Retirement planning is a journey that generally takes decades to complete and most of us start out along the do-it-yourself path. More than likely, your first step was to enroll in an employer-provided plan such as a 401(k) or setting up an individual retirement account, also known as an IRA.
But when the SECURE Act goes into effect – expected on Jan. 1, 2020 – beneficiaries will have to fully distribute taxable accounts within 10 years of the account holder’s death. That could push your loved ones into a higher tax bracket.
As you move toward retirement, you can’t be content just to accumulate assets. You need to develop a retirement income plan that can help guide you when it comes time to turn savings into sustainable retirement income.
The retirement planning process is full of potholes – they seem to pop out of nowhere and can do major damage if you’re not careful. In my years as a financial guide, I’ve put in a lot of man-hours helping people avoid financial potholes. The danger is real and the monetary bruises take a w …
It’s a concept that is all too important as 4 in 10 Americans are at risk of running out of money in retirement. The landscape changes when you retire. Your goal now is to conserve, grow, maintain and otherwise hold onto what you already have.
While there are many challenges, these are the five most prominent that come to my mind when I think about retirement security for women. Sit back and think about all the decisions you make in life today that have an impact on your security in the future
The best kind of money isn’t old, new or even tax-advantaged – it’s free money! If your employer has a 401(k) program, they probably have a matching plan. Know what that is and make sure you max it out. They’re essentially giving you money, which you never want to turn down.
