Spring cleaning: you tidy up, organize, and put things in order. You can take a “spring cleaning” approach to your retirement, just as you can with your home or garage. It may be helpful, especially if retirement seems near. This is a good time for a review of your retirement accounts. As you get older, […]
Retirement In Sight: A Spring Cleaning for Your Retirement Strategy
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Retirement In Sight: A Strategy for Monetary Gifts for Family
Have you ever thought about giving financial gifts to your kids or grandkids? Many affluent retirees and pre-retirees do this, often with an eye toward furthering family wealth. First, the basics. The Internal Revenue Service for 2022 increased the yearly gift tax exclusion to $16,000, so as an individual taxpayer, you can gift up to […]
Retirement In Sight: How Much Will Saving an Extra $1k Each Year Help You?
Did you ever wonder what might result from such a small boost to your retirement saving effort, even in midlife? While there is no ready answer to this question thanks to the many variables inherent in financial markets and investment choices, some ballpark math offers an illustration of the potential upside. Suppose you put $1,000 […]
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Retirement In Sight: Can Having Three Good Friends Promote a Happy Retirement?
Can Having Three Good Friends Promote a Happy Retirement? We can reasonably say that the more money you retire with, the more potential you have to enjoy retirement. Now, what about friendship? Can some strong friendships and an active social circle after age 60 make a big difference in the quality of your second act? […]
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Retirement In Sight: Is Financial Health a Factor in Your Overall Health?
Is Financial Health a Factor in Your Overall Health? Data from a newly released Harris Poll of more than 1,000 U.S. workers suggests that a majority of pre-retirees might answer “yes” to that question. Sixty-six percent of respondents to the poll identified their financial health as a component of their overall well-being. In fact, financial […]
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Retirement In Sight: Could a Second SECURE Act Tweak Retirement Rules?
Could a Second SECURE Act Tweak Retirement Rules? When the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law in 2019, it altered retirement plan contribution and distribution rules. There may be an encore. The Securing a Strong Retirement Act of 2021, nicknamed SECURE Act 2.0, has bipartisan support on Capitol Hill, and […]
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Retirement In Sight: Pandemic Economy or Not, Some Aspire to Retire Early
Pandemic Economy or Not, Some Aspire to Retire Early A new study from Hearts and Wallets, a research firm founded in 2010 to study American retirement saving and investing trends, hints that the dream of retiring in late middle age is alive and well, although perhaps in need of a reality check. The survey results, […]
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Retirement In Sight: Are Your Federal Income Taxes Due in May? Maybe, Maybe Not
Are Your Federal Income Taxes Due in May? Maybe, Maybe Not In March, the IRS announced that it was pushing the deadline for 2020 federal tax returns ahead to Monday, May 17. This extended due date does not apply to all individual taxpayers, though. For example, if you live in Texas, Oklahoma, or Louisiana, you […]
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Retirement In Sight: Need Cash? Avoid Tapping into Your Retirement Account
Need Cash? Avoid Tapping into Your Retirement Account Imagine if your 35-year-old self magically appeared in front of you one day and asked for a percentage of your retirement savings or a bit of your retirement income. While this would never happen, something financially analogous happens in the lives of too many people. They withdraw […]
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Retirement In Sight: Evaluating an Opportunity for an Early Retirement
Evaluating an Opportunity for an Early Retirement The pandemic has hastened the retirement of some baby boomers, and the linked furloughs and layoffs in many industries have led others to wonder if a retirement transition might come sooner than they think. Buyouts became common last year as businesses cut costs. What if you receive one […]
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