“They don’t have a clue.” This is what one certified financial planner and investment advisor declares in today’s article about people planning for taxes in retirement. In light of the fact that hefty tax bills in retirement can dramatically increase the odds of retirees – even those who saved prudently – running out of money, the author goes on to outline steps retirees can take to reduce the amount they shell out to the IRS. From keeping tabs on your risk of crossing into a higher tax bracket to being strategic about retirement account withdrawals to “Thinking Roth”, CLICK HERE to see all the ways the author recommends to keep the taxman from putting a damper on your golden years.
“Whether you plan to travel the world, run marathons, serve your community or spend more time with family, retirement will bring radical changes in the ways you spend your time. And whenever life changes, so do the risks you face — which means retirement is a good time to look closely at your insurance coverage.” Today’s article outlines a number of considerations for the new or soon-to-be retiree in the realms of car, homeowner, life and health/long-term care insurance. How can retirees potentially save money in these areas? What additional coverages in these areas might retirees want to consider? CLICK HERE to read more.
With all the reports about Americans being largely financially unprepared for retirement, and the negative consequences that could have on their golden years, how about some happy retirement news? Today’s article highlights findings from a new Merrill Lynch/Age Wave report on retirement “showing that retirees are generally having loads of fun in their unstructured life, regardless of their income.” What was the study’s overall conclusion? What percentage of retirees surveyed said they found it relatively easy to find inexpensive activities to enjoy? And what did the report identify as the “4 Stages of Retirement Leisure”? CLICK HERE to read more.
“Many people use retirement calculators to estimate whether they’re on track, but even the best calculator is subject to the universal rule of computer programs – garbage in, garbage out.” Today’s article outlines several common mistakes people make when assessing their financial preparedness for retirement that might produce a deceptively rosy picture of how on-track they are. By how much does the author suggest reducing your expected Social Security benefits? What percentage of retirees would like to work but are unable to, according to one study? What percentage of people end up retiring earlier than they (and their nest egg) had planned on? CLICK HERE to read more.
Sure, you know that people around the world are living longer, but do you know how to make money off this “global aging megatrend”? Today’s article highlights a recent report on this unprecedented demographic shift and its investment implications. What potentially lucrative investment opportunities exist in the areas of real estate and health care & technology, and how can you get in on the action (including specific REITs and ETFs)? What is the new Aging Population ETF that is in the works? CLICK HERE to read more.
When it comes to retirement planning have you given sufficient cogitation to your cognitive abilities down the road? Today’s article highlights a disturbing finding in this regard: “financial literacy tends to decline by about 1% per year after age sixty, but financial confidence remains the same.” As such, the author cautions that “with retirement, it is important to consider how declining cognitive skills associated with aging will make it increasingly difficult to self-manage your investment and withdrawal decisions” and that “it is important to plan ahead and make binding decisions before cognitive impairment sets in.” What are some examples of these binding decisions? CLICK HERE to read more.
Despite a recent study finding that retiring later might help lengthen one’s life, you may still be looking for ways to retire early. Well today’s article has 30 of them! Specifically, the article outlines 30 “tips to amp up your retirement savings, cut spending and find extra sources of income” in the aim of helping to make the “pipe dream” of early retirement a reality. How many times below your means does the author recommend you should be living? How can you make your vacations “smarter”? Why might you want to reacquaint yourself with nature? CLICK HERE to read more.
“We like to think it’s things beyond our control – job layoffs, market downturns, big unanticipated expenses – that undermine our planning efforts and make achieving a secure retirement such a challenge. But the truth is we often inflict the most serious damage on our own by deluding ourselves into believing we’re making reasonable decisions when we’re not.” Today’s article outlines “four examples of the kind of lies we tell ourselves…that can dramatically sabotage our chances of retirement success.” One such lie? “If I fall behind, I’ll make up for it with higher investment returns.” To see all four lies and learn why those that may seem reasonable are really not, CLICK HERE.
Much has been written over the last several weeks about the big change in the world of retirement planning – the fiduciary standard which will require financial advisors making retirement investment recommendations to act in their clients’ best interests. However today’s article points out that, in addition to this new standard, “there have been several other tweaks to [retirement] accounts that have an impact on who is eligible to contribute and how big their tax savings will be.” To read about these lesser-publicized changes, including which previously temporary feature of IRAs is now permanent and can help those of a certain age avoid taxes on their required distributions, CLICK HERE.
Planning for a secure retirement is daunting. Planning for a secure retirement when you are single comes with its own additional concerns and anxieties. As such, in today’s article the author outlines three considerations for the solo retiree that may be “a good start to feeling better about facing retirement decisions all by yourself”. What sales pitch for financial products should be a major red flag for solo retirees? What is “the one thing solo retirees should always demand” when it comes to financial products? And why does the author recommend that solo retirees employ more than one advisor? CLICK HERE to read more.