"Those within 5-10 years of retirement need to get serious about money management and planning, or face possible failure." - Angie Politarhos While it's always worth checking in on your finances from time to time, it's especially critical as more of the economic upheaval created by the COVID-19 pandemic is gradually revealed. Resetting your finances [...]
"Medicare planning is a complicated and confusing process. Be sure you understand all of this benefit's nuances and can separate fact from fiction." Brad Rhodes Medicare is an essential element of any successful retirement. Yet, it is often poorly understood. In my capacity as a Medicare planner, I am continually astounded by how many false [...]
You’ve contributed to Medicare your entire life. Now it’s time to claim the benefits you have earned, right? As convenient as that would be, the answer is not so clear. Medicare is government-subsidized health insurance for those age 65 and above and specific individuals on disability. Not all of Medicare is free. Let’s take a [...]
"Multiple surveys of today's seniors point to health and wellness as a top concern in retirement. A majority of respondents over 50 cite good health as the key to a happy and prosperous life after work."- Angie Politarhos. As Gen Xers and Millennials move into planning their post-career lives, there has been a shift in [...]
The devastating effects or living too long (the longevity crisis) and not having enough funds to maintain an anticipated quality of retirement is a real concern. LIMRA reports: The average life expectancy for a person who reaches the age of 65 is 83 for males, 86 for females. LIMRA purports that the proper way to interpret these statistics is to assume half of all males who reach age 65 will live past 83 and half of the females who reach that age will live past 86. Half of all couples who reach age 65 will have one partner hit 90.
There are rules which can be followed to allow pre-mature access to your 401(k) account. A 401(k) was created by congress to allow workers to accumulate funds for retirement on a pre-tax basis. Eventually he taxes will need to be paid on your 401(k) retirement plan. Accessing the funds should be done with planning and with the goal of using them for retirement income. Life being full of uncertainty, the funds in your 401(k) can be assessed for other reasons; with that access can come unwanted or excessive taxation and penalty. Make sure you fully understand your options before taking action.