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It’s always good to learn from your mistakes. But, it might be even better to learn from other peoples’ mistakes. With that in mind, let’s talk about some of the big mistakes people make when it comes to preparing for retirement. (We’re going to skip over some of the more obvious ones, like not saving…Read More »
As we get further into the new year, our thoughts need to be on more than just last year’s taxes. We should also be thinking about what we need to do to make our retirement the best it can be – whether we’re already retired or getting ready for the big event. As I say…Read More »
It doesn’t take a financial planner to tell you this: Any successful retirement these days starts with a plan. The more planning you do, the more likely it is that you will see a successful retirement. That said, many people may still enter retirement without confidence in their plans. With that in mind, people may…Read More »
From The Experts
This is for the people headed towards retirement and coming up short in their savings. According to a 2016 survey , from GoBankingRates, 23% of Americans have saved less than $10,000 and a third have saved nothing for retirement. Another survey, by TIAA-CREF, says the number one regret of people approaching retirement is that they wished…
Here we are, once again, in the midst of people’s favorite holidays. Between Christmas and New Year’s, it’s time for good food, visiting friends and relatives, gifts, and of course, popping champagne. It’s also time for New Year’s resolutions (which most people forget about by February anyway). It’s the perfect time to assess your financial…
Washington, D.C. — Recent arrests in the U.S. and India should put a big dent in the one of the biggest scams affecting pre-retirees and retirees – the IRS scam. The U.S. Treasury Department says nearly two million Americans have been targeted by scammers impersonating IRS officials, with 12,000 to 13,000 people submitting complaints every…
- Healthcare and Personal Wellness
- Retirement Advice Basics
- Retirement Lifestyle
- Rodney Brooks
- Taxes and Fees
Rodney Brooks Retirement is tough enough, but it can be really tough for the people who did little or no planning. It’s tough enough even for those who do plan for retirement. After all, there is much to consider. Which means that there could be a possibility for some people to either forgot something or…
You may have seen the commercials on TV about selling your annuity for cash. This is a business format that’s about as old as annuities themselves. These companies will offer to buy a stream of future payments that your annuity provides from you in exchange for a lump sum of cash. One problem is that these transactions are usually designed to make money for the company buying your annuity, rather than ensuring you get the best value for that annuity. Selling your annuity might seem like a good idea in a pinch, but in the end, it could cost a lot more than you anticipated.
One thing that can be difficult to predict when you’re planning your retirement is how much you’ll wind up paying for healthcare once you’re retired. The good news is new treatments and lower-cost healthcare resources are created every day. The bad news is one aspect of healthcare many retirees need most tends to cost the most: prescriptions.
While you might be eligible to take benefits at age 62, some experts would recommend you don’t. That’s because the earlier you take them, the less you usually get.
Fixed-indexed annuities are rising in popularity. I’ve seen that in the financial news, and I’ve seen that firsthand with how many people contact me asking about them. The timing is a bit surprising because the stock market has been notoriously volatile for the past few months.
Some financial planners will advise you never to do this because it’s redundant, but there are times when it might be beneficial, especially when it comes to managing your required minimum distributions later on. Before you write off purchasing an annuity in an IRA, you should consider how it could impact you for the life of your IRA.
Allocating retirement assets is a delicate balancing act and one that must be looked at on a deeper level than high risk and low risk. Instead, it might help to work backward and start with how much you need to live on to cover your mandatory and optional expenses. For some, fixed and fixed-indexed annuities can fit in by supplementing that income to cover some of those future mandatory costs.