How Do You Do It? 

How should couples save for retirement if only one is working? Saving for two when one is the primary or sole breadwinner can be challenging. It takes proper strategizing that goes beyond just watching your spending. Often, couples think that there will never be a time when they can actually just enjoy life. Thankfully, that’s not necessarily true.  There are strategies and options that can help you protect and save more income for retirement–or potentially even retire early. We know of some options you might not have even considered. Get in contact with us to learn more.

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Knowing

Sometimes there is value in knowing. Social Security was never meant to cover all your expenses in retirement, and, unless you work in the public sector, pensions are rare. Knowing there’s another payment coming in like clockwork every month, or that your savings have some protection from a volatile market, can ease possible worries about not having enough to support yourself, especially during times of economic uncertainty. If you’d be interested in learning about some alternative sources of retirement income, get in contact with us. We know about some options that might fit the bill.

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A Bridge

We’ve spoken in the past about the financial benefits of delaying the claiming of Social Security benefits. However, what happens if retirees decide to leave their jobs before reaching age 70 and need to “bridge the gap” of income until they do start to claim their Social Security benefits?  Most people would be better off if they had some source of retirement income to support them until they’re able to max out social security (or delay it for however long they decide to). An annuity may be able to serve this purpose. Contact us to learn more; we’re always here

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Full Retirement Age

You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67.  You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30% (or less if born before 1960) from the amount payable by waiting until you reach FRA to claim it. In fact, every year you delay past FRA boosts your monthly benefit by 8% thanks to delayed retirement credits — up until age 70, at which

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Retirement Spending

Many people nearing retirement make the mistake of just “guessing” their retirement income needs rather than actually calculating what they’ll need to support their retirement spending. This is because many people don’t put enough thought into their financial needs when they are working, either.  However, given that you don’t have the income from a job to fall back on, this is a very serious matter. Many think that credit card limits can be treated as available money to spend the same as a paycheck is. However, during retirement, the ability to pay debt down becomes more difficult. This is why

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Best Places to Retire in 2024

We read an article recently examining more than 800 locations in America, comparing everything from housing costs to taxes to health care, air quality, and natural hazard risk. What they found were some of the best places to retire in 2024.  The town of Las Cruces, for example, a town of 116,000 people, has a median home price of only $284,000 (which is 28% under the national median).  Interestingly, their only choice down in Florida was Pensacola, a city of 53,000 with a median house price of just $262,000–the rest of sunny Florida apparently had too high of hurricane risks

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How Would You Answer the Question? 

Nobel laureate, the late Daniel Kahneman, proposed a question; “How does the experience of a loss compare with the experience of a gain?” There were four possible answers to choose from:  Which answer would you choose? Kahneman’s research study concluded that losses are twice as painful as gains are pleasurable:  “This phenomenon—known as loss aversion—suggests the pain we might feel from losing $100 is disproportionately more intense than the joy we would experience from gaining the same amount. One implication is that people tend to go to far greater lengths to avoid a loss than they would to rack up

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Financial Stability

A big part of planning for your retirement future is accounting for the “what-ifs.” No matter how careful anyone is, unexpected changes can occur: accidents, illness, and deaths.  That’s where insurance comes in. Life insurance and the features it offers are definitely worth considering, and not only to provide for your loved ones after you’re gone. Life insurance can benefit you while you’re still alive. Reach out to us to learn more about life insurance products and the options available with them.

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Fine-Tuning Your Retirement

It’s been a while since the Secure Act of 2022 came about, but it’s time to refocus on its impact in 2024. Did you know that, beginning in 2024, Roth 401(k)s are no longer subject to RMDs? This means that Roth savers, whether in a 401(k) or an IRA, can keep their contributions invested their entire lifetime.  Did you know that the penalty for failing to take an RMD drops from 50% to 25%? And, the penalty can be further reduced to 10% if corrected in a timely manner. Did you know that the RMD age is now 73, and

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Financial Conflict Between Couples 

Strategists who work with couples have found there to be a few conflicts that are most common between them. Different priorities: financial management done predominately by one partner, helping adult children, and disagreements over an inheritance. Each seems to resonate in different ways as we all know how common it is to have one partner be more of a spender than the other, or more inclined to save than the other. Or, perhaps one partner finds it easier to take the reins of being in charge of the money while the other finds it overwhelming or confusing. As it relates

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