Erroneous or outdated beneficiary designations can result in distribution of retirement plan assets, life insurance policies, and annuity contracts to unintended beneficiaries, unfavorable income tax consequences, and expensive and protracted litigation in some cases.
While you may be financially prepared to retire, your ability to successfully transition from the workplace to retirement will be dependent upon planning for three important nonfinancial factors.
I recently did a Google search, “How much do I need to retire?” This is obviously a popular query since it returned 19,600,000 results. After scrolling past the ads, I began clicking on the responses. Excluding retirement calculators, here’s a summary of the top five answers: Yahoo Answers – Best Answer: $750,000 Fidelity: Save at…
Investment in a volatility ETF is a market timing play that’s unsuitable as an investment strategy for most individuals planning for retirement or who are already retired.
There are six deficiencies of 401(k) plans compared to defined benefit pension plans that transfer the retirement accumulation and retirement income planning responsibilities from employers to employees.
I was recently looking at the results of one of the key word searches that I routinely perform, “retirement survey.” The first two, both of which are headlines of articles in widely-read publications, are as follows: Younger Americans are the Most Optimistic About Retirement, Study Shows Older Workers Feel on Track for Retirement. Are They?…
I recently came across the following comment by a reader of an article in an online publication discussing planning strategies that you can use to help you determine if you’re ready to retire: These points are fine. But I’m retired, and I know plenty (of) other retirees. Retirement planning is not all that difficult. Control…
Phil Collins, best known as the drummer and lead singer of Genesis after Peter Gabriel left the band in 1975, recently announced that his comeback tour, Not Dead Yet, will take place next summer. This follows the pop icon’s announcement a year ago in a Rolling Stone article that he was no longer retired after…
Retirement planning is a time-sensitive and arduous task that requires a high level of discipline and commitment over the duration of one’s adult years, not to mention specialized expertise.
When we make financial decisions, we often don’t think about the long-term effects – good and bad – they will have on other people.
Let’s face it. We’re a “just in time” society. With busy lives, we do a lot of things at the last minute. But we can’t apply that thinking to retirement income.
Setting up, modifying, and sticking to a budget requires discipline. Planning, organizing, and monitoring personal finances must be done continually.
A retirement income planner helps design a plan for a predictable income stream from one’s assets to meet financial needs for the duration of retirement.
Even though the calculation of the current value of one’s Social Security benefits is somewhat complicated, in my opinion, it should be done routinely.
What most people don’t realize is that Social Security is more than an income stream. It’s an asset – perhaps your most important retirement asset.
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