Careful planning in the months before retirement can help you ensure a smooth transition. Key Points You should try to reduce or eliminate credit card debt before you retire. Make sure to determine which accounts you will withdraw from first. Remember to work with your financial advisor to develop an appropriate asset allocation strategy By
There is a good chance your 401(k) is one of your single largest assets. And the decisions you make about it can have a lasting impact on you and your family. Knowing your options at retirement are key in a financial plan. Key Points Your 401(k) may be your single largest retirement asset. The
Key Points Today is the best time to start planning for retirement. Why? Time can be an investor’s greatest asset. Once you have a plan in place, it is easy to modify. Investing is a habit that is best started as soon as possible. Your retirement is ultimately your responsibility. Rule 1: Pay yourself first.
1. Not taking advantage of the Stretch distribution option or not establishing it properly The Stretch IRA is a way for each IRA beneficiary to maximize the payout period over his or her entire life expectancy. Properly designating beneficiaries and informing them of the IRA owner’s “Stretch” intentions are key to making this strategy work.
Americans are living longer, healthier, and more active lives than past generations, and they want to ensure their healthcare and domestic needs are met. That means saving for a longer retirement is critical. Everyone has different circumstances. Fortunately, a diverse array of options is available to address your individual needs and aspirations. A skilled financial
Adapting your retirement strategy (and outlook) may be necessary. Involuntary retirement can be emotionally and financially unsettling. Here are some questions to ask yourself if it happens. Do you want to keep working? You may have to rely on your spouse or partner’s income—or your emergency fund—for many months if you look for another full-time
A look at the role they can potentially play for families. Parents raising a child with special needs can face financial stress. State and federal programs simply don’t address all the long-term financial demands of their households. Two intriguing financial options may provide help. A special needs trust can serve as a resource. It can
A financially secure retirement involves more than building a substantial nest egg. To maximize each dollar, it also requires adapting long-time spending habits to a retiree’s new way of life. Adjusting to this new normal isn’t always easy, especially when a little retail therapy is a tempting excuse to get out of the house.