We’ve provided some online tools to help estimate life expectancy, a topic we discussed last week. We found three we thought we’d share, each with varying degrees of specificity: Go through one or all three to get an estimate. It may be able to help you with your financial retirement strategy. Did you know there are options out there that can provide you with income for life? Reach out to us to learn more.
When is the right time to retire? The answer to this, like every other decision you have to make in retirement, depends on your own personal needs and circumstances. The National Bureau of Economic Research found that “retirement improves both health and life satisfaction” but the age at which you retire impacts your quality of retirement. The age at which you retire will also, naturally, affect your finances. Your retirement strategy may lend itself more to retiring later or earlier. We may be able to help you decide what time makes the most sense. Reach out to us, we’d be
Here are a few factors to consider when you making your retirement income strategy: When it comes to paying taxes on contributions, Roth IRAs and traditional IRAs differ from one another. While both are tax-advantaged accounts, your choice will impact when you pay taxes on the money: With a traditional IRA, you’d pay taxes in retirement when you begin taking payments. With a Roth IRA, however, you’re required to pay taxes on the money in advance. Furthermore, Roth IRAs do not require RMDs (required minimum distributions) during the owner’s lifetime. This makes a Roth IRA a “wealth-transfer vehicle” because you