Bucking the Trend: Retiring Earlier Rather Than Later
The median retirement age right now in the US is about 62 years old. This number has been growing since the early 90’s. In 1991, it was 57 and in 2022, the median retirement age was 59. The decision to retire is a very personal one and different for everyone. The motivation is usually prompted by the obvious reason- financial readiness- but health, career flexibility and personal lifestyle attitudes can also play a big role in the decision. Yet, while no longer the norm, retiring early is still a goal for some seeking earlier financial […]
The Value of a Financial Plan
There is a meaningful adage attributed to Benjamin Franklin that states “If you fail to plan, you are planning to fail.” This is true of many things in life but how significant is it to have a financial plan? Isn’t it sufficient to do the best we can when it comes to things like savings […]
Updated RMD Rules for Inherited IRAs
Last week, the IRS updated the RMD (Required Minimum Distribution) rules related to inherited IRAs. This update was significant because individuals, advisors, and the IRS have been debating the interpretation of the “10-year rule” language. If you inherited an IRA from someone other than a spouse after December 2019, the question was, were you required […]
Retirement Savings Strategy – Do I Need One?
I have so many competing financial needs and I don’t know how to prioritize them. Where should I allocate my discretionary funds – debt, college education, retirement savings? Help me! We hear this plea often. The answer to the above dilemma is best solved with the development and implementation of a holistic financial plan. While […]
The Emotional Preparation for Retirement
As a person nears retirement, much of the conversation is frequently centered on financial preparedness. If you have done all the right things, you have been saving for retirement for many years leading up to this point and you have a financial plan in place, you have adjusted your portfolio, analyzed Social Security strategies, and planned for various what-if scenarios. That part is all mapped out for you. What is often a last-minute […]
Barriers to a Comfortable Retirement
The fact that so many Americans are not adequately prepared for retirement has been widely documented. According to a recent government report, about half of households age 55 and over have no retirement savings and many older households without retirement savings have few other resources to draw on in retirement. A comfortable retirement is a […]
I’m retiring! What should I do with my retirement plan assets?
Key fact: According to the Pew Research Center, beginning on Jan. 1, 2011, the oldest members of the Baby Boom generation turned 65 years old. On that day and for every day for the next 19 years, 10,000 baby boomers will reach age 65. Age 65 is the most common age associated with retirement. Baby […]