When you retire, your income will most probably be lower than when you were working, and while your expenses will be lower in some areas — no more commuting — they’ll be higher in others — more prescriptions and doctors’ visits. You’ll be balancing your Social Security benefits, Medicare premiums, taxes and savings, along with […]
Tag: retirement planning
The Truth About RMDs: Still Working After Retirement?
You may have many questions about working after retirement. Can you still contribute to retirement accounts? How does working affect your required minimum distributions? Let’s start with contributing to retirement accounts. You should be able to contribute to your employer’s qualified retirement plan regardless of your age. In some instances, you can also contribute to […]
Retirement Planning: Key Considerations
The concept of retirement is stressful for many people. Retiring in and of itself can be worrisome because it essentially entails a life where you no longer work yet you still need to support yourself. In addition to worrying about money, others wonder how they will fill the time. As such, the possibility of being […]
Required Minimum Distribution: What This Means for Your Retirement Plan
Effective January 1, 2023, the age for stating required minimum distributions (RMDs) increased from 72 to 73. You must make required minimum distributions from your traditional IRAs after you reach age 73. However, you may delay taking money from your 401(k) or employer-based retirement plan until after you stop working. There are a lot of […]
How To Make Money Last in Retirement
Health care is expensive, more people are living longer and the market is on a roller coaster. Worrying about running out of money in retirement is not unfounded. But with financial planning, you can get some breathing room, so you can face retirement with ease rather than stress. Inflation is one reason people think they […]