Archives for Retirement Planning

Personal Finance: The Importance of Starting Early

Personal Finance: The Importance of Starting Early

July 22, 2024

Whether you’re just starting out in your career, you are a Gen-X-er sandwiched between your kids’ college expenses and aging parents’ needs, or you are a Baby Boomer eyeing retirement, starting early can help when it comes to your finances. Here are some reasons why. When You’re Young—In Your 20s We’ve all heard the famous quote by Albert Einstein, the one where he said, “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” And it’s true. In many cases, if you start out early—perhaps in your teens or 20s—saving
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What is Sequence of Returns Risk?

What is Sequence of Returns Risk?

May 8, 2024

  Sequence of returns risk can put your retirement portfolio in jeopardy, but what is it, and how do you fight it? We get it. Retirement can be scary. We know this because it’s our job to help our clients plan for and seamlessly transition into what should be one of the most rewarding times of their lives. What we often find, however, is that most are worried about retirement because of the risks that come with it. But what are some of the risks that strike fear in the hearts of retirement hopefuls? Well, the first is related to
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5 Things You Need to Know About Retirement

5 Things You Need to Know About Retirement

April 15, 2024

  Saving for retirement is important, but it’s also crucial to stay informed! Now that it’s Financial Literacy Month, we thought it would be the perfect time to discuss some things you need to know. There’s an old saying that goes something like, “What you don’t know can’t hurt you.” You might have even used it, maybe when you came home past curfew without your parents finding out or poured your juice into the plant when no one was watching. And sure, no one being the wiser might have worked when you were young, but in retirement, what you don’t
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5 Things You Should Know if You’re Retiring in 2024

5 Things You Should Know if You’re Retiring in 2024

January 29, 2024

Heads up! If you plan to retire this year, you should know these five things. Are you planning to enter the most exciting phase of your life in 2024? A phase where you get to do what you want to do, not what you have to do? With the right planning and preparation, it’s possible, but you should be aware of the year-over-year changes that occur for retirees, especially if this is your first year. Here are five changes you should know about if you plan on entering retirement in 2024. Higher Income Tax Brackets [1,2] Traditionally, tax brackets rise
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7 Signs You May be Ready for Retirement

7 Signs You May be Ready for Retirement

July 28, 2023

It can be difficult to know when you’re ready to retire, but checking these seven boxes may be a sign that the time is coming.   Preparing yourself for retirement can be scary, as so many variables and questions leave timing up in the air and offer little to no confidence when it comes to selecting the perfect moment to quit your job and spend your time doing what you want to do instead of what you have to do. There are, however, strong indicators that may help you realize that you’re ready to retire. While many savers and pre-retirees
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7 Ways SECURE Act 2.0 Could Affect Your Retirement

7 Ways SECURE Act 2.0 Could Affect Your Retirement

February 22, 2023

SECURE Act 2.0 was signed into law at the end of 2022. Here are a few ways it could affect your retirement. After consumers throughout America were forced to endure a harsh financial storm in 2022, the year came to a close with President Biden signing a bill intending to increase and enhance the capabilities of retirement accounts. The bill is commonly referred to as SECURE Act 2.0, and it is the follow up to the Setting Every Community Up for Retirement Enhancement Act of 2019. It is expected to assist retirees and pre-retirees even further in the pursuit of
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5 Common Mistakes to Avoid with Medicare

5 Common Mistakes to Avoid with Medicare

December 1, 2022

Medicare can be tricky. Here are some common mistakes to avoid! The Medicare open enrollment period has begun, so we thought it would be a great time to discuss some of the most common mistakes retirees make when it comes to their healthcare. Along with your streams of income that you’ve created for yourself during your career, Medicare is one of your most important tools in retirement. It can protect you against medical emergencies that could be financially devastating, especially when you’re living on a fixed income. It is, however, important to know that Medicare has its limitations, potentially making
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4 Recent Innovations in Life Insurance Policies

4 Recent Innovations in Life Insurance Policies

September 20, 2022

Life insurance is no longer constrained to the inflexible policies our parents held. Here are some of the latest additions and innovations to give you more options than ever. Today’s life insurance policies are not the policies our parents and grandparents grew up with and purchased. They offer more features and more customization, at a price lower than many consumers expect to pay. In fact, a recent study showed that more than 50% of people assume that the cost of life insurance is three times higher than it actually is [1]. Furthermore, 44% of millennials, a group whose net worth
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What is COLA, and How Does it Affect Retirement?

What is COLA, and How Does it Affect Retirement?

August 12, 2022

The COLA on Social Security is projected to increase benefits by more than 10%. How does that affect your retirement? Inflation in the United States is at a 40-year high, and the entire country seems to be feeling the squeeze of rising prices, regardless of income level. Though the debate over the cause of current inflation rates rages on, one thing seems to be certain: the cost of everyday goods, like rent, gas and food, continues to rise [1]. Understandably, that leaves American consumers with questions and concerns. First, as the value of the dollar decreases, which lifestyle adjustments can
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Inflation as a Risk in Retirement

Inflation as a Risk in Retirement

July 21, 2022

Inflation can be troubling, especially for those living on a fixed income. Here’s what you need to consider. Exiting the work force and beginning the next chapter of your life can be infinitely exciting. After a long career, free time afforded by retirement offers a great opportunity to check off long-awaited bucket list items or develop those relationships with loved ones. You might also stop setting alarms in the morning, making sure that you get the right amount of sleep to propel you toward your dreams. There is, however, one area in which you might not want to hit the
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