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. 

Often when we ask ourselves ‘Have I saved enough for retirement?” we’re really just asking if we can afford to give financial gifts or assistance to our children or grandchildren. The difficult part in answering this question is due to the uncertainty of planning for long-term care. Not to mention, you really don’t know what your own needs or life span may be. Call us for some ideas on navigating this difficult question. We may know of some options you haven’t thought of that can contribute to finding a solution. We’re always here to help.

We are often asked about “financial literacy.” The phrase refers to the ability to understand and use various financial skills, and is the foundation of your relationship with money. A strong foundation of financial literacy will generally make you less vulnerable to financial fraud, and can help support you in deciding what goals are the best for you. This encompasses saving for retirement, treating debt responsibly, and deciding how to allocate your savings. Call us if you’d like to learn more. We’re always here to help. 

We’ve received some inquiries this past month about a few topics. “What if” you end up having to go into a nursing home? “What if” you’re living in an independent living facility and need to move over to assisted living? Are your financial products going to pay you in a different manner, or will they even pay you more? These are all good questions, and we’re happy to review your situation with you, because sometimes the answer is yes! Take a look at the chart in this article to understand the different living situations that might come into play as