Staggered retirements are more common than you might think, especially when couples are different ages. A two-phase retirement can affect both you when it comes to your savings and spending needs. It’s important to think ahead about how you’ll both plan for and handle these impacts. There are differing and varied options that may fit
Staggered Retirement Read More »
If you are mulling over in your mind your list of tangible assets, savings accounts, and creating your will, you may be trying to determine that trifecta question of how to be able to keep what you have in your name, have access to income, but still leave something as a legacy to your heirs.
Because it’s tax time, our clients have been asking questions about how taxpayers ages 65 and older can make the most of the temporary $6,000 senior tax deduction that is in effect for tax years 2025 through 2028. This is an unusual situation, because a deduction is available to both those who itemize and those
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It is not surprising that people tend to compare their financial situation during retirement to others, because money is highly visible in life: through homes, cars, travel, and lifestyle. So it becomes an easy benchmark for perceived success. However, not only do these comparisons rarely reveal the full picture of someone’s debts, obligations, goals, or
When you withdraw your first RMD may impact your taxes. You may wonder how that can happen, and with tax season approaching, we thought it best to draw your attention to a nuance you may not be aware of. Typically, you have until December 31 to take your full distribution—or if you’re taking your first
We’ve received some questions lately regarding joint ownership of an annuity, and why it can’t be done in qualified accounts. Joint ownership of an annuity allows two individuals, usually spouses, to co-own a contract, ensuring income continues for the survivor. This offers security in that it provides income for two people while either is alive.
Joint and Why Not? Read More »
It is not surprising that the thought of retiring is overwhelming to many due to major life shifts. This could include financial uncertainty, loss of identity, and lack of structure. Studies show that high anxiety regarding outliving savings and maintaining one’s lifestyle is one of the more common reactions to anticipating retirement. We can help
Some clients have asked us what the difference is between having a life insurance policy that benefits their family, and having an annuity policy that has beneficiaries connected to it, in addition to the annuity having a specific death benefit feature. And that’s a good question, because it addresses the differences between each situation, even
Preparing for the Future Read More »
There is no one “ideal retirement.” But there are many ways to have a happy retirement if you have reflected on the choices you have, and what you are willing to leave to chance. The way you answer the following questions may help you decide what may need more thought before you begin your retirement:
We frequently write about longevity and how important it is to have savings we don’t outlive. And while we’ve always striven to give our clients options for products where the income stream continues no matter how long you live, we are still often asked for a ‘number’ so that can be ascribed to someone’s projected
