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 […]
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We’re inundated with so many changes to rules related to retirement, that we oftentimes tell ourselves we can just ignore them and “focus on them later.” However, there are some changes you might want to pay attention to now. For example, the changes made by the Secure Act: Firstly, the Secure Act interest and penalties
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
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Wait a minute! Is it 62, 65, 70 or 73? Let’s start to unravel this question. Social Security can be taken at any time between the age 62 and age 70. At the younger age, the SS administration will re-calculate your benefits and make them lower than if you waited, in order to factor in
Continuing on from last week, did you decide what kind of retiree you are? Regardless of whether you think of yourself as the Dynamo, the Philanthropist, the Homebody, or the Adventurer, it is recommended that you start building your strategy early. Along with newfound freedoms, retirement can also mean confronting uncomfortable topics and scenarios. The
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“What kind of retiree are you?” An interesting concept that we had some fun diving into, and wanted to share it with you. Are you “The Adventurer”? Do you want to stay active, are you in good health, and have you always wanted to fill up your passport pages? Are you “The Philanthropist”? Do you
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How should couples save for retirement if only one is working? Saving for two when one is the primary or sole breadwinner can be challenging. It takes proper strategizing that goes beyond just watching your spending. Often, couples think that there will never be a time when they can actually just enjoy life. Thankfully, that’s
Sometimes there is value in knowing. Social Security was never meant to cover all your expenses in retirement, and, unless you work in the public sector, pensions are rare. Knowing there’s another payment coming in like clockwork every month, or that your savings have some protection from a volatile market, can ease possible worries about
We’ve spoken in the past about the financial benefits of delaying the claiming of Social Security benefits. However, what happens if retirees decide to leave their jobs before reaching age 70 and need to “bridge the gap” of income until they do start to claim their Social Security benefits? Most people would be better off
You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67. You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30%
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