Financial Resources Group - Financial Resources Group

Prepare to Live on $33,000 a Year If You Retire With a $1 Million Portfolio

Preparing For a Reduction

November 18, 2021

A recent article tells us “People retiring in the next few decades should only count on withdrawing 3.3% of their savings a year, down from the well-established number of 4%” according to a recent report by Morningstar. Inc. The withdrawal rate refers to how much a retiree can “safely” withdraw from their savings each year without fear of running out of money. Usually it assumes that someone will live about 30 years past retirement. Will this anticipated reduction affect you? Call us, and we can help you determine if it might be time to consider other options. Did you know

Adjusting For 2022 Tax Rules

November 12, 2021

Soon it will be time to file your 2021 taxes. But did you realize that the 2022 tax rules will “differ substantially from 2021”? Your tax brackets will be higher, and so will your standard deduction. There is still time to reduce your 2021 tax bill, but time is running out. Knowing the tax brackets for 2022 could help you make adjustments if you think you’ll get a large bill on your 2021 taxes. If you get hit with a big tax bill for 2021, you should consult a tax adviser about how to reduce that in 2022. It may

Are you Ready to Retire?

October 28, 2021

If you’re able to easily determine your own retirement date, be thankful that circumstances haven’t led to that date having to change. Also, be aware that determining when to retire isn’t a simple choice. Are you sure you’re emotionally ready? You don’t want to end up regretting retiring earlier, or later, than you should’ve. Running out of money during your retirement, or not living to see your retirement at all, is a real risk when deciding when to retire. There are certain questions you should ask yourself in order to determine whether or not you should retire yet: Do you

Will You Have to Retire Early?

October 14, 2021

“More than a quarter of all workers say COVID has prompted them to move up their retirement date,” finds a survey released in February, by the National Institute for Retirement Security. One study even suggested that nearly 2 million older workers have left the labor force for good since the start of the pandemic. The percentage of Americans who won’t be financially secure enough to maintain their pre-retirement standard of living has also increased, from 50% to 55%, according to the Center for Retirement Research. Anxiety about these issues has been heightened by the pandemic. A survey by the National

How Much Is Enough?

September 30, 2021

Most Americans haven’t saved enough for retirement. A recent article on Yahoo Money states “1 in 4 have no retirement savings.” Clearly $0 in retirement savings is not enough, so just how much is “enough”? How do you know how much you should be saving in order to reach your retirement goal? How will inflation impact your retirement? What about Long Term Care? The final answer varies from person to person, but some universal rules apply. Call us if you’re interested in a no-cost, no-obligation appointment. We have a few ideas you might like. Inflation calculator: https://www.bls.gov/data/inflation_calculator.htm Read full Yahoo

Tips for Saving Money After Retirement

August 19, 2021

We thought to share this week’s article with you because it discusses 27 tips for saving money after retirement. It’s important to remember that “it’s never too late to save, even after retirement.” The author of the article tells us how to “get on track once you’re retired” based on advice provided in the guide that you can easily download through this article. Take a look at the guide and then call us if you’d like to hear our ideas. The article also touches upon the fact that “Nearly half of Americans aren’t sure how much they need for retirement.”

Capital Gains Taxes Explained

August 11, 2021

We’ve received calls asking to explain capital gains taxes so we thought this week’s article might be of interest. It tells us, “There are two categories of capital gains: short term (assets held for a year or less) and long term (assets held for longer than one year). The day you acquire the asset isn’t included in your holding period, but the day you sell it is.” “Any net gain resulting from the sale of an asset with a short-term holding period will be added to your gross income and taxed as ordinary income at rates between 10% and 37%.

Savings By Age

August 5, 2021

We enjoyed reading this week’s article because it provides useful information that applies to the different generations in any family. Saving money is an interesting conversation because while it usually involves the idea of needing to have retirement money in the future, we often forget to think about saving money as the bigger picture regardless of our age. You will have various life events along the way that you’ll need to have money set aside for in “your 20s, 30s, 40s, and beyond.” “If you’re wondering, ‘How much should I have saved?’ now is the time to flip your mindset.

We Have An Idea

July 22, 2021

This week’s article includes 4 ways for us to prepare and save enough to retire in 10 years. But we have the 5th idea, not mentioned in this article! As you accumulate savings meant to carry you through retirement (alongside your social security), we suggest putting some or all of those savings into a place where your principal is protected…A place where your principal is guaranteed to not go down if the market does and where you know that you will still receive a guaranteed income for your lifetime. If you let us know how much income you are hoping