4 Reasons to Have a 401(k) Strategy
If you’ve saved a substantial amount in a tax-deferred retirement account, it will no doubt be instrumental in retirement. The next step is to strategize how you’ll use those savings. There are several important things to know about your 401(k), such as how much you can contribute, options for your 401(k) when you leave your […]
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Rising Costs in Retirement: Are You Prepared?
In 1960, a gallon of milk cost 36 cents, and today it costs $3.35 on average.[1] Inflation is to blame, and we could see higher inflation in the coming years. It’s important to have a sense of how much you’ll need to spend in retirement, but this is difficult when future costs and tax rates […]
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Don’t Forget About These Big Retirement Expenses
The rule of thumb says you’ll need about 80% of your pre-retirement income in retirement, but everyone is different. Many retirees want to upgrade their lifestyle in retirement or maintain their current lifestyle. In fact, a recent study shows that about one in three retirees actually spent more than they expected they would when they […]
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5 Things to Know About COVID and Your Taxes
We’ve entered a full year of living with the pandemic, and there have been several events during the year that could affect you this tax season. In April 2020, the CARES Act (Coronavirus aid, Relief, and Economic Security Aid) provided relief to individual Americans and businesses and temporarily altered some parts of the tax code. […]
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Age Does Come Before Beauty
Despite the fact that America has an aging population, there is ample evidence of ageism happening around us. The way we perceive older adults can limit our roles in society as we age and a pervasive negative view of aging can have a psychological impact on us. Sometimes ageism can be seen in a seemingly […]
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Are You Close to An Important Birthday?
When we think about important birthdays, we think of 18 and 21, but what about 59 ½ or 72? Just because you’re older doesn’t mean you don’t have more milestones to hit. Starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications for your retirement. Are you close to […]
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How Could Life Be Different in 2050?
2050 seems like a long time away, but 2021 seemed far away in 1991. Back then, did you think a cell phone would fit into your pocket? Or that you could shout at Alexa to order you more paper towels without getting off the couch? Technology has transformed how we live over the last 30 […]
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Are You Planning to Work Longer or in Retirement? Know These Four Rules
Retirement isn’t what it used to be. It’s typically longer and more active, doesn’t start at the same age for everyone, and could involve paid work. Not everyone’s retirement will look the same, and it doesn’t have to. Maybe you’ll transition to part-time before fully retiring, or maybe you’re looking forward to a second career […]
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Protect Your Retirement Savings From Cyber Threats
If there’s a fraudulent charge on your credit card, there is recourse – but what about your 401(k)? Cyber fraud is becoming more common, and plan sponsors don’t guarantee reimbursements. It’s important to take steps to protect your information and account from cybersecurity threats now more than ever. Here are three steps you can take […]
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3 Reasons Your Tax Burden Could Actually Increase In Retirement
Will your tax burden dramatically decrease in retirement once you stop receiving a paycheck? Maybe not – maybe it will increase. Between retirement account distributions, Social Security benefits, and investments, you may have reasons to review your tax strategy in retirement. We may be experiencing relatively low taxes right now, but the recent change in […]
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