Social Security: Maximizing Benefits
Most understand that waiting to claim Social Security benefits can result in higher monthly payments. However, many don’t know that there are other ways to maximize their benefits, some of which depend on their marital status. Understanding the strategies for maximizing your Social Security retirement income benefits should be prefaced with a review of the […]
ViewSocial Security Benefits: How Much Will I Receive
Next to “When should I claim Social Security benefits?”, one of the more common questions people have is “How much will I receive?” Calculating your potential Social Security benefit is a three-step process: 1. Calculate Your Average Indexed Monthly Earnings (AIME): The highest 35 years of indexed earnings is added together. It is then divided by […]
ViewVolunteering in Retirement
“This generation got no destination to hold…We are volunteers of America”“Volunteers” by Jefferson Airplane Those of a certain age will recall these Jefferson Airplane lyrics as a call to action, though for a different period and place. Even with the passage of time and through a lifetime of changes, the desire of baby boomers to make […]
ViewShould You Borrow from Your 401(k)?
The average household with revolving credit card debt had a balance of $7,876 as of March 2023. For the average household carrying credit card debt, this will equate to an annual interest of $1,380. With the average credit card annual percentage rate sitting at 22.7%, it represents an expensive way to fund spending.1,2 Which leads […]
ViewMoney that Buys Good Health is Never Ill Spent
A retired couple age 65 can expect to need about $315,000 saved to cover healthcare expenses in retirement. With healthcare expenses in the spotlight, it’s incumbent upon us to make sure our retirement strategy anticipates these costs.1 But that’s not enough. Remember, healthcare coverage (including Medicare) typically does not cover extended medical care. And it’s […]
ViewOrchestrating Your Retirement Accounts
An orchestra is merely a collection of instruments, each creating a unique sound. It is only when a conductor leads them that they produce the beautiful music imagined by the composer. The same can be said about your retirement strategy. The typical retirement strategy is built on the pillars of your 401(k) plan, your Traditional […]
ViewIs a SEP-IRA Right for Your Business?
If you’re like many small business owners, running your own business is an all-consuming endeavor. In the face of everyday demands, choosing a retirement strategy for your business can become a casualty. The idea of establishing a plan could evoke worries about complicated reporting and administration. If this sounds familiar, then you may want to […]
ViewChoosing a Retirement Plan that Fits Your Business
If you have yet to develop a retirement plan for your business, or if you’re not sure the plan you’ve chosen is the right one, here are some things to consider. How much can my business afford to contribute? The cost of contributions may be managed by the plan type. A simplified employee pension plan […]
ViewA Bucket Plan to Go with Your Bucket List
John and Mary are nearing retirement and they have a lot of items on their bucket list. Longer life expectancies mean John and Mary may need to prepare for two or even three decades of retirement. How should they position their money?1 One approach is to segment your expenses into three buckets: Next, pair appropriate […]
ViewYour Changing Definition of Risk in Retirement
During your accumulation years, you may have categorized your risk as “conservative,” “moderate,” or “aggressive” and that guided how your portfolio was built. Maybe you concerned yourself with finding the “best-performing funds,” even though you knew past performance does not guarantee future results. What occurs with many retirees is a change in mindset—it’s less about […]
View