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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 More than 20% of 401(k) plan participants who are eligible to take loans against their retirement savings That money will be taxed once again when you withdraw from your savings after you retire! About one half of all Americans ages 55 to 65 don’t have a will.

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 If you’re between the ages of 59 and 70½, you are at the perfect spot to start an IRA Exit Plan. 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

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.

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 Saving money is very important if you want to accomplish your retirement goals. As you get close to retirement, it’s important to look at your risk tolerance when allocating your retirement

. #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 #

Multiple income streams are better than one, particularly in retirement. for Retirement Studies. As you age, your health is bound to deteriorate, and getting the right type of care is expensive. You tap the wrong retirement accounts. of insurance because your chances of having accidents both at home and on the road increase as you age

Inflation decreases the value of your savings and will continue to do so long after you retire. How do you know how much income you will need post-retirement? Take a look at your investment strategy and retirement income to see if you will be truly protected against While overall rates of inflation are likely to fall to some degree, prices will inevitably get higher If you can continue to grow your money in your golden years, you will be able to guard against the impact

With pre-tax retirement plans such as the traditional IRA or many of the employer-sponsored retirement plans, you must begin taking distributions after age 70½. Once you reach that age, you’ll have to withdraw a certain percentage of your account’s value every year Roth IRAs don’t have an upper age limit for contributions, and you can contribute as long as you have With both account types, there’s no lower age limit—provided the earned income requirement is satisfied

In order to save for retirement, some individuals are considering converting their traditional IRAs to Whether to convert to a Roth IRA involves a variety of factors, like your age, your financial and life business professional currently in a low tax bracket expecting to be in a higher tax bracket when you retire You want to enjoy limits on how much your Social Security retirement income is taxed, as up to 85% can business professional currently in a higher tax bracket expecting to be in a lower bracket when you retire

Here are six tax planning considerations of interest to those over age 50 from Next Avenue’s recent post Continuing to Save for Retirement. As you close in on retirement age, make sure to max out your retirement plan contributions through an

Your future premiums will need to be paid with your retirement income. Many insurance companies will offer LTC policies to individuals between 40 and 80 years of age. LTC is a major threat to a person’s retirement income, so if your assets average more than $80,000 and

Private insurance and Medicare won’t pay for assisted living, continuing care in retirement communities Medicaid will cover long-term care, but qualifying can be challenging for many retirees and guidelines The average person enters retirement with a median $131,000 in retirement savings. Think again. care insurance policies, which offer death benefits to survivors and some form of insurance protection against