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Many of us have invested in a 401(k) or some similar savings plan so that we can enjoy a comfortable retirement Kiplinger’s new article, “6 Tax-Smart Ways to Lower Your RMDs in Retirement,” says that unlike dubious You typically must begin taking withdrawals from your IRA, SEP IRA, SIMPLE IRA or retirement plan account Reference: Kiplinger’s (August 2016) “6 Tax-Smart Ways to Lower Your RMDs in Retirement” #AssetProtection #EstatePlanningLawyer #IRAs #401k #TaxDeferredPlans #TaxPlanning #RequiredMinimumDistributionRMD #RetirementPlanning

Will you need the money soon after you retire? With pre-tax retirement plans such as the traditional IRA or many of the employer-sponsored retirement Because of this, a Roth IRA can be both a retirement account and an emergency fund. Do you want to be able to contribute after you retire? Do you want to leave some of your retirement savings to your heirs?

. #2: Stop procrastinating: When it comes to deciding on your retirement, remember time is money! Reference: Forbes (March 15, 2016) “7 Ways to Have the Most Successful Retirement” #AssetProtection # HoustonEstatePlanningLawyer #LivingTrust #HoustonTrustsandEstates #RetirementPlanning

Take a look at Kiplinger’s “12 Ways to Go Broke in Retirement” and learn how to avoid them. Multiple income streams are better than one, particularly in retirement. for Retirement Studies. You tap the wrong retirement accounts. That’s one reason why people flock to Florida and Arizona after they retire.

After a lifetime of hard work, you want to enjoy a good retirement. article “Americans Need to Stop Winging It with Their Retirements.” Solid retirement planning is more sophisticated than just putting a few dollars into an individual retirement As you get close to retirement, it’s important to look at your risk tolerance when allocating your retirement #EstatePlanningLawyer #EstateTax #IRAs #401k #Inheritance #PlanningfortheFuture #TaxPlanning #RetirementPlanning

Myth: There’s No Need to Start Saving for Retirement Until You’re 40. Did you know that 25% of Americans ages 30 to 49 have saved nothing for retirement and that 59% say they Myth: Social Security Won’t Be Around When I Retire. Many people in the U.S. (55%) have this fear. But remember that Social Security was designed as a supplemental retirement insurance program, not a That money will be taxed once again when you withdraw from your savings after you retire!

Where will we live in retirement? How will we afford it? Golden Girls‘ Can Teach Boomers About Retirement.” Lesson #2: You might need a job after you retire. For boomers who don’t have a pension and didn’t save enough in a retirement fund, a post-retirement job ” #ElderLaw #PlanningfortheFuture #RetirementPlanning

A reverse mortgage can provide cash or “longevity insurance” when other sources of retirement income stay in their homes and can provide a financial safety net for those worried about outliving their retirement Some folks don’t have enough savings to get through retirement, so they may use all of their wealth—including home equity—as a retirement income source. use reverse mortgages to create a cash buffer in the event a dip in the stock market depletes their retirement

When you retire, you’re eligible to get a Social Security benefit, which is a source of income based Social Security uses a formula to determine how much you’re eligible to receive when you reach your full retirement The Social Security Administration reports that nearly 75% of retirees who receive benefits take reduced With some smart planning about how you plan to live in retirement, you can be confident that you will Reference: Vanguard (June 21, 2016) “How to boost your Social Security benefit” #FullRetirementAge #RetirementPlanning

For a retirement that can last decades, new retirees should have 40% to 60% of their assets in stocks Postpone Retirement. This may sound drastic, but delaying retirement can really improve retirement success. This provides more time to save, including making catch-up contributions to retirement accounts, plus You’ll also have fewer years during which you must rely on savings once you do retire.

sloppy investment portfolio with no objective, time horizon, or defined risk tolerance could take your retirement The first step in de-cluttering your financial mess is determining what your targeted retirement number This requires you to calculate the following: Your Annual Budget Annual Income Planned Retirement Date After you find a reasonable dollar figure target for retirement, you still need to incorporate important messy financial trunk with comprehensive investment and financial planning and reach your Zen-like retirement

IRAs, 401(k)s, 403(b)s and other qualified accounts are popular tools for building a retirement nest may ask yourself, “What should I do with my retirement account?” MarketWatch, in its recent article, “IRAs are for retirement planning, not for retirement,” suggests Create your IRA Exit plan so that when you enter retirement your assets will be as ready for retirement Reference: MarketWatch (August 17, 2016) “IRAs are for retirement planning, not for retirement” #AssetProtection