Effective retirement planning is much more than just plugging a few numbers into an online calculator in order to come up with an amount that you need to save each month. Unfortunately, it’s easy to fall into a mindset of thinking that coming up with a long-term retirement plan is just that simple.
The retirement planning process is actually highly individualized, and the best way to come up with a plan for reaching your goals is to avoid taking a “cookie cutter” approach.
Instead, you can start by asking yourself the following most important retirement planning questions, then using... Articles Tagged ‘retirement planning’
The Most Important Retirement Planning Questions You Need to Ask
Effective retirement planning is much more than just plugging a few numbers into an online calculator in order to come up with an amount that you need to save each month. Unfortunately, it’s easy to fall into a mindset of thinking that coming up with a long-term retirement plan is just that simple.
The retirement planning process is actually highly individualized, and the best way to come up with a plan for reaching your goals is to avoid taking a “cookie cutter” approach.
Instead, you can start by asking yourself the following most important retirement planning questions, then using...
Thursday, March 13th, 2014
Effective retirement planning is much more than just plugging a few numbers into an online calculator in order to come up with an amount that you need to save each month. Unfortunately, it’s easy to fall into a mindset of thinking that coming up with a long-term retirement plan is just that simple.
The retirement planning process is actually highly individualized, and the best way to come up with a plan for reaching your goals is to avoid taking a “cookie cutter” approach.
Instead, you can start by asking yourself the following most important retirement planning questions, then using... Why Baby Boomers May Not be Able to Afford Retirement
As increasingly larger numbers of baby boomers reach retirement, some are being faced with an uncomfortable reality – namely that they’re not in as strong of a financial position as they assumed they would be. In many cases, the financial realities of the situation are making it so that some of these individuals have to change their retirement plans.
While it might be tempting to attribute most of the situation to the recent financial crisis, the truth is that every generation has seen significant market declines (and usually multiple declines) in the time between entering the workforce and retirement.
Let’s...
Friday, February 7th, 2014
As increasingly larger numbers of baby boomers reach retirement, some are being faced with an uncomfortable reality – namely that they’re not in as strong of a financial position as they assumed they would be. In many cases, the financial realities of the situation are making it so that some of these individuals have to change their retirement plans.
While it might be tempting to attribute most of the situation to the recent financial crisis, the truth is that every generation has seen significant market declines (and usually multiple declines) in the time between entering the workforce and retirement.
Let’s... Consider these Tax Friendly States for Your Retirement
Even after you enter retirement and are no longer earning a wage (or even if you just cut back your work schedule for a “working retirement”), you still need to do tax planning. Your retirement income is still generally subject to federal taxation, regardless of whether its investment income from your 401(k) or Traditional IRA, pension income, or even in some cases Social Security income.
But while you won’t be able escape your liability for federal taxes, you have a greater degree of control over how much you’re liable for in state taxes. Different states have different ways of generating...
Tuesday, February 4th, 2014
Even after you enter retirement and are no longer earning a wage (or even if you just cut back your work schedule for a “working retirement”), you still need to do tax planning. Your retirement income is still generally subject to federal taxation, regardless of whether its investment income from your 401(k) or Traditional IRA, pension income, or even in some cases Social Security income.
But while you won’t be able escape your liability for federal taxes, you have a greater degree of control over how much you’re liable for in state taxes. Different states have different ways of generating... Retirement Advice on Living Comfortably Off of Your 401(k)
The 401(k) and the Individual Retirement Account are the cornerstones of any solid long term retirement savings plan. Both of these accounts have a number of different characteristics that can provide value that will yield significant results in retirement. But your 401(k) plan at work likely has some advantages over the IRA structure.
When you focus on building your 401(k) you’re greatly increasing the chances that you’ll be able to live comfortably off your own savings once you enter retirement. In fact, the best way to be able to rely upon your 401(k) account is to maximize it in the...
Friday, January 24th, 2014
The 401(k) and the Individual Retirement Account are the cornerstones of any solid long term retirement savings plan. Both of these accounts have a number of different characteristics that can provide value that will yield significant results in retirement. But your 401(k) plan at work likely has some advantages over the IRA structure.
When you focus on building your 401(k) you’re greatly increasing the chances that you’ll be able to live comfortably off your own savings once you enter retirement. In fact, the best way to be able to rely upon your 401(k) account is to maximize it in the... Retirement Advice to Get Your Retirement Back on Track in 2014
While the broad stock markets have performed really well in 2013, you still might not be entirely comfortable with your current level of retirement savings, and your overall retirement plan. Perhaps you’re a bit reluctant to fully commit to a retirement savings plan because you’re still feeling the effects of the significant market declines of 2008 and 2009.
But staying away from investing often leads some individuals not to save any money at all. And the most valuable factor you have in being able to save enough for your retirement is giving your savings time to grow.
Here is some retirement...
Monday, January 6th, 2014
While the broad stock markets have performed really well in 2013, you still might not be entirely comfortable with your current level of retirement savings, and your overall retirement plan. Perhaps you’re a bit reluctant to fully commit to a retirement savings plan because you’re still feeling the effects of the significant market declines of 2008 and 2009.
But staying away from investing often leads some individuals not to save any money at all. And the most valuable factor you have in being able to save enough for your retirement is giving your savings time to grow.
Here is some retirement... Managing Your Finances after a Surprise Early Retirement
Planning and saving for retirement is one of the longest term tasks any of us will ever undertake during our lives. For example, if you start thinking about retirement when you get your first real job where your employer will offer participation in a 401(k) or other retirement plan, then you’ll have several decades to determine the best approach to saving, and a target date for when you want to retire.
But like many things in life, things don’t always work out that way. Sometimes we aren’t in control over when we retire, and it comes a bit early, and...
Tuesday, December 3rd, 2013
Planning and saving for retirement is one of the longest term tasks any of us will ever undertake during our lives. For example, if you start thinking about retirement when you get your first real job where your employer will offer participation in a 401(k) or other retirement plan, then you’ll have several decades to determine the best approach to saving, and a target date for when you want to retire.
But like many things in life, things don’t always work out that way. Sometimes we aren’t in control over when we retire, and it comes a bit early, and... The Benefits of Fixed Annuities for Retirement Savings
When individuals come up with a long-term retirement plans, individually managed accounts such as IRAs and 401(k)s are likely to make up most, if not all, of their planning. These accounts are certainly essential to long-term success as they provide sizable tax benefits; in the years in which contributions are made, while the accounts are active, and sometimes even when funds are withdrawn (in the case of Roth IRAs).
But some investors don’t want the burden of having to make all the investment decisions themselves. This is where using a fixed annuity for retirement savings can provide significant benefits.
Here...
Tuesday, November 19th, 2013
When individuals come up with a long-term retirement plans, individually managed accounts such as IRAs and 401(k)s are likely to make up most, if not all, of their planning. These accounts are certainly essential to long-term success as they provide sizable tax benefits; in the years in which contributions are made, while the accounts are active, and sometimes even when funds are withdrawn (in the case of Roth IRAs).
But some investors don’t want the burden of having to make all the investment decisions themselves. This is where using a fixed annuity for retirement savings can provide significant benefits.
Here... How to Downsize in Retirement and Enjoy Life More
The concept of “downsizing” or living a simpler life is becoming more popular across different segments of American society. More people are realizing that the satisfaction they get from always having the biggest and newest consumer items is often outweighed by the additional time they need to work in order to afford that lifestyle of conspicuous consumption.
The same downsizing concepts have also become popular with individuals who have already retired or are about to do so. Remember that by “downsizing” what we’re really referring to is financial downsizing; that is, lowering monthly expenses.
With that in mind, here...
Tuesday, October 29th, 2013
The concept of “downsizing” or living a simpler life is becoming more popular across different segments of American society. More people are realizing that the satisfaction they get from always having the biggest and newest consumer items is often outweighed by the additional time they need to work in order to afford that lifestyle of conspicuous consumption.
The same downsizing concepts have also become popular with individuals who have already retired or are about to do so. Remember that by “downsizing” what we’re really referring to is financial downsizing; that is, lowering monthly expenses.
With that in mind, here... Should You Start an IRA For Your Kids?
When we think about individual retirement accounts, and how important it is to start them early in our careers, we might assume that this means opening our first account when we get our first job after graduation. But this thinking is unnecessarily restrictive, and people can greatly improve the chances of a financially successful and secure retirement by starting their IRAs even earlier than that.
Instead, you should be working to help your children begin their own IRAs as early as possible. The IRS rules governing IRAs actually have no minimum age requirement, so your child can have their own...
Tuesday, October 15th, 2013
When we think about individual retirement accounts, and how important it is to start them early in our careers, we might assume that this means opening our first account when we get our first job after graduation. But this thinking is unnecessarily restrictive, and people can greatly improve the chances of a financially successful and secure retirement by starting their IRAs even earlier than that.
Instead, you should be working to help your children begin their own IRAs as early as possible. The IRS rules governing IRAs actually have no minimum age requirement, so your child can have their own... Have You Made An Estate Plan?
There’s a common misconception that the estate planning process is only relevant for wealthy individuals and families. That simply isn’t true, and neglecting to come up with your own estate plan can prove to be a mistake with significant financial and personal consequences. Proper estate planning can save you and your family headaches and heartaches down the road.
A well considered estate plan makes sure that your family is taken care of and your financial goals are met after you die. This is true regardless of whether you consider yourself to be wealthy or not.
An estate plan is generally comprised...
Wednesday, October 2nd, 2013
There’s a common misconception that the estate planning process is only relevant for wealthy individuals and families. That simply isn’t true, and neglecting to come up with your own estate plan can prove to be a mistake with significant financial and personal consequences. Proper estate planning can save you and your family headaches and heartaches down the road.
A well considered estate plan makes sure that your family is taken care of and your financial goals are met after you die. This is true regardless of whether you consider yourself to be wealthy or not.
An estate plan is generally comprised... 
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