Inflation impacts all of us, mostly in an unpleasant way. We have all seen the higher prices at the pump and in the grocery store. But the news isn't all bad. Higher inflation also means other things adjust as well. Those include tax provisions, retirement plan contribution limits, and Social Security. These are the key changes for 2023.
One of the biggest retirement questions we hear from clients is about income taxes. It is one of the biggest expenses you will face in retirement. Income taxes can be confusing and intimidating and you need to have a plan. In this episode of our Retirement Planning Essentials, we talk about how to start planning for income taxes in retirement.
Social Security survivor benefits can be complicated—especially if you haven't started receiving your benefits. We cover the key things you will need to know to make the right decision in your retirement plans.
Will you need $1.7 million to retire? That was the average amount survey participants thought they would need. We breakdown this and other parts of the survey including the obstacles to retirement, how long your retirement savings will last, and how much of your income will come from your 401k.
According to BMO Harris Bank, one-fourth of Americans are considering delaying their retirement. High inflation, a looming recession and poor investment results impact their decision. If you are considering retirement you need to, know your numbers, make good decisions, look at delaying your retirement, and be flexible.
Divorce can create many challenges--especially for women--when planning for retirement. Today we answer a question from Jennifer, 50. She divorced her former husband a few years ago. She asks, “How can I Retire at 65?” We take a closer look at her situation and dig into the details to make sure she is on the right track.
Many young people would like to retire as early as they can. It is possible, but there are some major obstacles in front of you. If you want to retire at 57 (or any age for that matter), here is what you need to know.
Paul and Elaine are 58 years old. So far they have saved about $58,000 for their future. What can they do to plan for retirement? We take a look at some basic concepts to help them get on the right track with their retirement planning.
There are 5 key things you need to know about Social Security. They are: your normal retirement age, how your benefit is computed, the impact of inflation, spousal and survivor benefits, and how your Social Security benefits are taxed. We take a deeper dive into those topics.