While both projected and guaranteed retirement plans provide financial stability during retirement, they each have distinct advantages and drawbacks. A projected plan, such as a 401(k), relies on market performance to determine the amount of funds available for the retiree. This can be risky, as there is no guarantee of how much money will be […]
What is retirement planning?
Retirement planning is figuring out how much money you will need to have saved up when you retire so that you can live comfortably. It involves estimating how long you will live and how much money you will need each year to cover your expenses.
Learn more about retirement planning from our financial advisors below.
It’s no secret that saving for retirement can be a challenge. Between the rising cost of living and the uncertainty of the future, it can be challenging to set aside enough money to ensure a comfortable retirement. However, employees using 401(k), 403(b), most 457 plans, or the Thrift Savings Plan will be happy to know […]
A recent study found that nearly two-thirds of Americans have no idea how they will pay for their healthcare costs in retirement. This is a startling statistic, considering that health care is one of the retirees’ most significant expenses. While Medicare does cover some costs, it doesn’t cover everything, and many seniors face substantial out-of-pocket […]
Like most people, you probably want to have a comfortable retirement. That means having ample money to cover your costs without worrying about running out. One of the best ways to get this done is by securing a guaranteed lifetime income. This is income paid to you for the rest of your life, with protection […]
There’s no denying that retirement planning is a complex topic. There are many moving parts and pieces to consider, from Social Security and Medicare to investment strategy and estate planning. It can be difficult to know where to start or even where to turn for help. An excellent way to ensure that you are making […]
It’s no secret that retirement planning is often neglected, especially by young adults. However, a new study has found that the problem is particularly acute for women. According to the US Census Bureau, about 50% of women ages 55 to 66 have no personal retirement savings, compared to 47% of men. The gender gap persists […]
Suppose you don’t have enough saved for retirement. Research shows that the average American has $95,776 saved for retirement, and 1 in 3 Americans have no retirement savings. If this sounds like your situation, you might consider several options, including working during retirement, downsizing your home, or delaying your Social Security benefits. You should also […]
Cost of living adjustments (COLAs) are meant to help ensure that Social Security benefits keep up with inflation. However, several factors can affect how well COLAs actually achieve this goal. One issue is the way that inflation is measured. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is the most commonly […]
When it comes to life insurance, there are two main types: term and permanent. Permanent life insurance is a bit more complex than term, so it’s essential to understand what it is before you decide which is the right choice. This article will discuss what permanent life insurance is and how it works. What are […]
Annuities have long had a place in money management and estate planning. During the Middle Ages, feudal barons and kings issued annuities to cover the high costs of near-constant warfare or reward their loyal soldiers. Over the years, annuities have evolved and have been used for many reasons. Income, savings, and safety are reasons annuities […]