There may be a gap between how much you spend and how much you think you spend. This gap should be factored in when trying to determine how much you’ll need in retirement: Probably more than you think. It’s natural to not want to think about this: It can be disconcerting to see what you spend on those one-off purchases that you rationalize in the moment, but don’t factor into future consequences. Call us. We can help you navigate your options to fill this gap and have enough to retire comfortably. 

Have you ever reflected on the fact that frequently, the final years of your full-time career often coincide with your peak income? However, as your earnings increase, so can your expenses. And if you’re not saving at the same rate, it could be difficult to sustain your lifestyle in retirement.  The reason for this is that many individuals who are not yet retired assume they will need less income in retirement, because the ‘expense’ of saving will no longer be there. They neglect to realize that not only will some expenses increase in retirement, for example, healthcare, but so will

Heading into retirement, It is essential to understand your options, and what will work best for you. It is similarly important, however, to understand what won’t work. Are you aware of every factor you need to take into consideration going into retirement? If not, your current strategy may not be successful. You can reach out to us to learn more about this.  Read this Washington Post article to learn more about factors that could get in your way.

The importance of saving up enough for retirement cannot be emphasized enough. Seniors who retire mostly or solely on social security often end up strapped for cash. So, it’s essential to have additional income sources to tap into that can provide additional income. While we know retirement savings should be your main priority, sometimes economic circumstances force us to put aside long-term goals. When that happens, it’s all the more important to determine how that money you’ve saved up can help you now. It’s vital that you find a way to stay protected, regardless of what the market does. Call

Clients are coming to us more and more frequently with questions regarding this retirement situation: Let’s say one of a couple retires, and the other continues to work. This often presents a need for rebalancing in order to better ensure that the remaining spouse is sufficiently taken care of. Call us if you are in this situation. We may have ideas you haven’t been presented with.

We often mention in passing that life expectancy shows that women typically live longer than men. What does that mean to you? Well, you should think about the impact it could have on your retirement savings. When one individual passes before another, but both are using the same retirement savings pool of funds, a gap is created. The individual who lived longer must then consider the impact of their reduced savings. Sometimes, you can fill in that gap by carefully deciding who owns what and who the beneficiary is to one policy or another. Call us! We can help you

We thought to share with you our thoughts about the growing number of people who are looking to purchase a financial product that incorporates a guarantee on some or all of their retirement income. In the current climate, against a backdrop of rising inflation and a cost-of-living crisis, the benefits and value of a secure income to consumers are very attractive. Call us if you would like to learn about attractive choices that are new, and will not always be available. We’re always here to help.

There still seems to be confusion among retirees about the changes in the law affecting required minimum distributions, or RMDs.  Beginning a few weeks ago, on January 1, 2023, the starting age for RMDs rose from 72 to 73. The new version of the Secure Act will eventually increase the RMD age to 75, in 2033. Pushing back the age for RMDs can be viewed as a benefit for those who can afford to hold off taking distributions as it affords them more time for their retirement savings to grow. Note that if you turned 72 in 2022 (or earlier)

This article reminds you to stick to your goals and keep saving. “If you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit.  If you’re not saving, it’s time to get started. Start small if you have to and try to increase the amount you save each month. The sooner you start saving, the more time your money has to grow. Make saving for retirement a priority. Devise a plan, stick to it, and set goals.  Remember it’s never too early or too late to start saving.”  Call us if

The year 2023 brought with it a number of changes to the rules governing retirement deposits and withdrawals. This includes changes, in both this and future years, for RMDs from tax-advantaged retirement accounts. New legislation also provides a tax credit for small businesses, relating to retirement plans. It’s important you factor these new rules into your planning. Call us if you need help understanding them as they relate to your retirement accounts. We’re always here for you.