Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible.
Yes, the biggest mistake is having no strategy at all. Without a strategy, you may have no goals, leaving you no way of knowing how you’ll get there – and if you’ve even arrived. Creating a strategy may increase your potential for success, both before and after retirement. (more…)
The first week of 2021 has already had many ups and downs. Just because it’s a new year doesn’t mean that the 2020 issues go away, and so far, 2021 has been no exception to this rule.
The markets opened on January 4 and traded lower out of the gate, with the S&P 500 dropping 1.5%. The last time the market opened lower was in 2016, when the S&P 500, the Dow Jones, and the Nasdaq Composite all dropped on the first trading day of the new year.1,2 (more…)
Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines. From current and previous IRA contribution deadlines, to RMD deadlines, keep an eye on the calendar.
April 15, 2021 is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.
Keep in mind that withdrawals from traditional, SIMPLE, and SEP-IRAs are taxed as ordinary income, and if taken before age 59½, may be subject to a 10% federal income tax penalty. (more…)
When you read about money matters, you will sometimes see the phrase, “getting your financial house in order.” What exactly does that mean? When your financial “house is in order,” it means it is built on a solid foundation. It means that you have six fundamental “pillars” in place that are either crucial for sustaining your financial well-being or creating wealth. (more…)
We all have our “blue sky” visions of the way retirement should be, yet our futures may unfold in ways we do not predict. So, as you think about your “second act,” you may want to consider some life and financial factors that can suddenly arise. Nobody likes having retirement blind spots
You may end up retiring earlier than you expect. If you leave the workforce at “full” retirement age (FRA), which is 67 for those born in 1960 and later, you may be eligible to claim “full” Social Security benefits. Working until 67 may be worthwhile because it will reduce your monthly Social Security benefits if you claim them between age 62 and your FRA.1 (more…)
In corporate America, pension plans may be fading away. Only 14% of Fortune 500 companies offered them to full-time employees in 2019. In contrast, legal, medical, accounting, and engineering firms are keeping the spirit of the traditional pension plan alive by adopting cash balance plans.1 (more…)
As Wall Street pushes higher, a pandemic-weary Main Street is relearning how to manage cash flow with the hope of keeping its retirement dreams alive – and for those self-employed, this is paramount.
Self-employed Americans, and the people working for them, account for roughly 30 percent of the nation’s workforce.1
In the best of times, putting aside money for retirement was a challenge for this group. (more…)
When you marry or simply share a household with someone, your financial life changes—and your approach to managing your money may change as well. The good news is that it is usually not so difficult. (more…)
As an investor, it can be tempting to get caught up in daily news headlines. From election news to vaccine updates, these headlines can lead to additional volatility in the markets. Consider how news about the election and COVID-19 vaccines have moved the markets over the past several weeks. But having a financial strategy can help you ignore short-term volatility and focus on your long-term vision. (more…)
On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings (IRA, Roth IRA, and 401(k)s). Although these adjustments won’t bring any major changes, there are some minor elements to note. (more…)
The 10-year Treasury yield has climbed higher since the New Year, which means that some bond prices are dropping. You may have seen the headlines that say, “10-Year Yields Over 1%.” For some, the first time they experience a change in bond prices is when they open their monthly statement and review their investments.
Recently, the Internal Revenue Service (I.R.S.) announced that tax season will start a little later than usual. This year the I.R.S. will begin accepting and processing 2020 tax filing returns on Friday, February 12, 2021.1
What is a 1099 form? This is a record of payment from an individual or entity, showing a payment, generated for your records. The individual/entity sends a copy to both the payee as well as the I.R.S.1 Who might be sending 1099s? Clients send their contractors 1099s, recording work performed. Banks send 1099s to reflect … Continue reading “1099 Form Help”
When you think about your estate, you may think about your personal property, real estate, or investments. You also have other, less-tangible assets – and they deserve your attention as well. We consider these your digital assets. A digital footprint of your life – and you need to consider them within your estate planning.
Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. No Strategy. Yes, the biggest mistake is having no strategy at all. Without a strategy, you may have no goals, leaving you no way of knowing how you’ll get … Continue reading “Eight Retirement Mistakes to Avoid”
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