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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? There is not a one-size-fits-all approach to knowing how much you will need in retirement. Solid retirement planning makes all the difference when it comes to your purchasing power. By taking an active role in your estate plans, you will feel more empowered about retirement.

Carrying Debt into Retirement. Pay off all debt before you retire. Retirees should remember that retirement can be 30+ years. The investing strategy that you created before retirement might need adjusting once you enter retirement Overspending in Early Years of Retirement.

When we’re all trying to save more money for retirement, the options can be confusing. The answer is, of course, that any retirement savings plan is better than none at all. already, your current tax bracket, and your financial expectations in retirement. What retirement savings do you have already? How close are you to retirement?

This means that you are short-changing your retirement account and losing out on employer matches, and Not saving for retirement. “I’ll start saving for retirement when I make more money,” many folks say. as less expensive in-state schools instead of tapping into your retirement nest egg. No one plans to go broke in retirement, but it can happen by not saving enough to begin with.

There’s been time to establish an emergency fund, save for retirement and build a career. Insurance and estate planning have taken on greater importance, and retirement is no longer so far away money aside for the children’s college education, but your retirement savings needs to come first. Plan on at least 15% of income to be set aside for retirement—25% would be better. Expenses will probably change in retirement, but they can be hard to predict.

We need to distinguish between contributions to a Roth individual retirement account and the earnings and Estate Planning Documents What happens with your estate-planning documents when you move during retirement

CNN Money’s article, “The retirement crisis facing Hispanics,” reports that part of the reason for this is that many Hispanics—especially those in low-wage jobs—don’t have access to retirement plans. Low rates of participation contribute to low rates of retirement savings. As a result, many Hispanics rely on Social Security as their sole financial support in retirement. When they do have access to employer retirement plans, Hispanic workers generally don’t contribute as

usually means coming to an agreement about where to live, whether to have kids, and possibly even when to retire Retirement is something so many people look forward to; especially with your significant other. your debts, your savings, property that is owned, investment accounts, insurance policies, and any retirement These kinds of dreams are not as fun to consider as your retirement plans, but they are just as important

Your future premiums will need to be paid with your retirement income. LTC is a major threat to a person’s retirement income, so if your assets average more than $80,000 and Understanding Long Term Care Insurance” #AssetProtection #LongTermCareInsurance #LongTermCarePlanning #RetirementPlanning

In order to save for retirement, some individuals are considering converting their traditional IRAs to business professional currently in a low tax bracket expecting to be in a higher tax bracket when you retire taxes (or it has lower income-tax rates) and plan to move to a state with higher tax rates for your retirement 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

automatically terminate your ex’s beneficiary designation on separate documents like your employer-sponsored retirement If, in your retirement plans, you named your spouse as the primary beneficiary, he or she has the right to transfer all or part of the retirement assets into his or her own IRA account after your death. Tax laws also detail how retirement plan assets must be distributed to your beneficiaries at your passing

According to a recent article from The Motley Fool entitled “Planning for Retirement When You’re Single Healthcare costs in retirement can be a significant financial hardship. The average couple retiring in 2015 at age 65 can anticipate spending about $245,000 on healthcare costs in retirement, not including long-term care expenses. Reference: The Motley Fool (January 26, 2016) “Planning for Retirement When You’re Single” #HoustonWills