Traditional IRAs, 401(k)s, and other retirement accounts enable you to save money tax-deferred. But, eventually, the IRS requires you to begin withdrawing a portion of your savings each year. These withdrawals are known as required minimum distributions, or RMDs, and the amount you take out is taxed at your regular tax rate. Understanding the 2025 […]
New RMD Rules For 2025 Read More »
There is no one “ideal retirement.” But there are many ways to have a happy retirement if you have reflected on the choices you have, and what you are willing to leave to chance. The way you answer the following questions may help you decide what may need more thought before you begin your retirement:
We frequently write about longevity and how important it is to have savings we don’t outlive. And while we’ve always striven to give our clients options for products where the income stream continues no matter how long you live, we are still often asked for a ‘number’ so that can be ascribed to someone’s projected
Several key updates to the Social Security system will go into effect beginning in January 2026. These changes will affect benefit amounts, retirement age rules, taxes, and the minimum income required to qualify for future benefits. 2.8% COLA Increase The Social Security Administration (SSA) announced a 2.8% COLA for 2026 on October 24. This modest
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Years ago, it seemed as if the only reason to purchase life insurance was simply to make sure loved ones who depend on your income had what they needed financially after you passed away. Products have evolved along with the passage of time. While life insurance may still seem like something you buy primarily for
Evolution of Life Insurance Read More »
By the middle of the twenty-first century, one in every six people worldwide will be over the age of sixty-five. In the United States, the Social Security Administration program will most likely be unable to pay full benefits beginning in 2034. These demographic and financial pressures are frequently cited as the underlying causes of a
Retirement Age Is Changing Read More »
Working after retirement brings with it the need to understand certain tax and contribution rules governing the way you can use and/or continue to contribute to the money in your qualified retirement savings accounts. Looking first at continued contributions, in most cases, you should be able to, regardless of your age. There are no income
Working After Retirement Read More »
There is nothing generally inherent in any given year that says it’s a bad or good time to retire. The question that needs to be answered is whether you’re ready financially and emotionally. So, how do you determine if you are ready? Begin by asking yourself if you have estimated your stream of lifetime retirement
Is This Year a Good Year To Retire? Read More »
Approximately 49% of men and 64% of women turning 65 today will need extensive long-term care. While many people receive unpaid assistance from relatives, nearly half will require paid services. Covering these costs is a significant challenge, but long-term care (LTC) insurance may provide a viable solution. However, the landscape has shifted over time, with
Understanding Long-Term Care Read More »
We often think that emotions only impact inter-personal decisions, however making consequential financial decisions in a heightened emotional state also generally isn’t a good idea. Behavioral psychologists have identified a few common biases that can undermine our decision-making skills. While some are rooted in emotion, others are what we think of as mental shortcuts our
Behavioral Decision Making Read More »
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