Retirement changes the way income works. Instead of relying on a paycheck, retirees often need to create their own system for generating income from several different sources. That makes retirement income planning about more than accumulating a certain amount of savings. It is also about determining where income will come from, how reliable each source […]
One of the questions I hear most often is, “How do I know if I’m really ready to retire?” While everyone’s situation is different, there are a handful of indicators I look for when helping clients determine whether retirement is financially realistic and sustainable. Retirement isn’t just about reaching a certain age, it’s about having […]
Understanding your tax responsibilities helps you manage your retirement income more effectively. Social Security is an important component of many retirees’ income, and most recipients will pay at least some tax on those benefits. How the IRS Taxes Social Security Benefits The Internal Revenue Service (IRS) determines your tax responsibilities using your combined income. This […]
There are several types of Individual Retirement Accounts (IRAs), the most common being the traditional IRA and the Roth IRA. Each has its own rules for contributions, withdrawals, and taxes. Understand these differences to choose the plan that’s right for you. 1. You Can Have Multiple IRAs, but Maximum Contributions Are Cumulative The Internal Revenue […]
Whether retirement is a long way off or right around the corner, planning for it is never set-it-and-forget-it. The Internal Revenue Service (IRS) often increases Individual Retirement Account (IRA) and 401(k) contribution limits to account for inflation. And you need to know that because if you don’t increase your own contributions, inflation may leave you […]
Interest rates are constantly in flux, and many don’t realize that this impacts their personal finances and retirement plans in significant ways. If you have a savings account, loans, investments, or retirement accounts, the decisions you make when interest rates rise or fall directly affect your financial security. Here’s what you need to know. Key […]