This month we continue our discussion of different retirement concerns that you do not have to fear. This week, we are focusing on retirement income! Running out of money in retirement is a top concern for many people, and for good reason. Once you are no longer working, you will...
Your retirement savings can be compared to a faucet that you will have to turn on once you retire in order to provide a steady stream of income. But you could be left high and dry if there is not enough income to last you through retirement. That’s why it’s...
Are you looking for ways to prepare for your retirement if a recession comes along? Diversifying your assets is just one of the ways you can help do this. You’ve probably heard the saying “Don’t put all your eggs in one basket.” That’s essentially the meaning behind diversification. When you...
Are you aware of the impact your RMD strategy can have on your beneficiaries? When you inherit an IRA, you are free to withdraw without penalty as much of the account as you want at any time. However, it’s important to be aware of any potential income tax implications for...
Did you know you could be hit with a tax penalty of up to 50% for missing RMD deadlines? For example, if you were supposed to take out $15,000 but only took $11,000, you’d owe a $2,000 tax penalty plus income tax on the shortfall.1 The good news is there...
Ever wondered how to calculate your RMD correctly? Here are some of the basics you should know about: To calculate your RMD, divide your year-end account balance from the previous year by the IRS life-expectancy factor based on your birthday in the current year.1 If you own multiple IRAs, you...
One of the most common misconceptions about retirement is that your tax rate will remain the same. No one knows what the future of taxes will hold, which is why you should plan accordingly. Tax rates could rise by the time you retire, or you could end up in a...
If you’re like most people, you’ll spend the majority of your life working and receiving income. Then there will come a day when you receive your last paycheck. Here are some of the factors you should consider before you receive your last paycheck: What alternative sources of income are available...
Did you know your retirement income could take a tax hit due to required minimum distributions (RMDs)? Here are a few things you should know: Under the 2019 legislation, if you turned 70 ½ in 2019, then you should have taken your first RMD by April 1, 2020. If you...