As we reach the middle of the year, it's a great time for retirees to check in on their finances. Making sure you don’t run out of money during retirement takes careful planning and regular reviews. Here’s a simple guide to help you stay on track.
With the recent changes brought by the SECURE 2.0 Act, there's exciting news for those with leftover 529 plan funds. Starting in 2024, you can roll unused 529 assets into a Roth IRA for the beneficiary without facing tax penalties. This new option provides flexibility for managing your child's educational and retirement savings. Let’s dive into the details and explore how this can benefit you and your family.
You may have seen alarming headlines predicting that Social Security will run out of money by 2035. With around 10,000 baby boomers retiring daily, the system has been under significant pressure for years and it's understandable to wonder if Social Security is heading toward insolvency. Let’s break it down and understand what’s really going on.
You have worked your whole life saving and preparing for retirement and the next season of your life. This is a time when you can enjoy the fruits of your labor, travel, spend time with the grandkids, explore new hobbies, volunteer and do anything you did not get to do while working. Avoiding common retirement mistakes and pitfalls or misjudging retirement income needs is crucial for a stress-free retirement. Ensuring your retirement plan includes thoughtful estate and tax planning while steering clear of emotional investment decisions and frequent financial mistakes can set a solid foundation. We'll explore how to create a reliable safety net through diversification and the importance of regular reviews to adjust your nest egg, aiming to steer clear of the biggest retirement planning pitfalls and ensuring your social security benefits work effectively for you.
Receiving an inheritance can open doors to financial growth and stability, placing you at a critical juncture where well-considered choices can profoundly impact your future. We understand that inheriting money comes with its emotional weight, often connected to the loss of a loved one. It's more than just an abrupt financial gain; it's a continuation of a legacy. That's why we recommend allowing yourself space to grieve and to recognize the significance of this transition before leaping into any major monetary decisions.
Presidential elections in the United States are often regarded as pivotal moments that can shape the future of the country. With each election cycle, investors and retirees may find themselves concerned about the potential impact on their investments and retirement savings. However, it's essential to separate political noise from long-term investment strategies and make informed decisions based on historical data and market fundamentals.