As you approach your 50s, you should be mindful of significant retirement milestones that are associated with your age. Below is our guide to the dates and associated rules you should plan for in retirement.
The Tax Cuts and Jobs Act passed in December 2017 and went into effect for the tax year of 2018. We have had over nine months to study the new law, and we thought it was time to share how it is going to affect the majority of hardworking, everyday Americans.
The one thing we find in common with most of our transitioning retiree clients is that they hate their job. I think it’s mostly burnout or retirementitis (similar to senioritis from high school). Most of the time it has to do with the fact that they have been working the same job for the past 20-plus years!
This dislike for their current position leads people to retire sometime in their early to mid-60s.
The problem with retiring that early is, when retired, most people will have a fixed income (meaning a paycheck you can count on) from one source, Social Security. Outside of a Social Security check, when retired, most people rely on their retirement accounts and savings to make ends meet.
Did you know that your home is probably your largest retirement asset?
If you have spent your working life as a homeowner in Southern California, you probably have built up significant equity in your home. As you approach your early 60s and you’re getting ready to retire, what should you do with your home?
Is it smart to stay put and leave your home to your kids? Does it make sense to downsize or move out of state? Finally, what if you don’t have significant retirement assets—is it wise to do a reserve mortgage?
Whenever I’m at a party with strangers, the inevitable “What do you do for a living?” question comes up. When I say I’m a financial advisor (or financial planner), the next question is always “What’s a good stock I should buy?” Or, “Do you like Tesla and Netflix stock?”
These questions are great, but I’m not in the stock tip business. Instead, I like asking my new acquaintances some personal finance questions to see if it even makes sense for them to invest in individual stocks.
Have you grown sick and tired of the interest on your savings account amounting to pennies every year?
If your answer is “yes,” then you most likely have a savings account with an old-school traditional bank like Chase, Bank of America, or Wells Fargo. There, savings accounts have been paying interest at a rate of 0.01% to 0.05% since the financial crisis of 2008.
I always get asked questions like “How should I invest my 401(k)?”
These questions have become the norm over the last five years, as most of my friends and family know that I’m a financial planner who helps people prepare for retirement.
I decided it would be best to detail the most critical ingredients in building a killer 401(k) portfolio.
As you approach your late 50s and early 60s, the reality sets in that in the next 10 years you will be retiring. You’re scared and nervous. But you know the clock is ticking, and it’s time to leap into retirement.
As a parent, it’s a proud moment when your child gets accepted into college. You’ve watched your child work hard throughout high school, and now they’ve been rewarded with admission to an expensive private university!
Most entrepreneurs start a business to get away from the 9-to-5 grind of a corporation. Your early focus is on survival as you try to generate as much revenue as possible. Hopefully, at the end of the year, your business is profitable enough that you can take home an income similar to or more significant than what you were making at your corporate job.