As we approach year end we are frequently being asked about what we call “Lost 401k” accounts. Perhaps you changed jobs, or your employer went out of business or merged with another company, or maybe you’ve just put the memories of a workplace that you left years ago far, far behind you. And now, you […]
According to a national survey for LiveCareer in June, about 61% of working Americans are more afraid of retirement than of death. Why is this? The survey suggests the reason is that many Americans are financially unprepared to retire. About 20% of Americans ages 50 and older were shown to have no retirement savings according
Americans Are More Afraid of Retirement Than Death Read More »
One way to approach retirement is to think of it in stages. While retirement might seem like the final step of a journey, your goals and lifestyle will likely continue to evolve, and your income strategy should reflect that. For example, consider looking at your retirement in five-year stages; can you meet your income needs
Retirement in Stages Read More »
We were recently asked why we believe that an annuity can help with your retirement strategy. Three reasons come readily to mind. The first reason is that they can be used as asset protection. Fixed annuities, for example, are safer for your money than volatile investment options. The second reason is the possibility of a
Some scams are run on a daily basis, and are so intricately made, they can trick even the smartest of us. The scams we’re talking about come in the form of emails where the sender shows up in your email box as purportedly coming from an entity you recognize, such as the Social Security Administration,
Retirement is different from your working years–you’re no longer putting in time and collecting a paycheck regularly. Creating a sustainable paycheck in retirement is, however, an art worth mastering. Without a full-time employer, retirees are left with the task of cobbling together a sustainable cash-flow strategy that will not only cover their expenses, but also
Retirement Paycheck Read More »
Have you ever wondered if working in retirement reduces your Social Security benefits? If you are younger than your full retirement age for the entire year, your benefit will reduce by $1 for every $2 you earn in excess of the [current] annual limit of $22,320. If you start working in the year you reach
Social Security and Working In Retirement Read More »
An annuity is a financial product designed to provide a regular, guaranteed income stream (backed by the claims-paying ability of the carrier) over a specified period or for the rest of a person’s life. Essentially, it’s a contract between you and an insurance company in which you make a lump-sum payment called a premium. In
We’ve spoken in the past about annual contribution limits into qualified accounts, but have not focused on the nuances of the income limits for tax deductibility of those contributions. It’s very important to speak with your tax preparer, as specific limitations will apply. For example, in the scenario where a spouse has a 401(k) and
Limits on Deductibility Read More »
According to many experts, knowing your cash flow is the most important piece of information you will need in order to tell if you are not only living within your means, but if you have financial stability. Financial stability in retirement becomes increasingly important the older you get. The reason for that is as we
Financial Stability Read More »