Ask an Advisor: Clients Are Asking About RMDs (Required Minimum Distributions) – What Retirees Need to Know Amid Law Changes and IRS Guidance Shifts I’m anticipating more inquiries about RMDs (Required Minimum Distributions) in the coming days as 2023 nears an end. First off, clients need to know when and how much of RMDs to […]
In recent years, elderly care has undergone a significant transformation as an increasing number of seniors enter their golden years healthier than previous generations. As evidenced by trends found in online searches, fewer Americans are seeking around-the-clock nursing home care, as assisted living facilities become more popular retirement destinations. A Google Trends report from 2017 […]
With the cost of housing and groceries surging in recent months, many retirees have seen their budgets get busted simply trying to maintain the quality of life they have enjoyed for years. Surveys now routinely show most Americans believe they need significantly more than a million dollars to afford a comfortable retirement. Fortunately, a new […]
Just ask anyone who retired in 2022… The sequence of returns risk is a thing and inflation can turbo-charge it! How 2022 Hammered Retirement Portfolios and Future Prospects Say you retired in early 2022. You managed to amass $1 million, invested 50/50 in large-cap US stocks and 10-year treasuries. On Jan 1, 2022, you took […]
When do you plan to retire (or, as I prefer, reach work-optional status)? Are you expecting to retire early? It isn’t easy and despite the volume of articles talking about people planning to retire in their 50s, 40s, or even 30s, when you survey people about their retirement thoughts, a different picture emerges. According to […]
If you’re working the gig economy as a freelancer or contractor you’re probably missing out on a lot of the benefits employees take for granted, including an employer managed retirement savings plan. In fact, Forbes recently reported that 77% of freelancers claimed they would rely on their own savings (as opposed to a pension plan) […]
Besides the pay gap and the wealth gap, women have another financial hurdle to clear. Call it the ‘retirement gap’ that seems to widen as women approach their golden years. According to Bank of America’s 2023 Financial Life Benefits Impact Report, on average, men have a 401(k) account balance of $89,000 – 50% more than […]
And other key insights from a new T. Rowe Price study, including what makes retirees most content living in retirement. In just a few years, I expect to reach work-optional status. It’s been a long, hard slog, financially speaking, and things can certainly still go wrong. That’s why I keep reading and writing about “retirement […]
Comparing 6 retirement (or work-optional) distribution strategies and figuring out which is best given your priorities. I hate the word “retirement.” It isn’t that I have anything against people who’ve worked multiple decades being able to downshift a gear or two. My pet peeve here is that even after spending nearly a quarter century studying […]