Traditional IRAs, 401(k)s, and other retirement accounts enable you to save money before taxes, allowing your investments to grow for decades. But, eventually, the IRS requires you to begin withdrawing a portion of your savings each year. These withdrawals are known as required minimum distributions, or RMDs, and the amount you take out is taxed […]
New RMD Rules For 2025 Read More »
There is no one “ideal retirement.” But there are many ways to have a happy retirement if you have reflected on the choices you have, and what you are willing to leave to chance. The way you answer the following questions may help you decide what may need more thought before you begin your retirement:
Several significant changes will be implemented in the Social Security system beginning in January 2026. These changes will have an impact on benefit amounts, retirement age rules, taxes, and the minimum wage required for workers to qualify for future benefits. Cost-of-Living Adjustment (COLA): 2.8% Increase On October 24, the Social Security Administration (SSA) announced a
Changes Coming to Social Security in 2026 Read More »
We frequently write about longevity and how important it is to have savings we don’t outlive. And while we’ve always striven to give our clients options for products where the income stream continues no matter how long you live, we are still often asked for a ‘number’ so that can be ascribed to someone’s projected
Years ago, it seemed as if the only reason to purchase life insurance was simply to make sure loved ones who depend on your income had what they needed financially after you passed away. Products have evolved along with the passage of time. While life insurance may still seem like something you buy primarily for
Evolution of Life Insurance Read More »
By mid-century, one in every six people worldwide will be over the age of 65. In the United States, it is highly likely that the Social Security Administration program will be unable to pay full benefits by 2034. These demographic and financial pressures are frequently cited as the source of an impending retirement crisis. But
Retirement Age Is Changing Read More »
Working after retirement brings with it the need to understand certain tax and contribution rules governing the way you can use and/or continue to contribute to the money in your qualified retirement savings accounts. Looking first at continued contributions, in most cases, you should be able to, regardless of your age. There are no income
Working After Retirement Read More »
There is nothing generally inherent in any given year that says it’s a bad or good time to retire. The question that needs to be answered is whether you’re ready financially and emotionally. So, how do you determine if you are ready? Begin by asking yourself if you have estimated your stream of lifetime retirement
Is This Year a Good Year To Retire? Read More »
Approximately 49% of men and 64% of women who turn 65 today will require significant long-term care. While many people rely on unpaid assistance from relatives, nearly half will need paid services. Covering these costs is a considerable challenge, and long-term care (LTC) insurance is one solution. However, the landscape has changed over time, as
Understanding Long-Term Care Read More »
We often think that emotions only impact inter-personal decisions, however making consequential financial decisions in a heightened emotional state also generally isn’t a good idea. Behavioral psychologists have identified a few common biases that can undermine our decision-making skills. While some are rooted in emotion, others are what we think of as mental shortcuts our
Behavioral Decision Making Read More »