Category: Retirement Planning
-
Retirement planning is typically a long-term endeavor—building wealth over decades. But what if life takes an unexpected turn, or you reach financial independence earlier than planned? Accessing retirement funds before the standard age can feel like navigating a maze of penalties and complex regulations. In this guide, we’ll explore three key IRS provisions: The Rule…
-
Part 1: Why Retirement Readiness Isn’t About Net Worth Most people believe retirement readiness means reaching a magic number. $1 million. $2 million. “Enough.” In truth, net worth is a poor predictor of retirement success. Two households with identical assets can experience completely different retirements based on income sources, taxes, and timing. Retirement isn’t funded…
-
You’ve mastered the basics. You’re maxing out your 401(k), you’ve got a healthy Roth IRA, and your Health Savings Account (HSA) is humming along. You’re doing everything “right,” but you’re left wondering: What’s next? For high-earning professionals, especially those with a side business, this is the critical frontier of financial planning. The standard advice no…
-
For many, retirement planning involves managing a 401(k) and Social Security. But for small business owners, the picture is far more complex. You’re not just saving for the future; you’re also reinvesting in your business, managing variable income, and navigating a unique set of tax rules. The Scenario: A Dual-Income Household with a Business Michael,…
-
When it comes to retirement planning, we spend decades focused on one number: our savings goal. We chase the magic $1 million, $2 million, or more. But what happens when you get there? Many retirees make a costly assumption: that the hard work is over. They believe that as long as they follow a “safe”…
-
You’ve spent decades diligently saving for retirement. You’ve built a well-diversified portfolio spread across different accounts. But when it comes time to flip the switch from saving to spending, a critical question arises: What’s the smartest way to actually take the money out? Many people focus solely on how much to withdraw (the famous 4%…
-
Imagine this: you’ve worked for decades, your retirement date is finally on the horizon, and you have a solid nest egg. But there’s a puzzle to solve. You plan to delay claiming Social Security to maximize your benefit, creating a “gap” of several years between your last paycheck and your first government check. This is…
-
If you’re a high earner, a savvy saver, or someone staring down a large tax-deferred retirement account, you may have felt locked out of the incredible benefits of a Roth IRA. With its tax-free growth and tax-free withdrawals in retirement, the Roth is a powerful wealth-building tool. But what if there were secret passages—”backdoors”—to get…
-
The retirement landscape is constantly shifting. Whether you’re five years away or already enjoying your post-career life, new challenges and opportunities are always emerging. Let’s tackle some of the most current and pressing questions on the minds of today’s retirees and soon-to-be retirees. 1. The “Sequence of Returns” Risk: How Do I Protect My Nest…
-
1. What Is a Roth Conversion? A Roth conversion is a financial strategy that allows you to move money from a Traditional IRA or other pre-tax retirement accounts into a Roth IRA. When you do this, you pay income taxes on the amount converted, but once the funds are in the Roth IRA, they grow…