Many people nearing retirement make the mistake of just “guessing” their retirement income needs rather than actually calculating what they’ll need to support their retirement spending. This is because many people don’t put enough thought into their financial needs when they are working, either. However, given that you don’t have the income from a job […]
Retirement Spending Read More »
We read an article recently examining more than 800 locations in America, comparing everything from housing costs to taxes to health care, air quality, and natural hazard risk. What they found were some of the best places to retire in 2024. The town of Las Cruces, for example, a town of 116,000 people, has a
Best Places to Retire in 2024 Read More »
Nobel laureate, the late Daniel Kahneman, proposed a question; “How does the experience of a loss compare with the experience of a gain?” There were four possible answers to choose from: Which answer would you choose? Kahneman’s research study concluded that losses are twice as painful as gains are pleasurable: “This phenomenon—known as loss aversion—suggests
How Would You Answer the Question? Read More »
A big part of planning for your retirement future is accounting for the “what-ifs.” No matter how careful anyone is, unexpected changes can occur: accidents, illness, and deaths. That’s where insurance comes in. Life insurance and the features it offers are definitely worth considering, and not only to provide for your loved ones after you’re
Financial Stability Read More »
It’s been a while since the Secure Act of 2022 came about, but it’s time to refocus on its impact in 2024. Did you know that, beginning in 2024, Roth 401(k)s are no longer subject to RMDs? This means that Roth savers, whether in a 401(k) or an IRA, can keep their contributions invested their
Fine-Tuning Your Retirement Read More »
Strategists who work with couples have found there to be a few conflicts that are most common between them. Different priorities: financial management done predominately by one partner, helping adult children, and disagreements over an inheritance. Each seems to resonate in different ways as we all know how common it is to have one partner
Financial Conflict Between Couples Read More »
We’ve been asked a few questions regarding what happens to those portions of your estate that aren’t treated consistently with what you say in your will. Many people assume wills and trusts are the pillars of a perfect estate plan. However, asset titling–the way you own an asset–is just as critical. Conflict instructions can create
Having just taken a look at your traditional IRA, you may be wondering if the time is now to convert it to a Roth IRA. Choosing between a Roth and a traditional IRA requires you to estimate what your tax situation will be when you start drawing from the account. This analysis is different from
Roth IRA Vs Traditional IRA Read More »
It’s usually around this time of year, when individuals are preparing paperwork for filing their tax returns, that we are asked what the deadlines for contributions are, and what happens if one spouse is non-working but still wants to make IRA contributions. As a general rule, you have until tax day to make IRA contributions
It’s That Time of Year Read More »
What does retirement really, truly mean? What are your plans for after you retire? We’ve been thinking about this recently. Many would define it as “retreating from the ‘busyness’ of life.” When do you plan on retiring? How old will you be? How long do you think you’ll spend in retirement? Getting away from all
The Busyness of Life Read More »