Retirement

Eight Mistakes That Can Upend Your Retirement

Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. No Strategy: Yes, the biggest mistake is having no strategy at all. Without a strategy, you may have no goals, leaving you no way of knowing how you’ll get there—and if you’ve even arrived. Creating a strategy may increase your potential for success, both before and after retirement. Frequent [...]

2018-11-29T17:27:52-05:00Retirement|

Three Key Questions To Answer Before Taking Social Security

Social Security is a critical component of the retirement financial strategy for many Americans, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement income source. When to Start? You have the choice of 1) starting benefits at age 62, 2) claiming them at your full retirement age, or 3) delaying payments until age 70. If you claim early, you can expect [...]

2018-11-29T17:37:51-05:00Retirement|

Is A Variable Annuity Right For Me?

For the casual observer, it sometimes seems that variable annuities are either “terrible” or “wonderful.” Commentators in the financial media seem to occupy a polarity of opinions we might see in politics. What gets lost when these commentators collide is “the individual.” Unfortunately, the discussion is rarely centered on whether a variable annuity is relevant and useful to you and your set of needs. Before considering investing in a variable annuity, you may want to [...]

2018-11-29T17:31:45-05:00Retirement|

IRA Withdrawals That Escape The 10% Tax Penalty

The reason withdrawals from an Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything other than retirement.¹ Yet, policymakers also recognize that life can present more pressing circumstances that require access to these savings. In appreciation of this, the list of withdrawals that may be taken from an IRA without incurring a 10% early [...]

2018-11-29T17:30:08-05:00Retirement|

Choices For Your 401(K) At A Former Employer

One of the common threads of a mobile workforce is that many individuals who leave their job are faced with a decision about what to do with their 401(k) account.¹ Individuals have three basic choices with the 401(k) account they accrued at a previous employer. Choice 1: Leave It with Your Previous Employer You may choose to do nothing and leave your account in your previous employer’s 401(k) plan. However, if your account balance is [...]

2018-11-29T17:25:39-05:00Retirement|

Social Security: The $64,000 Question

One of the most common questions people ask about Social Security is when they should start taking benefits. This is the $64,000 question. Making the right decision for you can have a meaningful impact on your financial income in retirement. Before considering how personal circumstances and objectives may play into your decision, it may be helpful to preface that discussion with an illustration of how benefits may differ based upon the age at which you [...]

2018-11-29T17:35:50-05:00Retirement|

Social Security: Maximizing Benefits

Most understand that waiting to claim Social Security benefits can result in higher monthly payments. However, many don’t know that there are other ways to maximize their benefits, some of which depend on their marital status. Understanding the strategies for maximizing your Social Security retirement income benefits should be prefaced with a review of the three basic forms of retirement benefits: The Worker Benefit: This is the benefit you receive based on your own personal [...]

2018-11-29T17:35:33-05:00Retirement|

Social Security Benefits: How Much Will I Receive

Next to “When should I claim Social Security benefits?” one of the more common questions people have is “How much will I receive?” Calculating your potential Social Security benefit is a three-step process: Calculate Your Average Indexed Monthly Earnings (AIME): The highest 35 years of indexed earnings is added together. It is then divided by the number of months in 35 years to arrive at your AIME. (“Indexed earnings” is an adjustment made to historical [...]

2018-11-29T17:35:21-05:00Retirement|

Volunteering In Retirement

“This generation got no destination to hold... We are volunteers of America” “Volunteers” by Jefferson Airplane¹ Those of a certain age will recall these Jefferson Airplane lyrics as a call to action, though for a different period and place. Even with the passage of time and through a lifetime of changes, the desire of baby boomers to make an impact on the world has not diminished. Retirement is no longer about the hammock or unending hours [...]

2018-11-29T17:40:45-05:00Retirement|