Not all retirement plans are the same.
Some are calm and steady, like floating down a peaceful river. Others feel more like a roller coaster – up one day, down the next – and you’re holding on tight, hoping things go your way.
If you’re using your investments to pay for retirement, that’s totally fine. But if you find yourself feeling worried all the time, it might be a sign your plan needs a little help.
Retirement planning is a complex puzzle, and structuring your retirement income is one of its most critical pieces. With life expectancies increasing and economic uncertainties persisting, ensuring a sustainable income stream throughout retirement is more challenging than ever. Numerous strategies and “rules” have emerged to guide retirees in managing their finances, such as the Rule of 240 Paychecks, the ‘Die With Zero’ Rule, the Rule of 1,000 Hours, the Rule of Four Futures, the Rule of $1,000, the Rule of 55, the 80% Rule, the 4% Rule, and the Rule of 25. Each offers a unique perspective on how to approach retirement income, from withdrawal rates to early retirement funding. While these rules provide valuable frameworks, they often overlook critical realities about retirement that can make or break your financial security. This article explores these strategies and emphasizes the importance of a balanced income approach, the unpredictability of life expectancy, and the non-linear nature of retirement. Read More
Traditionally, retirement meant stopping work entirely around age 65 and relying on pensions and Social Security. However, as pensions become rarer and life expectancy increases, many are reconsidering their approach. The COVID-19 pandemic also reshaped the workforce, prompting some to retire early while others delayed retirement to navigate economic uncertainty. In 2023, workforce participation among those 65 or older exceeded 20% for the first time in over 50 years, highlighting a shift toward extended employment.
For those not ready to stop working completely, phased retirement offers a smoother transition, providing financial stability and an opportunity to adjust emotionally and socially to post-work life. Read More
Political news is everywhere, dominating conversations and stirring emotions. It’s tempting for investors to react to these developments, whether it’s debates over tariffs, inflation concerns, or discussions about immigration policies. But making changes to your portfolio based on political headlines—or what you think might happen—is rarely a wise move. Read More
When people retire, they often wonder what to do with the money in their 401(k) from their former employer. Be careful about withdrawing all the money at once just because you can. While there’s no tax penalty for withdrawing after age 59 ½, taking a large amount at once can impact your Medicare costs if you’re over 63. Read More
Life still happens in retirement and at some point you will need a newer car. When deciding whether to buy a new or used car, it’s essential to weigh the pros and cons of each. Let’s break down the key factors:
Should You Pay Cash for a Vehicle?
Paying cash for a car can be a smart financial move if you have the funds available. Here’s why:
However, paying cash might not always be the best option:
There is no one-size-fits-all answer to whether buying new or used is better or if you should pay cash. It ultimately depends on your financial situation, priorities, and long-term goals. For those looking to minimize costs, a used car and paying in cash often make sense. If you want the latest features and a full warranty, a new car with financing may be the right choice.
Confused on how to make the best decisions towards your retirement and making sure those decisions will allow you to stay retired? Make sure to contact me.
There has been increasing talk of taxing unrealized capital gains, especially targeting individuals with assets over $100 million. While this might sound like a good way to ensure the ultra-wealthy pay their “fair share,” there are significant downsides to this approach. Lets explore three reasons why taxing unrealized gains is wrong and how it could eventually affect everyday investors if the policy trickles down. Read More
In just four years, the financial landscape for retirees has shifted dramatically, placing many in precarious situations. While retirement was once a time to enjoy the fruits of decades of labor, today’s retirees are finding themselves navigating a sea of economic challenges that threaten their financial stability. The rising cost of living, the inflated costs of maintaining home equity, and the volatile stock market are all contributing factors. These challenges make it clear that retirees are worse off today than they were just a few years ago. Read More
As election seasons roll around, the political climate intensifies, bringing with it a wave of speculation and uncertainty. Many people find themselves wondering if the outcome of elections will impact their retirement plans. While it’s true that elections can influence various aspects of the economy and financial markets, the real issue often lies in the sentiment and security of the retiree. Here, we will explore three key areas where elections might affect your retirement and emphasize that proper planning is the best way to prepare for post-election changes. Read More
