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Tying to Knot
According to the US Census Bureau, about 1 in 5 people over the age of 60 have married at least twice. However, all marriages are not created equal. The Schwab Center for Financial Research lets us know that “Unlike those just starting out in life, many older individuals have adult children, substantial assets, and established
Back to Basics
An annuity is a financial product designed to provide a regular, guaranteed income stream (backed by the claims-paying ability of the carrier) over a specified period or for the rest of a person’s life. Essentially, it’s a contract between you and an insurance company in which you make a lump-sum payment called a premium. In
Limits on Deductibility
We’ve spoken in the past about annual contribution limits into qualified accounts, but have not focused on the nuances of the income limits for tax deductibility of those contributions. It’s very important to speak with your tax preparer, as specific limitations will apply. For example, in the scenario where a spouse has a 401(k) and
Pay Attention!
We’re inundated with so many changes to rules related to retirement, that we oftentimes tell ourselves we can just ignore them and “focus on them later.” However, there are some changes you might want to pay attention to now. For example, the changes made by the Secure Act: Firstly, the Secure Act interest and penalties
Financial Stability
According to many experts, knowing your cash flow is the most important piece of information you will need in order to tell if you are not only living within your means, but if you have financial stability. Financial stability in retirement becomes increasingly important the older you get. The reason for that is as we
Wait a Minute!
Wait a minute! Is it 62, 65, 70 or 73? Let’s start to unravel this question. Social Security can be taken at any time between the age 62 and age 70. At the younger age, the SS administration will re-calculate your benefits and make them lower than if you waited, in order to factor in
So, Did You Decide?
Continuing on from last week, did you decide what kind of retiree you are? Regardless of whether you think of yourself as the Dynamo, the Philanthropist, the Homebody, or the Adventurer, it is recommended that you start building your strategy early. Along with newfound freedoms, retirement can also mean confronting uncomfortable topics and scenarios. The
What Kind of Retiree Are You?
“What kind of retiree are you?” An interesting concept that we had some fun diving into, and wanted to share it with you. Are you “The Adventurer”? Do you want to stay active, are you in good health, and have you always wanted to fill up your passport pages? Are you “The Philanthropist”? Do you
How Do You Do It?
How should couples save for retirement if only one is working? Saving for two when one is the primary or sole breadwinner can be challenging. It takes proper strategizing that goes beyond just watching your spending. Often, couples think that there will never be a time when they can actually just enjoy life. Thankfully, that’s
Knowing
Sometimes there is value in knowing. Social Security was never meant to cover all your expenses in retirement, and, unless you work in the public sector, pensions are rare. Knowing there’s another payment coming in like clockwork every month, or that your savings have some protection from a volatile market, can ease possible worries about
A Bridge
We’ve spoken in the past about the financial benefits of delaying the claiming of Social Security benefits. However, what happens if retirees decide to leave their jobs before reaching age 70 and need to “bridge the gap” of income until they do start to claim their Social Security benefits? Most people would be better off
Full Retirement Age
You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67. You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30%
Retirement Spending
Many people nearing retirement make the mistake of just “guessing” their retirement income needs rather than actually calculating what they’ll need to support their retirement spending. This is because many people don’t put enough thought into their financial needs when they are working, either. However, given that you don’t have the income from a job
Best Places to Retire in 2024
We read an article recently examining more than 800 locations in America, comparing everything from housing costs to taxes to health care, air quality, and natural hazard risk. What they found were some of the best places to retire in 2024. The town of Las Cruces, for example, a town of 116,000 people, has a
How Would You Answer the Question?
Nobel laureate, the late Daniel Kahneman, proposed a question; “How does the experience of a loss compare with the experience of a gain?” There were four possible answers to choose from: Which answer would you choose? Kahneman’s research study concluded that losses are twice as painful as gains are pleasurable: “This phenomenon—known as loss aversion—suggests
Financial Stability
A big part of planning for your retirement future is accounting for the “what-ifs.” No matter how careful anyone is, unexpected changes can occur: accidents, illness, and deaths. That’s where insurance comes in. Life insurance and the features it offers are definitely worth considering, and not only to provide for your loved ones after you’re
