You’ve worked the majority of your life, and deserve to have many blissful years ahead. With a proper plan and execution strategy in place, you should be on track to accomplish all of your retirement goals and dreams. If it’s been a little while since your last retirement review, then CLICK to request your complimentary, no-obligation meeting.
Here are 3, quick and easy lifestyle tips to consider for your life in retirement.
We all know that a 401(k) is one of the most important retirement planning tools we have: The potential tax benefits and power of compound interest can make it a great savings and investment tool for anyone who practices financial discipline and contributes regularly. But your contributions aren’t the only things to consider when figuring out how to make the most of your 401(k).
Everyone talks a lot about how to prepare for retirement financially, but there is less focus on how to adjust your mindset in retirement and manage expectations. You might not be happy every single day in retirement, but that doesn’t mean your retirement won’t be happy. Transitioning into retirement is no small task, and research shows that the way people feel about their retirements follows a u-shaped curve; first people are quite positive, then not as much, and then are positive again. It seems that there are 4 phases in retirement.
You’ve worked for your money, and retirement is the time to have your money work for you. But what does this mean? Basically, your goal in retirement should be to turn what you’ve saved into retirement income. Many Americans are worried about running out of money since pensions are rare and there are reasons why you can’t rely solely on Social Security in retirement. But if you’ve saved a substantial nest egg of 1 million dollars, you can use these strategies to help make your savings last and put your money to work.
“I love dealing with the IRS,” said no one, ever. But, President Trump has signed a bill that will reform the IRS in an effort to make it more taxpayer-friendly. You’ll still have to pay your taxes, and rule breakers will still be punished, but hopefully, the average person will have a better experience with the agency when it comes to customer service, identity theft protection, and payment. The Taxpayer First Act is aimed at creating a plan for a better IRS experience.
Despite the fact that America has an aging population, there is much evidence of ageism around us. The way we perceive older adults can limit their roles in society and a pervasive negative view of aging can have a psychological impact on us. Sometimes ageism can be seen in a seemingly benign birthday card depicting age as something to laugh at or feel bad about, but other times it takes the form of workplace discrimination. And, it’s not just younger people who can be ageist, it can be people 50 and over as well. That’s why it’s important to be mindful of how you can avoid ageism in retirement.
Do you have multiple 401(k)s? If you left your money in a former employer’s 401(k), you may want to reconsider as you near retirement. According to the Bureau of Labor Statics, Baby Boomers have held an average of 12 jobs by the time they turn 50. When you leave a job, the money you contribute to your 401(k) is still yours, and you may also be able to keep your employer’s contributions depending on your vesting schedule. There are a few options for your old 401(k)s: You can cash out of the plan, leave the money in the plan, rollover the money into your current employer’s plan, or roll it over to an IRA. All of these options have different advantages, so don’t forget about your old 401(k)s as you approach retirement.
July 20th marks the 50th anniversary of the moon landing. In the middle of summer vacation, Baby Boomers gathered around their TVs to watch Neil Armstrong take one small step for man and one giant leap for mankind. This milestone in human history marked many Americans’ upbringings and identities in a significant way. It was a testament to the power of human ingenuity and perseverance, and the ability of America to reach its loftiest goals. Putting a man on the moon probably seemed impossible to many when President Kennedy promised we would in 1961, but it happened. Right now, your retirement goals might seem out of reach, but with perseverance and a good plan, they can be attained.
July 12th marks the 215th anniversary of Alexander Hamilton’s death. As the first secretary of the treasury for America, he created the first national bank, consolidated the new country’s war debts, and established credit the country could count on. You could say he was America’s, Chief Financial Officer. He was also a self-taught immigrant who started off with no wealth and ended up on the $10 bill. Thanks to his killer, Aaron Burr, Hamilton never reached retirement. But we can learn important financial lessons from the Founding Father who built our country’s financial system.
Times of market volatility are never pleasant, but they pose a particular threat to you as you near and enter retirement. The state of the market just before you retire can impact your returns throughout your entire retirement. This is because once someone takes withdrawals from a fund’s underlying investments, they expose themselves to sequence of returns risk.
