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Reminder: Don’t Forget to Take RMDs by December 31st

Tax-advantaged retirement accounts like traditional 401(k)s and IRAs offer many advantages, but some of these don’t last forever. The government eventually reaps the reward of years of tax-free compounded interest by forcing you to withdraw funds from your own retirement accounts and inherited accounts. So if you have a retirement account, be prepared for your [...]

2019-12-09T04:39:33+00:00December 9th, 2019|Financial Planning|

4 Reasons to Plan for Long-Term Care Costs

There’s a 70% Chance You’ll Need Long-Term Care We can all celebrate an increasing life expectancy as we look forward to our golden years. In 1950 the life expectancy for American men was 65.6, and for American women was 71.[1] Now it’s 76.3 for men and 81.4 for women. Of course, many people live to be older [...]

2019-11-11T17:30:51+00:00November 11th, 2019|Financial Planning, Healthcare|

Will Inflation Erode Your Social Security Benefit’s Buying Power?

In 2019, Social Security benefits received a 2.8% increase[1] – the largest since 2012. But in 2020, benefits will only see a 1.6% increase[2]. Even though inflation is low right now, the cumulative effect of inflation has eroded the buying power of Social Security by a third since 2000[3] according to the Senior Citizens League. [...]

2019-11-04T19:36:10+00:00November 4th, 2019|Financial Planning, Social Security|

Reviewing Your Healthcare Needs in Retirement

Your healthcare needs can change in retirement, as can the way you pay for them. At 65, most Medicare beneficiaries must start navigating a new system. If you are or will be a Medicare beneficiary, one important date that should make it onto your calendar is October 15th. This is the beginning of the Medicare [...]

2019-10-14T18:38:00+00:00October 14th, 2019|Financial Planning, Healthcare|

Be Aware of 401(k) Fees

Do you know how much you’re paying in 401(k) fees? Or that you’re being charged fees at all? According to a TD Ameritrade Survey, 27% of participants didn’t know how much they were paying. And, 37% of those surveyed didn’t know they were charged fees at all. This doesn’t quite square with the fact that [...]

2019-10-07T14:48:22+00:00October 7th, 2019|Financial Planning, Retirement Planning|

Age Can Have Its Benefits

We typically don’t think of the word “aging” as having a positive connotation. It may bring to mind graying hairs, aching backs, and slowing down. But these things don’t always have to be true, and they don’t necessarily tell the whole story when it comes to getting older. In fact, in most cultures older people [...]

2019-09-30T14:17:54+00:00September 30th, 2019|Financial Planning, Retirement Planning|

Put Your Money to Work

You’ve worked for your money, and retirement is the time to have your money work for you. But what does this mean? Basically, your goal in retirement should be to turn what you’ve saved into retirement income. Many Americans are worried about running out of money, since pensions are rare and there are reasons why [...]

2019-07-28T20:28:32+00:00July 28th, 2019|Financial Planning, Retirement|

Why You Should be Worried About Inflation

You may have heard that we’re on the brink of war – a trade war that is, with China. Trump’s proposed tariffs on imported Chinese goods and services has already affected the market, and could affect inflation. If tariffs are imposed on $300 billion worth of Chinese goods, the core inflation rate would rise noticeably [...]

2019-05-20T20:41:31+00:00May 20th, 2019|Financial Planning|

If You Have an IRA Don’t Forget About This Important Deadline

Most people know that April 15th is Tax Day, but they may not know that it is also the deadline to contribute to an IRA. Even if you file for a tax extension, you must send your IRA contribution by April 15th. Contributing to an IRA is one good way to save for retirement, so [...]

2019-03-25T23:39:36+00:00March 25th, 2019|Financial Planning, Retirement|

Don’t Let Market Volatility Ruin Your Retirement

Now that you’re nearing retirement, the term “market volatility” might stir up different feelings than it 30 years ago. Older workers and retirees understand that they have less time to make up for losses in their investments and to ride out future market crashes than they did when they were younger. And with life expectancies [...]

2019-03-19T01:32:03+00:00March 19th, 2019|Financial Planning, Retirement|