When I’m asked if an annuity is a good buy, I reply: it all depends on your situation and your goals. Once you’ve settled on what you want to accomplish, you can decide whether an annuity makes sense for you, realizing that different types can help you meet different financial goals. Annuities can’t all be… Continue reading Annuities: The Swiss Army Knife of Personal Finance
Tag: Retirement
SECURE 2.0 Act Lets Retirees Defer Taxes on Retirement Plan Money Longer
A retirement crisis looms. Americans aren’t saving enough, and the aging of the population may require trimming Social Security benefits eventually. Congress recently passed the SECURE 2.0 Act to help people save more for retirement by boosting tax breaks. It builds on the original SECURE Act. Three provisions will affect the most people. Required minimum… Continue reading SECURE 2.0 Act Lets Retirees Defer Taxes on Retirement Plan Money Longer
An Income Annuity with a Time Limit Can Be a Great Solution
Immediate income annuities with a lifetime payout are popular for a good reason. By providing immediate monthly income that’s guaranteed for life, they help assure a worry-free retirement. But you don’t have to choose the lifetime option. Instead, you may want to choose a set income term from five to 20 years. Sometimes it makes… Continue reading An Income Annuity with a Time Limit Can Be a Great Solution
Four Ways to Diversify Your Emotional and Psychological Portfolio for A Successful Retirement
The lifecycle of professionals includes copious amounts of time working hard, saving money, planning for retirement, checking investments, and eventually – once amassing enough money – riding off into the sunset with the guarantee of a successful retirement transition. Sadly, this is often not the case. Society tells us that a fulfilling retirement is hinged… Continue reading Four Ways to Diversify Your Emotional and Psychological Portfolio for A Successful Retirement
Use these 7 killer strategies to never run out of money in retirement
Are you concerned that you will run out of money in retirement? It’s a real issue, given that people live longer than ever before. It’s wonderful to live a long and healthy life. But it would be best if you spent your retirement years enjoying yourself rather than fretting about whether or not your money… Continue reading Use these 7 killer strategies to never run out of money in retirement
Three Secrets to a Daring Retirement
Retirement. The time we kick back, relax, unwind, and enjoy unbridled freedom. And why not? We’ve worked all our lives for this. We deserve it. The trouble is, that for many, the reality of retirement isn’t a carefree existence. Unwinding and retreating leads to loneliness, desperation, and emptiness. Ageist thoughts start to ebb away at… Continue reading Three Secrets to a Daring Retirement
New IRS Rule Lets Early Retirees Take More Money from Plans
Fixed-annuity guarantees more income for penalty-free early withdrawals from retirement plans. Post-pandemic, more people want to tap their retirement plans so they can retire early. Thanks to an IRS ruling that became effective in January 2022, they now can take bigger early withdrawals without tax penalties. Here’s how it works. If you take out any… Continue reading New IRS Rule Lets Early Retirees Take More Money from Plans
Schwab Intelligent Income vs. Immediate Annuity: Which Is Better?
Most people worry about running out of money in retirement. In response, Charles Schwab & Company launched Schwab Intelligent Income ™ in 2020. The program promises monthly income from a regularly rebalanced portfolio of diversified ETFs (exchange-traded funds) plus a cash account. Participants pay no commissions or advisory fees. This is the newest strategy to… Continue reading Schwab Intelligent Income vs. Immediate Annuity: Which Is Better?
Has COVID Clouded Your Retirement Picture? 3 Tips to Plan Clearly
Some people planning for retirement may do most of the right things in terms of saving and investing. But they don’t have a crystal ball and cannot foresee exactly how much money they will need in their non-working years – or for how long. That uncertainty – magnified by the financial effects of COVID-19 – is one… Continue reading Has COVID Clouded Your Retirement Picture? 3 Tips to Plan Clearly
Often-Overlooked Way to Fund Your Roth IRA Has Many Advantages
A Roth IRA is a uniquely powerful retirement-savings tool because you won’t pay taxes on the money you withdraw during retirement. Different types of annuities accomplish different things and have distinct pros and cons—like the Swiss army knife of personal finance. Since they’re so varied, one type or another can work well for a Roth… Continue reading Often-Overlooked Way to Fund Your Roth IRA Has Many Advantages
Stressing Over Your Retirement Plan? 5 Ways To Boost Savings, Reduce Anxiety
Many Americans have long stressed over their finances, and the COVID-19 pandemic has increased that anxiety, a survey shows. Well over 80% said the crisis is causing them stress with their personal finances, according to the National Endowment for Financial Education. One of the top stressors, many studies have shown, is having enough money saved… Continue reading Stressing Over Your Retirement Plan? 5 Ways To Boost Savings, Reduce Anxiety
Aging & Financial Fragility: How Seniors Can Use Their Experience to Survive & Thrive Through Giving
“Good judgement comes from experience…unfortunately experience comes through bad judgement.” These words of wisdom came from my father, a depression era baby who was very pragmatic. He constantly tried to guide me to protect myself in what he called a “dog-eat-dog” jungle out there. Certainly, seniors need to be very aware and cautious of “get… Continue reading Aging & Financial Fragility: How Seniors Can Use Their Experience to Survive & Thrive Through Giving
4 Key Lessons Crisis Teaches Us About Retirement
Over the past couple months, many investors have become worried about the future of their retirement plans. Between health concerns, the volatility of the stock market and forced isolation, it’s safe to say that there has been both reason and opportunity to question what our future in retirement might look like. If you’re considering retirement… Continue reading 4 Key Lessons Crisis Teaches Us About Retirement
Shelter from the Financial Storm
As you approach and then enter retirement, it’s wise to gradually shift much of your savings into vehicles that guarantee your principal while providing a good interest rate. The stock market’s extreme volatility in 2020 shows that relying too heavily on equities exposes mature investors to unneeded risk. They need ways that reduce risk while… Continue reading Shelter from the Financial Storm
A Year-End Checkup for Long-Term Financial Success in 2020 and Beyond
As 2019 wraps up and 2020 approaches, it’s a great time to make sure your savings and investments are aligned with your goals and not creating unnecessary taxes. Here are some key steps. Figure out how much income you’ll need in retirement. You can do it at any age, but it’s especially important in your… Continue reading A Year-End Checkup for Long-Term Financial Success in 2020 and Beyond
Are You So Focused on Retirement That You Are Missing Out on Your Life?
Mary and Pete saved every penny for retirement. They never went on vacations, they rarely went out to eat, and they lived a frugal lifestyle secure in the knowledge that when they retired, they would be able to live comfortably. In short, they worried so much about retirement that they forgot to experience all that… Continue reading Are You So Focused on Retirement That You Are Missing Out on Your Life?
3 Reasons to Consider Reducing the Risk In Your Retirement Portfolio
Disturbed by recent ups and down in the stock market? If you’re an older investor, that may mean it’s time to re-think just how much risk you’re carrying in your retirement portfolio. Otherwise, your tranquil golden years could devolve into a time of overwhelming financial stress. If you’re not unsettled after the stock market action… Continue reading 3 Reasons to Consider Reducing the Risk In Your Retirement Portfolio
Create More Retirement Income and Cut Your Longevity Risk
When you retire, your monthly income will plummet unless you have an unusually generous pension. But there is a way to replace income no matter how long you live. An annuity can pay guaranteed monthly income for the rest of your life. But some prominent self-serving ‘experts’ spread myths about annuities that discourage people from… Continue reading Create More Retirement Income and Cut Your Longevity Risk