Retirement Income

How Spending and Budgets in Retirement Change Over Time

Retirement is often viewed as a static phase of life, but the reality is far more dynamic. As retirees progress through their golden years, their spending habits and budgetary needs evolve significantly. Understanding these changes is crucial for effective retirement planning and ensuring financial stability throughout this important life stage. The Early Years The initial [...]

How to Turn Your Roth IRA into Regular Income

In retirement, prioritizing stability is crucial—not just the growth of your account value. While it’s tempting to focus on maximizing returns, the reality is that you need a reliable income stream to support your lifestyle and replace your paycheck. Relying on market fluctuations for your financial security can lead to uncertainty and stress. Instead, having [...]

By |2024-09-16T11:51:58-04:00September 16th, 2024|Blog, Retirement Income, Retirement Income Planning|

Planning for Retirement Income Beyond Social Security

Planning for retirement income is a crucial aspect of achieving a secure and comfortable retirement. With longer life expectancies and the need for additional sources of income, it's essential to consider various strategies to supplement Social Security benefits and ensure financial stability during retirement. Importance of Supplementing Social Security Benefits While Social Security provides a [...]

By |2024-07-15T12:14:13-04:00July 15th, 2024|Blog, Financial Planning, Retirement Income, Social Security|

Balancing Income and Growth in Your Retirement Portfolio

First of all, if you’ve made it to your retirement, congratulations! But we do have some other news: you’re not done working yet! Now that you’ve entered your golden years, you’re going to have to build up income strategies to make sure that your money will last for the rest of your retirement. The trick [...]

By |2024-06-10T03:19:14-04:00June 10th, 2024|Blog, Investment Strategies, Retirement Income|

Retirement Tips from Warren Buffet

Warren Buffet is one of the richest men in the world, and he is regarded as one of the savviest investors in history. Thankfully, he is fairly open about his investment strategies. If you are feeling a little lost about where to get started with your retirement plan, you may want to take a look [...]

Tips for Your Passive Income Strategy in Retirement

There’s a hack to retirement that you may not know about: passive income strategy. The usual tried and true plan for retirement, where you save money in a tax-advantaged account and claim Social Security, is a great backbone for your plan. But people often don’t think about what passive income can do for their savings. [...]

You’ve Grown Your 401(k)…Now What?

Unfortunately, saving a ton of money in your 401(k) isn’t the last step in your retirement plan. You might think that if you have a lot of money in your 401(k), then you don’t have anything to worry about. But there are still strategies and complexities to retirement even after you’ve saved up. To put [...]

By |2024-04-19T09:55:57-04:00April 15th, 2024|Blog, Retirement Income, Retirement Income Planning|

Understanding Your Savings Goal – How Much Do You Really Need to Retire?

“How much do I need to retire?” This is one of the most frequently asked questions in the world of retirement finance. If you don’t have a lot of retirement planning experience, it can also be a tough question to answer. This article will hopefully give you some sense of where you might want to [...]

By |2023-08-14T08:08:13-04:00August 14th, 2023|Blog, Retirement Income, Retirement Income Planning|

How Long Can I Keep My Money in My Retirement Account?

In most cases, you can’t actually keep your money in your retirement accounts forever. Even if you don’t need the money from your retirement accounts, many of them will require you to begin withdrawing from them when you are 73 years old.[1] This is called a required minimum distribution (often shortened to RMD). More specifically, [...]

By |2023-07-11T18:57:24-04:00May 15th, 2023|Financial Planning, Retirement Income, Retirement Planning|

What Happens to Inherited Retirement Accounts?

You may know plenty about the differences between traditional IRAs and Roth IRAs, as well as the risks to your IRAs in this market, but what happens to an IRA (or other retirement account) that still has money in it when its owner passes away? You may think that the beneficiary just gets all the [...]

By |2023-07-11T19:00:39-04:00May 8th, 2023|Estate Planning, Retirement Income, Retirement Planning|