Archives for Retirement

Make Room for Rising Healthcare Costs as Part of Your Retirement Planning

Does your retirement plan include strategies to plan for, manage, and even reduce healthcare costs in retirement? It is projected that an average healthy 65-year-old couple retiring this year will incur total lifetime healthcare costs of $387,644 in today’s dollars, according to research by HealthView Services, a provider of retirement healthcare, long-term care and Social Security optimization tools for the financial services industry. The figures were released in early July. To no surprise, as the couple ages, costs will be significantly higher later in retirement than at the beginning. In the first year of retirement, the couple’s total annual premium
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Categories: Healthcare Costs and Retirement.

Congress Looks to Provide More Options for Retirement Savers

While changes to traditional IRAs, RMDs offer some benefits, there are tradeoffs.   Broad proposals are in the works in the retirement savings arena to ease rules on tax-deferred savings vehicles, make it easier for employers to offer 401(k)-type savings plans and also convert balances into annuities for lifetime income. In late May, the House of Representatives overwhelmingly passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE). Key provisions within the SECURE Act offer more flexibility for when distributions would have to be taken out of tax-deferred accounts. On the flip side, the Act takes direct
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Categories: Retirement and Tax Planning.

When should you begin collecting Social Security? It’s complicated.

The question of when to file for Social Security benefits might seem simple—until you get into your 60s and start learning about the dozens of ways to file, especially if you are married. The age consideration alone is your first big decision. You can file as early as age 62—for a reduced benefit of around 70% of what you will get if you wait until your full retirement age. (So how old is that, you might ask?) Full retirement age used to be 65, but now it’s 66 or 67, depending on your month and year of birth. If you
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Categories: Retirement and Social Security.

Top 5 Things Baby Boomers Should Know

The Social Security COLA (cost of living adjustment) in 2019 will be 2.8%. This is the largest COLA increase from the Social Security Administration since 2012.1 Social Security benefits are often taxed. If you work and are at full retirement age or older, you can earn as much as you want and your benefits will not be reduced; however, you may have to pay taxes on them. If your annual combined income is from $32-$44,000 filing jointly, you may have to pay taxes on 50% of your benefits. If your income is more than $44,000 filing jointly, then you may
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Categories: Estate Planning, Medicare, Retirement, Social Security, and Tax Planning.

Resist Tapping Into Your 401(k), Employer-Sponsored Plan If You Can

‘Leakage’ can erode assets and negatively impact your retirement wealth If you find it difficult to save or pay for big financial emergencies when they arise, tapping into a pot of money can be tempting – even if it’s your 401(k)-style employer-sponsored plan. But if you’re able to resist, rewards do come from the power of compounding. The problem, though, is that a small percentage of Americans take early withdrawals and withdrawals after age 59½ from their 401(k)s each year or cash out of their plan when they switch jobs. A large percentage – typically about 20% of plan participants
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Categories: Financial Ideas and Retirement.

The Message to Millennials Is Gaining Steam

As part of his ongoing campaign to teach millennials about the importance of saving even small amounts of money for their retirement over time, the New York Post picked up Mark Henry’s message in their August 18th article by Gregory Bresiger. As Social Security turned 83 on August 14th, many millennials are convinced they won’t collect a cent by the time they retire. Millennials — those born around the turn of the century — “face unique concerns for saving for retirement,” said Mark Henry, CEO of Alloy Wealth Management in Charlotte, NC. Assuming the worst, millennials should “start saving on
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Categories: Financial Planning and Retirement.

7 Things You Should Know About Medicare Before You Retire

It’s important to understand the facts about Medicare before heading into retirement. Here is a basic overview of seven things you should be aware of when it comes to this important federal health insurance benefit. But keep in mind that certain parts of the Medicare program vary by state, so you will want to get more in-depth information before you turn 65 based on your primary retirement residence. It’s not free. Even though studies have shown that Medicare is cheaper than most health plans offered by private insurers, it still does not cover all health costs when a person retires.
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Categories: Medicare and Retirement.

Parental Guidance Should Include their Kids’ Retirement

“Many people early in their work life figure retirement isn’t worth thinking about because it’s so far down the road, and they’ve got other obligations. But getting a late start is a big mistake. First of all, they’re missing out on valuable years of compounding returns,” says Mark Henry, Charlotte NC. Mark Henry is on a mission to help everyone with retirement. As he works with hundreds of people in North Carolina creating retirement plans (people who may be five, 10, 15 or more years out from retiring at age 65 or so), he’s discovered that some people are playing
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Categories: Financial Planning and Retirement.

5 Tips For Parents To Help Their Kids Get Started With Retirement Planning

If you are in or near retirement and understand the importance of saving for retirement, you can act as a huge asset of knowledge to your young-adult children by helping them save for retirement. Retirement planning ranks low as a major priority for young-adults entering the workforce because of other priorities such as bills, rent, and student loans. But not saving for retirement at an early age can significantly delay retirement in the future. Mark Henry, who was featured in ValueWalk, offers five important tips to help your young-adults begin planning for retirement. Read the full article here…   Photo
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Categories: Retirement.

7 Hidden Retirement Risks

Longevity The average life expectancy has increased. Chances are that if you’ve reached 65 years old you will live into your mid-80s according to life expectancy calculations. Many are living even longer—one in four people will live into their 90s, while one in ten will live past 95. Make sure that your retirement plan takes longevity into account so that you don’t run out of money—no matter how long you live. Loss of Income Make sure both you and your spouse are protected from the unexpected. Consider the financial impact of the loss of one spouse, running the numbers both
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Categories: Retirement and Risk Management.