If you’re close to retirement and have a pension or 401(k), there’s one decision that matters more than almost any other — when and how you take your money . Here’s the part most people don’t realize until it’s too late: requesting your pension or 401(k) as a lump sum can be a mistake.  Once the money is released, taxes are triggered, deadlines begin, and your options can shrink fast. That’s why the most important step isn’t choosing a product. It’s talking to an expert befor

Planning for retirement doesn’t stop when you reach your last day of work. In fact, one of the most important aspects of retirement is knowing where your income will come from—and how to manage it wisely. While everyone’s situation is unique, most retirees draw from a combination of income sources. Understanding these can help you feel more confident and in control of your financial future. Social Security Benefits For many Americans, Social Security provides a foundational i

Life gets expensive fast, and lately, it’s happening even faster. From grocery bills to gas, prices keep shifting, and so do our routines. Creating a solid, flexible budget has never been more important, especially if you're thinking long-term about retirement. Financial experts agree: a budget that works in 2025 needs to protect your future, not just cover your monthly bills. This is where inflation-protected annuities come into play. Understanding Your Budget Challenges It’

No matter how squared away you think your financial strategy is, it’s probably not a bad idea to have backup you can pivot to if circumstances require it. Our article, has some excellent insights about how you may be able to prepare your assets for future economic uncertainty and personal change. Build An Emergency Fund The first of the five steps is to create an emergency fund — which is something most financial services professionals stress the importance of. Though you lik

As we move into 2025, retirement planning is evolving. Changes in inflation, tax policies, and financial strategies are making it important to stay informed. Let’s dive into what’s new and how it impacts your retirement plans. Inflation-Protected Annuities: A Smart Option for 2025 for Retirement Planning With inflation becoming more of a concern for retirees, inflation-protected annuities are gaining attention. These annuities adjust your payout to keep up with inflation, ens

Many Americans reach their 50s or 60s and realize they haven’t saved enough—or anything at all—for retirement. While this can feel overwhelming, it’s not too late to create a plan for a secure and comfortable future. With the right strategies, guidance, and professional support, retiring successfully without significant savings is possible. If you’re wondering how do retirement plans work  or when should you start planning for retirement , this guide is for you. We’ll walk yo

A complete and personalized picture of your current and future finances using several planning concepts that consider risk and the potential length of your retirement, is often one of the best financial moves you can make. Our article notes that a wealth plan has four core components, the first of which is taking inventory. A wealth plan begins with considering all your current assets, income sources, and expenses, while also addressing inflation. An inventory of your assets

Estimating future expenses—especially decades ahead—can be challenging. Many people contribute to their IRAs or 401(k)s with the expectation that consistent saving will lead to a secure retirement. However, there are several overlooked factors that can impact financial stability in retirement. Being aware of these considerations can help create a more realistic and well-prepared financial plan. 1. Taxes Many retirees consider relocating to states with more favorable tax polic

Retirement is a phase of life many look forward to, but it also brings a host of questions. How much retirement savings do you need? What is the right retirement age? And how do you secure a steady stream of income that lasts as long as you do? These questions weigh heavily on people’s minds, but with strategic planning, you can pave the way for a stress-free retirement. Understanding Retirement Income Needs Before diving into strategies, it’s crucial to answer, "How much ret

Many Americans will be paying a little more for Medicare in 2025. Our article provides valuable insights into the 2025 Medicare Part B premium increase, which is outpacing both Social Security COLA and inflation. What It Means Part B According to the Centers for Medicare and Medicaid Services, or CMS, Americans who utilize Medicare Part B will pay more again in 2025. Next year, the standard monthly premium for those enrolled in Medicare Part B will increase by $10.30 to $185.

The primary retirement planning benefits  include peace of mind and the ability to maintain your desired lifestyle. By planning early, you can better manage risks, inflation, and market changes. Tax-Efficient Strategies Implementing tax-efficient retirement strategies  can help minimize tax liabilities, allowing you to retain more of your savings. Consider using accounts like 401(k)s or Roth IRAs, which offer tax benefits either during your working years or upon withdrawal. P

Retirement is meant to be a time of rest and enjoyment, but for many Americans, it’s a source of anxiety—so much so that some fear it more than death itself. A recent LiveCareer survey revealed that 61% of working Americans are more afraid of retiring than dying , and 64% fear it more than getting divorced. This widespread fear highlights deeper concerns about financial security, identity, and the challenges of planning for the future in an increasingly expensive world. Finan

For those who want to retire well before the typical age, the Financial Independence, Retire Early  — or FIRE — technique is gaining popularity. A Kiplinger article, How to Retire Early  in Six Steps , nicely articulates how the FIRE technique can help you reach your goal of retiring young. It’s all about saving he first step is to set a high savings rate. It’s pretty logical, really. The more income you’re able to save, the earlier you can retire. Currently, the average Amer

Every retiree needs a magic number, which is simply the amount of money you need saved to see you through retirement. A Kiplinger article, The Magic Number Needed to Retire Comfortably is More Than You Think , has some excellent insights. Average American doesn’t have enough The article references a 2024 Planning & Progress Study that found most respondents believe they need nearly 1.5 million dollars in the bank to comfortably retire. How much money needed to retire is ofte

As baby boomers approach retirement, many face significant concerns about their financial security, rising health care costs, and the implications of longer life expectancy. Financial Security One of the primary worries for retirees is financial security. According to a 2022 Census Bureau report, a staggering 40% of senior citizens do not have a retirement account. Furthermore, a 2024 AARP study revealed that more than half of baby boomers have less than $250,000 in retiremen

As you move closer to retirement age, you’ve likely been involved in discussions about retirement planning. These may involve chats about employer percentages, being vested (or not), and the cost of living, or where to live. However, there is one important piece always missing from retirement conversation; the target retirement age. The average age of retirement in the United States is 61 years old. Plenty of Americans retire before and after this age, for a variety of reason

When it's finally time to wind down for the winter, it can be hard to stay busy, but it doesn't have to be with a little creativity and some planning. Here are a few fun ways you can stay busy this winter. Outdoor Activities: Winter walk/hike: This one never gets old. Each season of hiking has something new to offer. Make sure to dress warm and bring water. It’s important to hydrate, even in the cold. Use the I-phone/Android app called AllTrails to look up walks and hikes nea

The three most important aspects to consider in retirement must be equally strong, support each other and work together to achieve balance, just like a three-legged stool. Here are three legs, one just as important as the next. Lifetime Income How can I position my retirement nest egg so that funds last as long as I live? A strategy involving a lifetime income stream is important when designing a balanced approach. Long-term care Who will take care of me if I can no longer ca

As exciting as retirement is, it can be overwhelming. You are making big changes in your life psychologically, physically, and financially, and that’s not easy! By checking all your bases, educating yourself and creating a plan with a retirement specialist, you can head into retirement with confidence. Here is a short checklist to get you thinking. Get Financial Advice Your financial situation is unique and deserves special attention. While there is a lot of information avai

An appraisal is an unbiased opinion of the value of your property. It is required when you buy, sell, or refinance your home. The appraiser will use “comparables”, or recently sold homes within your direct area, to make an accurate value estimate of your home. First, it is important to understand what the appraiser is looking for. Here is a condensed list to give you an idea. General condition of the home The home's location The age of the home The home's exterior The design