One of the most important elements of any retirement plan is what you spend. As you reach your fifties, one important goal to focus on is paying off your mortgage and other debt before you retire. Let's look at how the average American spends in retirement, and why not having those big debt payments can improve your chances for success.
Personal finance radio personality, Dave Ramsey, ruffled some feathers not long ago with a rant about safe withdrawal rates. His claim: You can rely on an 8% withdrawal rate in retirement. Is this dangerous advice or are nerdy financial advisors like us stealing your hope for retirement?
A prolonged stay in a nursing home can be very expensive. For some, it could wipe out their retirement savings. Consider this, according to Morningstar, a 70-year-old couple who incur expenses for long-term care see their wealth decrease—on average—21% over nine years. As we get closer to retirement, it is something we should all be considering. Today, we tell you the statistics you should know about long-term care in 2024.
One of the most important elements of planning for retirement is understanding how much you will spend when you get there. Creating a budget is not a task most people enjoy. The tedious process of going through bank and credit card statements creates an obstacle to the planning process. If only there were an "easy button" to help you figure things out. As luck would have it, there is a useful guideline. Fidelity created some general guidelines to help people begin thinking about their retirement plans. Today we look at one of them: Using the 70% Rule to easily determine your retirement spending.
When asked about his success as a hockey player, Wayne Gretzky is famous for saying, "I skate to where the puck is going, not where it has been." There have been some significant changes in the bond market. Interest rates and bond yields have increased significantly, and this has dictated a change to our approach in how we position the bond allocation of your portfolios.
From treating some employer contributions as Roth contributions to the potential secondary tax impacts, there are some less common ways Roth-type accounts can benefit you. Today is part 3 of our series on the incredible Roth IRA, we discuss some of those less common ideas
There are big problems with the financial side of Social Security. Without legislative action, projections show that in 2033, people receiving Social Security benefits would face a 23% reduction in their annual payments. For most retirees that would be a tough pill to swallow. Today, we illustrate the potential impact it could have on your income and your savings.
Today we dig into another aspect of Roth IRA’s – the multi-generational impact. Not only can the Roth improve your outcomes, it can be a significant tool for wealth transfer. In this episode, we show you the impact this can have…Spoiler alert, it CAN be significant.