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Roth 401(k) Plans
You probably know there are two commonly used types of retirement plans: Individual Retirement Plans (IRAs) and 401(k)s/403(b)s offered by employers. Further, they come with different tax treatment choices, Traditional and Roth. In short, the Traditional option is funded with pre-tax dollars and withdrawals (contributions and growth) are taxed as ordinary income. The Roth option […]
Reasons to Delay Social Security Payments
In this article, I want to share some information on the advantages of delaying your Social Security benefits. Industry research has confirmed that most retirees benefit from delaying Social Security payments. There are, of course, reasons why people don’t do this even though it might benefit them to do so. Some simply need the money […]
Preparing for Retirement in 1-3 Years
Are you within a few years of retirement? If you are, this month’s article is for you! (It might also be useful for the younger folks so that you can determine what shape you’ll be in when you do approach retirement.) I’ve written a number of articles to help people prepare for retirement. It might […]
Working after Retirement
Lots of people are still working after the traditional retirement age. The Bureau of Labor Statistics states that the labor force participation rate in 2018 for those aged 65-69 was 33.0%, for age 70-74 was 19.5% and for those 75 and older was 8.7%. This month we’ll take a look at why so many people […]
Using Home Equity to Fund Long-Term Care
Have you thought about whether you might need long-term care as you get older? The Department of Health and Human Services has determined that 70% of adults who survive to age 65 will need long-term services and support before they die and that 48% of those people will receive some paid care over their lifetime. […]
Sustainable Withdrawal Rate
A sustainable withdrawal rate simply means the amount of money a retiree can withdraw from their investments each year without running out of funds before they die. This month, we’ll look at some important considerations when estimating a sustainable withdrawal rate. We’ll also introduce one way of doing this which is used by many financial […]
Aging in Place
Aging in place simply means continuing to live in our home as we get older. A recent AARP survey determined that 87% of adults over the age of 65 want to age in place. This month, we’ll take a closer look at whether aging at home is right for you. People Who Want to Age […]
How to Recognize and Address Cognitive Impairment
Many of us have experienced our own “senior moments.” Where are the car keys? Why did I come into this room? What’s the name of that person? Most of these memory lapses are a normal part of life and are very manageable. On the other hand, cognitive impairment can progress to a point where it’s […]
2021 Tax Law Changes
Well, it’s finally a new year. I know we’re all hoping it will be better than 2020! As you make your plans for 2021, one of the things to take note of is the change in contribution limits and other tax changes. 401(k)Let’s start with 401(k) contributions, since that’s a retirement fund that I view […]
Retirement Accounts & Taxes
You probably already know that there are several common ways to save for retirement. These include 401(k) and IRA accounts. What you might not be as familiar with, is how these various retirement vehicles are taxed. There are four concepts in the taxation of retirement accounts. First, some accounts allow you to invest money without […]