Retirement Income
When you stop working, you need to switch gears from saving for retirement to determining how to cover your expenses with your retirement income, which may include Social Security, savings, a pension or annuity. Financial planning is important at this stage because you don’t want to outlive your savings.
Mastering Social Security: Unlock Your Path to a Secure Retirement
Understanding if your Social Security benefit will be adequate to either supplement or solely provide a secure retirement depends on a variety of key factors. However, research from Fidelity estimates many retirees will likely need to rely heavily on their personal savings and pension income to replace about 45% of their pre-retirement income.
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Single professional women may have unique challenges when it comes to planning for retirement. By having a plan of action and a knowledgeable guide in a CERTIFIED FINANCIAL PLANNER® professional, single women can have a personalized retirement plan and a resource who can help you navigate complex financial decisions you’ll encounter through life and into retirement.
It’s important to take proactive financial steps now, such as eliminating debt including credit card debt and any other significant debt that could get in the way of arriving at your retirement savings number (the amount of savings you will need to cover your projected retirement expenses).
Many people dream of packing up and moving to somewhere sunny with warmer weather to spend their retirement. However, it's essential to consider several factors before making such a retirement move: aspects like healthcare accessibility, cost of living, taxes, social networks and proximity to family should all be carefully evaluated to ensure a comfortable retirement experience.
Due to the decreased use of pensions, baby boomers are the first generation in history with the freedom — and responsibility — to fund their own retirement, which could last upwards of 30 years. The question: “How to make one’s money work for them when they are done working for their money?” has never been more important.
Annuities have evolved for the better. If annuities are used appropriately, these investment vehicles make sense as part of your overall financial plan. Here are two main strategies for using annuities.
The SECURE Act 2.0 was designed to make saving for retirement easier. This new law is intended to make saving for retirement even easier than before. While not all the changes take effect immediately, the law is designed to encourage workers retirement savings and facilitate access to withdrawals from retirement savings plans.
Congratulations, on making it to retirement! Now you have the time that you always wanted to do whatever you choose and focus on what brings you happiness. But the way your retirement looks to you at the beginning is not how it will look over time. Your retirement will evolve in phases as your priorities change.
Here are the top 10 things you need to know about Social Security retirement income benefits and the payroll tax deductions.
Work with a CFP® professional to develop a financial roadmap that helps you plan for required minimum distributions from retirement accounts.
Cash flow management is key in retirement. Understanding the fundamentals of cash flow management in retirement will help make your money last.