I hear that sentence often. It usually comes right after a pause, sometimes a tear. It's not dramatic. It's deeply human. And it tells me we've just hit something real.
Most retirement planning conversations revolve around numbers—rates of return, withdrawal strategies, and tax efficiency. All that matters. But after over a decade of working with retirees, I’ve learned something fundamental:
.png)
Retirement planning isn't just about accumulating assets—it’s about turning those assets into growing, sustainable income. While many retirees focus on wealth, the true measure of success is whether your income keeps pace with inflation and lifestyle needs. Incorporating annuities and life insurance into your strategy can significantly enhance financial security.
.jpg)
The financial landscape is constantly evolving, and for those near or in retirement, staying ahead of potential policy changes is more critical than ever. With discussions around taxation adjustments and shifts in social programs gaining momentum, retirees must take a proactive approach to securing their financial future.
.jpg)
For many, the transition from accumulation to decumulation and income phase of the financial journey can be challenging. The difficulties connected with this transition are often based on behavioral and habitual patterns of behavior that can impede the ability to make the shift successfully.
In this blog post, we will explore the reasons why many people struggle with the switch from accumulation to deaccumulation and review the behavioral and habitual patterns that play such a significant role.
During my weekly podcast MoneyMattersUSA® with Fred Saide, the final segment is called Stump the Guru. Listeners can sign up on the website https://moneymattersusa.net dropdown named Stump the Guru or they can call in on our toll free number.800-593-8188. One of the listeners had a question that is on my mind right now for a couple of reasons. For one the bond market is signaling a recession while the equity market has not priced in a recession yet. My other consideration is the 60-40 portfolio viable at this time in a period of ‘stagflation.’
.jpg)
What does a good retirement look like to you? Does it resemble the retirement that your spouse or partner has in mind? It is at least roughly similar.
The Social Security Administration currently projects an average retirement of 22 years for a man and 25 years for a woman (assuming retirement at age 65). So, sharing the same vision of retirement (or at least respecting the difference in each other’s visions) seems crucial to retirement happiness.1
.jpg)
In the final days of 2022, Congress passed a new set of retirement rules designed to make it easier to contribute to retirement plans and access those funds earmarked for retirement.
The end of the year can help remind us of last-minute things we need to address and the goals we want to pursue. Here are some aspects of your financial life to consider as this year leads into the next.
.jpg)
An executive transition into a consulting role at age 62 and stops working altogether at 65; then, he becomes a buyer for a church network at 69. A corporate IT professional concludes her career at age 58; she serves as a city council member in her sixties, then opens an art studio at 70.
The probate process can be expensive for some estates. Settling an estate through probate can cost you both time and money. It could take up to a year or more for the estate to be settled, plus attorney’s fees, appraiser’s fees, and court costs may eat up as much as 5% of a decedent’s assets. Probating an estate valued at $400,000 could cost as much as $20,000.1
What financial, business, or life priorities do you need to address for balance of 2022 and for 2023? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes. You have plenty of choices. Your main choice is to control your money and make it do what you want it to do?
.JPG)
Retirement is undeniably a major life and financial transition. Even so, baby boomers can run the risk of growing nonchalant about some of the financial challenges that retirement poses, for not all are immediately obvious. In looking forward to their “second acts,” boomers may overlook a few matters that a thorough retirement strategy needs to address.
If you are approaching your seventies, get ready for required minimum distributions. You may soon have to take RMDs, as they are called, from one or more of your retirement accounts.
.jpg)
Some accounts have no designated beneficiary. Rarely, the same thing occurs with insurance policies. This is usually an oversight. In exceptional circumstances, it is a choice. What happens to these accounts and policies when the original owner dies?
“It turns out my job was not to find great investments but to help create great investors,” writes Carl Richards, author of “The Behavior Gap.” From increasing our budget mindfulness to taking a steadier approach to investing, Richards has drawn attention to how our unexamined behaviors and emotions can be to our detriment when it comes to living a happy and financially sound life. In many cases, we make poor financial decisions when experiencing panic or anxiety due to personal or widespread events. 1
.jpg)
Decades ago, there was a book entitled What They Don’t Teach You at Harvard Business School. Perhaps someday, another book will appear to discuss certain aspects of the retirement experience that go unrecognized - the “fine print”, if you will. Here are some little things that can be frequently overlooked.
.jpg)
Create a will if you do not yet have one. A valid will may save your heirs from some expensive headaches linked to probate and ambiguity. A solid will drafted with the guidance of an estate planning attorney will likely cost you a bit more than a “will-in-a-box,” but may prove worth the expense.
.jpg.png)
A thoughtful retirement strategy may help you pursue your many retirement goals. That strategy must consider many factors, and here are just a few: your income needs, the order of your withdrawals from taxable and tax-advantaged retirement accounts, the income tax implications of those withdrawals, and sequence of return risk.
.jpg)
Much is out there about the classic financial mistakes that plague start‐ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees.
.jpg)
A successful retirement is not merely measured in financial terms. Even those who retire with small fortunes can face boredom or depression and the fear of drawing down their savings too fast. How can new retirees try to calm these worries?
Some retirees succeed at realizing the life they want; others don’t. Fate aside, it isn’t merely a matter of investment decisions that makes the difference. There are certain dos and don’ts – some less apparent than others – that tend to encourage retirement happiness and comfort.
.JPG)
The point of the POA. A power of attorney (POA) is a legal instrument that delegates an individual’s legal authority to another person. If an individual is incapacitated, the POA assigns a trusted party to make decisions on his or her behalf.
