When I was young, my parents loved to travel, and they always included my sister and me. That was the beginning of my love of adventure! I studied French and Spanish all through high school, and in my junior year, A.F.S., the American Field Service, brought four exchange students to our high school program from… Continue reading Want to Travel Post-Retirement? Here Is How to Get Started
Category: Retirement
Beyond the Bucket List: 5 Tips for Reinvigorating the Retirement Paradigm
Baby Boomers are heading into retirement in droves. Each day, about 10,000 close the doors to their offices for the last time. But, unlike generations before them, they can now look forward to potentially decades of vital life ahead of them. They represent the healthiest and longest living generation ever — translating to endless prospects for… Continue reading Beyond the Bucket List: 5 Tips for Reinvigorating the Retirement Paradigm
Retirees With a Guaranteed Income Are Happier & Live Longer
Retirees who are surrounded by their family and friends – and who also have a substantial check coming in every month for the rest of their lives – are much happier, according to a study published in The Wall Street Journal several years ago. They also live longer, studies show. That makes sense because the… Continue reading Retirees With a Guaranteed Income Are Happier & Live Longer
Two Ways to Get Lifetime Income
To get a guaranteed lifetime income in retirement, you can annuitize an existing annuity when you’re ready to begin receiving income payments. You can also buy a longevity annuity that will pay a lifetime stream of income starting at a future date you set. Another option is to buy a fixed indexed annuity and add… Continue reading Two Ways to Get Lifetime Income
Does Your Retirement Plan Pass the 3-Point Check-Up?
If you’re like most people, you started a retirement account like a 401(k) or IRA years ago because your employer offered it, or you were taught that’s what people do to save for retirement. But your financial goals and objectives have likely changed dramatically since then, as well as your tolerance for risk and surprises.… Continue reading Does Your Retirement Plan Pass the 3-Point Check-Up?
3 Retirement Tax Traps and How to Avoid Them
There was a time when older Americans received a lot of tax breaks, but no more. Congress and state and local governments are far more likely to increase taxes on retirees than to reduce them. “Governments at all levels know that older Americans are where the money is,” says Bob Carlson, editor of Retirement Watch.… Continue reading 3 Retirement Tax Traps and How to Avoid Them
Bear Market Plus Withdrawals in Retirement Can Cause Portfolio Death Spiral
If you’re a retiree with an equity-heavy portfolio and have to make a withdrawal in a bear market during the early years of your retirement, you can dig such a hole that your savings will never recover. Consider a retired couple with a $1 million portfolio. During their first year of retirement, the market drops… Continue reading Bear Market Plus Withdrawals in Retirement Can Cause Portfolio Death Spiral
Navigating the 3 Stages of Retirement
People often view retirement as just one more stage of life. But that’s not exactly the case. Retirement isn’t just one stage; it’s at least three – although all three do share something in common. Every stage of retirement requires planning. Otherwise, you could end up running out of money, or your health might take… Continue reading Navigating the 3 Stages of Retirement
As Retirement Age Creeps up, the Health of Those Close to Retirement is Getting Worse
Ten years from now, Americans born in 1960 will be able to start collecting their full Social Security retirement check, at the age of 67. That’s two years later than their parents, because of a change in the federal retirement age enacted in 1983. However, a 2017 study done at the University of Michigan and… Continue reading As Retirement Age Creeps up, the Health of Those Close to Retirement is Getting Worse
Delaying RMDs from Your IRA: There’s Only One Way to Do It
When you reach age 70½, you must start taking required minimum distributions (RMDs) from your IRA, 401(k), SEP or other retirement account. The extra income may be nice, but there are drawbacks. If you don’t need the income, RMDs cause two problems: they erode the value of your retirement accounts and increase your taxable income.… Continue reading Delaying RMDs from Your IRA: There’s Only One Way to Do It
Tax Deferral and Guarantees Make Annuities a Compelling Way to Save for Retirement
If you’re contributing the annual maximum to your IRA and/or 401(k) plan, you’re ahead of most people. But tax-qualified contributions alone will probably not give you what you’ll need for retirement. Tax deferral is a powerful tool in saving enough to meet your retirement goals. And that’s why tax laws encourage people to use both… Continue reading Tax Deferral and Guarantees Make Annuities a Compelling Way to Save for Retirement
Taking a 401(k) Loan Can Be a Smart Move
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Most financial planners say borrowing from your 401(k) is a bad idea, period. I disagree. Borrowing from your 401(k) plan can be a smart move if you need the money for a serious purpose, such as a home down payment or to pay down high-interest debt. But you must be sure you can pay off… Continue reading Taking a 401(k) Loan Can Be a Smart Move
A Way to Cut Tax on Social Security Benefits
About 40 percent of people who receive Social Security are required to pay taxes on at least a portion of their benefits. By cutting eligible income, you may be able to cut the amount of your Social Security benefits that are subject to income taxation. But there are few ways you can do that. The… Continue reading A Way to Cut Tax on Social Security Benefits
Rising Annuity Rates Benefit Retirement Portfolios
Annuity rates have gone up a bit recently, according to AnnuityAdvantage’s database of 290 fixed annuities from 35 insurers. They currently pay up to 3.40 percent for a 10-year annuity, up to 3.15 percent for a five-year contract, and up to 2.10 percent for a three-year annuity. Financial planners recommend splitting your investments among equities… Continue reading Rising Annuity Rates Benefit Retirement Portfolios
How to Create a Fulfilling Retirement When Every Day Is Saturday
It’s the dream retirement many people anticipate for decades. Hang out around the pool all day. Play one round of golf after the other. Finally read that teetering stack of books on the nightstand. In retirement, every day is Saturday – only without the dread about what Monday morning back at the office might bring.… Continue reading How to Create a Fulfilling Retirement When Every Day Is Saturday
Are You Leaving Your Beneficiaries a Tax Time Bomb?
When it comes to retirement – and to passing on whatever wealth you’ve accumulated to a spouse or the next generation – you may think you’ve thought of everything. But despite your careful planning, it could be that Uncle Sam will be handing you a hefty tax bill while you’re living – or your beneficiaries… Continue reading Are You Leaving Your Beneficiaries a Tax Time Bomb?
Creating Your Own Pension
Few people have enough income from Social Security and company pensions (which are less common now) to support their retirement fully. Most need a way to get additional guaranteed lifetime income. There is a time-tested way to create your own supplemental pension. Economists agree that annuitizing a significant portion of your retirement savings is the… Continue reading Creating Your Own Pension
Retiring Abroad? You Can Get Tripped Up by Taxes, Investments and Health Care Unless You Plan
People thinking of retiring abroad usually consider how health care, money and federal income taxes will work. But they often overlook issues such as state income taxes and estate plans. Retiring outside the U.S. involves more than researching the cost of living. Without planning, you could be hit with surprises that cost time and/or money.… Continue reading Retiring Abroad? You Can Get Tripped Up by Taxes, Investments and Health Care Unless You Plan