Posts by Barb

Roth IRA – Convert or Contribute?

Roth IRAs are funded with money that you’ve already paid tax on, and then they grow tax-free. This is different than traditional pre-tax funded retirement accounts. Roth IRAs offer many advantages that other traditional retirement accounts don’t. First, you can withdraw your money tax-free during retirement, which allows you to manage your taxable income. And…

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5 Common Mistakes to Avoid in Retirement

You’ve been saving for your retirement for decades. Don’t undermine your own plans by making these 5 common mistakes when you retire. First, don’t retire too soon. Lifespans are increasing and many retirees underestimate their life expectancy when calculating the money needed to live on. The second mistake to avoid? Spending too much in the…

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What’s Your Risk Tolerance?

Risk tolerance is the level of risk, or market ups and downs, an investor is willing and able to tolerate. An aggressive investor, one with a high risk tolerance, is willing to risk greater loss to potentially maximize returns, while a conservative investor prefers investments that have a lower risk of negatively impacting the portfolio’s…

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3 Ways to Boost Your Social Security Benefits

A question we hear often is “Is it possible to increase my Social Security benefits?” The answer is yes, there are 3 basic ways you can boost your benefits; work more years, earn more in annual income, and claim benefits later. [1 – Work More Years]- Social security benefits are based on an average of…

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Impact of Inflation in Retirement

The medical profession refers to high blood pressure as the silent killer. In investing, the silent killer is INFLATION. The minimum return on any retirement investment must be at least equal to inflation. Here’s why. Suppose your retirement goal is to withdraw $90,000 per year from your IRA. To maintain your purchasing power you must…

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Is Tax Planning Missing in Your Retirement Planning?

Too many retirees believe that they don’t have to do any planning in retirement. They spent years saving for their retirement and now they think they can coast. WRONG! There are hidden tax traps waiting for the unsuspecting. For instance, If you want $75,000 per year in retirement, is that before or after taxes? If…

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Don’t Let Timing Ruin Your Retirement

Did you know that one of the greatest risks to your retirement portfolio can happen in the first years you retire? The timing of when you begin withdrawing money from your investments can dramatically impact your long-term wealth. It’s called sequence-of-return risk, and the danger is very real. When you make regular withdrawals from investments…

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How Can Social Security and Retirement Planning Work Together For Your Benefit?

Many people believe Social Security will pay for their retirement, but Social Security was designed to be just a complement to a pension and investments. So don’t rely only on Social Security for your retirement because it probably won’t be enough to maintain your current lifestyle. However, planning for your Social security benefits is important.…

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When is the Best Time to Retire?

You might be asking yourself, “When should I retire? Should I retire early or defer it?” Deciding when to retire may not be just one decision, but a series of decisions and calculations. For example, you’ll need to estimate not only your anticipated expenses but also what sources of retirement income you’ll have and how…

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Your Spouse Just Passed Away – What Should You Do?

The death of a spouse is one of the most devastating events of a person’s life. During this difficult time, do not make any major financial decisions right away. Allow yourself time to only deal with the emotions of your loss. Then, get 10 to 20 copies of your spouse’s death certificate to document ownership…

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