per year, with plans to retire at age 66. Her late spouse […]

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