This has been a year like no other. As you prepare to say a big buh-bye to 2020, use this list of year-end tax planning tips for 2020 and beyond to help launch you into a better future. In 2020, the rules were updated for everything from tax withholding to socializing. While we can’t help…
This year family gatherings may be different (more Zoom, less slobbery kisses and heart felt hugs), but it will undoubtedly feel more important than ever to celebrate togetherness. While the focus of our gatherings will still be on love and celebration, the holidays are also an opportunity for discussions related to family and money. Like…
Episode 49 of the NewRetirement podcast is an interview with Ashley Whillans — assistant professor at Harvard Business School and author of Time Smart: How to Reclaim Your Time and Live a Happier Life — and discusses how to think about and value your scarcest resource, your time. Listen Now: Don’t miss out on future…
The holidays are the time we come together to give thanks and celebrate. It can also be a stressful time full of demands to cook, decorate and spend money. Sometimes the stresses crowd out the fun, so we have to remember to take time to be thankful and practice gratitude for our blessings. And, it…
Joe Biden is now the President-elect, even though President Trump has vowed to fight the results in court. There are several ways a Biden presidency might affect your retirement, including lower tax benefits on 401(k) accounts and more generous Social Security benefits. Biden’s Plan for Older Americans gives specific details on what Biden would like…
Qualified Charitable Distributions (QCDs) are not only a way to help great causes and those in need, but they are also a way to manage your tax exposure and avoid unpleasant surprises. For people who are at least 70 ½, and who don’t need income (or who simply want to avoid the income tax) from…
Don’t worry, be happy… about your retirement. The last few months have been an emotional rollercoaster for many people, and you may be feeling constantly stressed about your finances. You’re probably asking yourself, do I have enough money to be happy in retirement? If you are worried, you’re not alone. According to a survey conducted…
Financial planning is probably not on your top ten list for how to spend your time. However, getting your hands around your finances and planning a secure future retirement can make you feel great. And, it doesn’t have to be hard. Here is your complete retirement planning guide. This simple eight step plan will help…
You may have seen the news: Interest rates in the United States are at historic lows. That sounds great. But is it really? What are the effects of low interest rates on your retirement? Read on to see the pros and cons of low interest rates on your retirement plan. And, how to make the…
Retirement tax planning is a critical part of preparing for a secure future. The good news is that with so many possible retirement income sources, you have many different opportunities to potentially reduce your tax burden. And, you may even discover that reducing taxes can enable you to retire a little earlier than you might…
We all love reading lists of the best places to retire. They interest us, peak wanderlust and they make us think about what is possible in retirement. Besides, deciding if one of the best places to retire is in your own home or somewhere far away is a really BIG and somewhat complicated decision. Browsing…
Very few people are experts at managing their finances, planning retirement, building wealth, and ensuring a secure future. Effective money management is often perceived as being: 1) too hard, 2) not immediately important, 3) something you can tackle next year or 4) too expensive (if you think you need to hire an advisor). In fact,…
How to make sense of retirement planning? Here is your guide to the 16 retirement numbers that are most important for a secure future.
In October, the Social Security Administration announced a modest 1.3% Cost of Benefit Living Adjustment (COLA) for 2021. How will this small increase affect retirees? The Social Security 2018 increase is big, but definitely NOT that big. The average Social Security recipients will receive a mere $20 monthly bump in 2021, which will buy you…
Episode 48 of the NewRetirement podcast is an interview with JL Collins —a best-selling author and financial independence guru — and discusses the what, why, and how of Financial Independence as well as Collins’ book, “The Simple Path to Wealth”. Listen Now: Don’t miss out on future episodes: subscribe on iTunes subscribe on Stitcher And,…
There are many guidelines around how to drawdown your savings in retirement (the 4% rule, the multiply by 25 rule), but what if you don’t have to spend your savings? You can generate retirement income with dividend stocks, and in a world where savings accounts produce less than a 1% return, dividends can provide a…
Tis the season… No, it is not quite time to decide whether you’ll say Happy Holidays, Merry Christmas, Bah Humbug or none of the above. It does, however, involve shopping! The 2020 Medicare Open Enrollment season is upon us and will last from Oct. 15 to Dec. 7. Now is the time to assess your…
If you think you haven’t saved enough for a truly secure retirement, think again. The impossible could become possible with these 10 creative ways to retire. You see, saving diligently your entire life and then quitting work to play bridge is only one way to get to retirement. And, the odds are that it is…
To say that Social Security and Medicare are important to the financial well being of seniors would be an understatement. Sixty-two percent of eligible beneficiaries rely on Social Security income for more than half of their income. And almost everyone who is eligible uses Medicare to help fund their healthcare after 65. Here are the…
According to reporting from the Transamerica Center for Retirement Studies, retirees have a wide variety of savings and investments. Here are the average cash, savings, and home equity balances in the U.S. Keep reading to see how your accounts and investment types compares to that of most retirees. Use the NewRetirement Planner to see your…
An enjoyable retirement is the goal, right? You work your whole life and hopefully create and follow a plan so that you can kick back and do what you want to do when the time comes. Well, a recent survey from Nationwide suggests that all is not going according to plan for many retirees. The…
Are you wondering how to to retire overseas? If so, you’re in good company! Retiring Overseas Has Almost Doubled in Popularity Retiring abroad has become increasingly popular. According to the Social Security Administration, the number of retirees who draw Social Security outside the U.S. jumped 40%, to more than 413,000 between 2007 to 2017. And,…
Episode 47 of the NewRetirement podcast is an interview with Steve Vernon — a writer and research scholar at the Stanford Center of Longevity — and discusses the Spend Safely in Retirement Strategy that Vernon came up with and, secondly, his new book, Don’t Go Broke in Retirement. Listen Now: Don’t miss out on future…
Age is just a number. In fact, even the word “old” means less and less these days as many of us stay healthy and active well past the traditional retirement age of 65. Is 80 the new 40? Or, is 100 a better benchmark age for enjoying life and achieving interesting things? Preparing for retirement…
You’ve worked diligently and paid your taxes along the way. When retirement finally arrives, you deserve to collect at least some tax-free retirement income without Uncle Sam coming back for more. With a bit of strategic planning, it’s possible to enjoy much or even most of your retirement income tax-free. The following seven sources are…