The Power of Saving for Retirement as a Young Adult

By |2023-10-05T10:19:30-04:00October 1st, 2023|CERTIFIED FINANCIAL PLANNER™, Retirement Planning|

If you’re like many young adults who’ve recently entered the workforce, you may view retirement as a distant dream. Regardless of how far away retirement may seem, the investments and financial choices you make early in your career may be more impactful on retirement savings than you think. And if you're worried about how much you'll have to contribute, this is all the more reason to start saving early - while time is on your side for compound returns and tax [...]

How Much Do I Need for Retirement?

By |2023-10-05T10:29:04-04:00September 30th, 2023|Retirement Planning|

A common question individuals have is, "How much do I need for retirement?" While there is no one-size-fits-all answer, some analysis and planning can help you lay the groundwork for your specific retirement goals. Personalizing Your Retirement Planning Asking yourself the following questions may help you estimate how much you need to save to live comfortably within your desired lifestyle. Do you want to travel frequently in retirement, which can be costly, or do you want to maintain your current lifestyle? [...]

Do I Need Life Insurance in Retirement?

By |2023-10-05T10:06:53-04:00September 22nd, 2023|Retirement Planning|

A common question retirees have is, “Do I need life insurance in retirement?” For many, the answer is no. However, just as you had your unique financial journey to retire, you’ll have your own journey throughout retirement to create a lasting legacy. That’s why you should consider your financial situation and goals before pulling the plug on your life insurance plan. Types of Life Insurance Typically, the purpose of life insurance is to cover any lost income when the policyholder passes [...]

What to Know About In-Service Withdrawal Rules for 401(k) Plans

By |2023-08-08T17:22:58-04:00July 24th, 2023|Retirement Planning|

It can be tempting to use your 401(k) to cover costs from unexpected life events. However, withdrawing funds early from your 401(k) plan can lead to penalties or tax consequences if withdrawn before age 59 and ½. Understanding the in-service withdrawal rules for 401(k) plans can help prevent year-end surprises and give you the confidence to make a well-informed financial decision when needed most. Tax Implications to Know Funds generally grow tax-free in 401(k) plans until the money is withdrawn, typically [...]

Required Minimum Distribution (RMD) for IRAs

By |2023-07-16T21:15:07-04:00July 16th, 2023|Retirement Planning|

Understanding RMDs for IRAs If understanding the intricacies of Individual Retirement Plans (IRAs) has left you scratching your head, you’re not alone. According to a 2019 study from the LIMRA Secure Retirement Institute, only 34% of Americans believe they are knowledgeable about IRAs. Lacking an understanding of IRA processes, like required minimum distributions (RMD), can lead to preventable tax penalties or even keep individuals from utilizing IRAs as a retirement resource. When it comes to understanding IRAs, this comprehensive look into [...]

Spousal Benefits for Social Security and Retirement Planning

By |2023-07-06T21:34:26-04:00July 6th, 2023|Retirement Planning|

When it comes to planning for a long, fruitful retirement, it's essential to understand Social Security benefits. Social Security benefits are not only available to spouses who work outside the house. Spouses who work inside the home by raising families or performing other fundamental tasks are entitled to benefits based upon their spouse's primary insurance benefits. Understanding how spousal benefits for Social Security work and how they’re calculated can help you plan for a bright and fulfilling retirement. Qualifying for Social [...]

Michigan Financial Advisor Explains Social Security Benefits for Widows

By |2023-07-06T21:03:33-04:00July 6th, 2023|Retirement Planning|

Losing a loved one often creates a unique set of emotional and financial challenges for the survivor. Survivor benefits were created to allow the survivor to continue receiving the Social Security income of the retired decedents within various circumstances. According to a U.S. Census Bureau Survey in 2014, more widows navigate these circumstances, with 54% of women aged 75 and up being widowed compared to 19.5% of men being widowers. Understanding Social Security benefits for widows can help surviving spouses plan [...]

IRA Rollover Rules for 2023 and What They Mean for Your Retirement Plan

By |2023-07-06T21:02:32-04:00June 30th, 2023|Retirement Planning|

Retirement Plan holders who take a distribution before 59 ½ are typically subject to tax penalties for withdrawing those funds. But what if you leave your job and need to move your 401(k), or what if you find a higher interest-bearing retirement account than your current plan holder offers? Understanding the IRA rollover rules for 2023 can help you streamline the process of transferring those funds and avoid tax penalties that can otherwise affect your nest egg. How Do Rollovers Work? [...]

Secure Act 2.0 Legislation Empowers Michigan Retirees

By |2023-08-10T21:30:59-04:00June 16th, 2023|Retirement Planning|

When it comes to saving and preparing for retirement, many Americans find themselves needing help. Studies show that the retirement income gap is steep enough that if it continues at its current trajectory, six major economies will outlive their savings by eight to twenty years. That’s why policymakers revamped the SECURE Act of 2019 to empower individuals to reach their savings goals. Here’s everything you need to know about the Secure Act 2.0 legislation and how it can provide more flexibility [...]

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