The year 2023 brought with it a number of changes to the rules governing retirement deposits and withdrawals. This includes changes, in both this and future years, for RMDs from tax-advantaged retirement accounts. New legislation also provides a tax credit for small businesses, relating to retirement plans. It’s important you

The National Council on Aging reports that financial scams targeting older adults are on the rise. According to the Federal Bureau of Investigation in 2021, there was a 74% increase in losses to older victims of fraud compared to 2020. Why is this? Con artists and fraudsters tend to go

Often when we ask ourselves ‘Have I saved enough for retirement?” we’re really just asking if we can afford to give financial gifts or assistance to our children or grandchildren. The difficult part in answering this question is due to the uncertainty of planning for long-term care. Not to mention,

We are often asked about “financial literacy.” The phrase refers to the ability to understand and use various financial skills, and is the foundation of your relationship with money. A strong foundation of financial literacy will generally make you less vulnerable to financial fraud, and can help support you in

We’ve received some inquiries this past month about a few topics. “What if” you end up having to go into a nursing home? “What if” you’re living in an independent living facility and need to move over to assisted living? Are your financial products going to pay you in a

Even if you’re able to add up what you spend today, trying to determine what you will need when you retire is difficult because your spending is sure to change. While perhaps you won’t have a mortgage payment anymore, you may be asked to contribute to your grandchildren’s education, or

As we’ve seen from the news over this past week, many were caught up in the hurricane, and many did not have insurance that suited their needs. This is the case for many people because a natural tendency when purchasing something that pays money for a future event is to

Someone asked us this past week if we would explain what the “Four Percent” rule is and how it came about. The Four Percent rule is based on a study by a financial advisor named William Bengen. His study suggested that one could safely withdraw 4% of their starting portfolio

There was an interesting article the other day in the Wall Street Journal. The article discussed a recent survey of workers in their 60’s who were asked about their retirement preferences. The author found that the assumptions that are usually embedded in retirement income calculators–for example, good health, not wanting

“Money can’t buy happiness” is an adage that some people live by, and others ignore. According to a recent Purdue study: “income can correlate with emotional well-being and life satisfaction.” But, as a recent GoBankingRates article tells us, the price of happiness differs (apparently) depending on the State you live

We continue to read articles confirming that, while it certainly is an arduous task to work for decades and plan ahead to afford a comfortable retirement, what continues to unsettle many is the actual transition into a life post-workforce. For example, concerns about losing one’s routine, the fading away of

How much would you consider to be “enough money to retire?” Yes, you want to have enough money to ensure that you don’t go broke, and can afford basic expenses like food, housing, and medical care, but is that really “enough?” What goals do you want to reach in retirement,

Retirement planning seems to always be all about numbers. Your strategy centers around one question: Do your financial assets provide enough income to fund your desired retirement lifestyle? But, to quote a recent article from Kiplinger, “Ask any retiree, and they will likely tell you that it is only half

Curious about how you compare to others? The “How America Saves 2022” report referenced recently by CNBC might give you that information.  The report states the average retirement savings account balances by age: For those within the 55 to 64 age bracket, the average savings account balance is $256,200. For

There has been a lot of talk recently about a recession: whether or not one will come, what it would mean, and how it would affect each of us. A recession is defined by the National Bureau of Economic Research as “a significant decline in economic activity that is spread