The FIRE Movement: Financial Independence, Retire Early
Retiring decades early may seem attractive but it is loaded with risks. Beware of the pitfalls and risks before you commit.
read more »Category Archives: Retirement Planning
Bad Retirement Advice You Should Ignore
Don’t automatically take retirement advise from family and friends. There are too many myths and misconceptions. Instead, rely on professional financial advisors and experienced attorneys as you navigate the transition.
read more »Exercise, the Secret to Better Retirement Health
The benefits of exercise for senior health are profound. Yet too many retirees quit exercising, according to a new study. The findings underscore the need for accommodations and better programming specifically for seniors at health centers.
read more »How much can you spend in retirement to reduce the odds of running out of money?
The 4% rule is a common rule of thumb. As an example, assume you retired with an investment portfolio totaling $750,000. With this rule, you would be able to spend $2,500 per month without running out of money. This is the amount you could spend during the first year of retirement. In subsequent years, you […]
read more »Required Minimum Distributions (RMD’s)
The required minimum distribution (RMD) rules can be tricky. We receive many questions as to how much to take and when to take the distribution. The first required minimum distribution must be taken by April 1st of the year AFTER you tune age 73. Technically, the distribution is due December 31st of the year in […]
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What Is a Roth IRA?
Roth IRAs are tax-favored financial vehicles that enable investors to save money for retirement. They differ from traditional IRAs in that taxpayers cannot deduct contributions made to a Roth. However, qualified Roth IRA distributions in retirement are free of federal income tax and aren’t included in a taxpayer’s gross income. That can be advantageous, especially […]
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Save Now or Save Later?
Most people have good intentions about saving for retirement. But few know when they should start and how much they should save. Sometimes it might seem that the expenses of today make it too difficult to start saving for tomorrow. It’s easy to think that you will begin to save for retirement when you reach […]
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What Is a 401(k) Plan?
A 401(k) plan is a self-directed, qualified retirement plan established by an employer to provide future retirement benefits for employees. Employee contributions are made on a pre-tax basis, and employer contributions are often tax deductible. If you have a Roth 401(k) option, contributions are made with after-tax dollars, but qualified distributions after age 59½ are free of […]
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Retirement Plan Distributions
When it comes to receiving the fruits of your labor — the money accumulated in your employer-sponsored retirement plan — you are faced with a few broad options. Should you take the payout as systematic payments, a lifetime annuity, or a lump sum? Systematic Withdrawals Some retirement plans may allow you to take systematic withdrawals: […]
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What Is a Self-Employed Retirement Plan?
A self-employed retirement plan is a tax-deferred retirement savings program for self-employed individuals. In the past, the term “Keogh plan” or “H.R. 10 plan” was used to distinguish a retirement plan established by a self-employed individual from a plan established by a corporation or other entity. However, self-employed retirement plans are now generally referred to […]
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