Many investors need help improving their financial knowledge. They’ve got questions, most with a financial planning angle. A common theme: How can I best prepare for retirement and beyond?
We’re here to help. Below are some of the topics folks are asking about … and a couple others that are related which you should keep in mind. Even better, we have live links for you to click through for more comprehensive coverage of each topic, including targeted special reports and checklists. All of these will help improve your financial knowledge.
Retirement Topics
Are You Prepared for Required Minimum Distributions? … The SECURE Act 2.0, which passed in the final days of 2022 and stands for Setting Every Community Up for Retirement Enhancement, is the most significant retirement-related law seen since the initial passage of the SECURE Act in 2019.
One noteworthy change which will affect many retirees with a standard retirement account like an IRA or 401(k) is that the age of Required Minimum Distributions has been raised from 72 to 73, with a provision that then raises the age to 75 after 2033.
Even though it implies retirees can have more time for their savings to accumulate without taxation, they should not underestimate the eventual impact of RMDs on their tax
liability and retirement savings.
https://assetstrategy.com/financial-guides/
Five Ways to Stay Confident in Retirement … Key topics: Your Costs, Manage Debt, Forecast Income, Build Your Savings, and Continue Working. Only you know what a fulfilling retirement means to you, and today is the perfect time to take steps toward the life you envision. By calculating your costs, getting ahead of your savings, and working with a professional, you may set yourself up to retire comfortably and confidently. http://tinyurl.com/29app9fp
Estate Planning
Legacy & Estate Planning (Understanding the Basics) … Estate planning is an essential part of retirement planning for many reasons. You’ve worked hard for your money and want to see your children and grandchildren benefit. You also want to see it passed down in the most efficient way possible.
Unfortunately, costly mistakes are easy to make, from forgetting to name a beneficiary on your retirement account to not updating your estate plan over time. It’s not just billionaires that need to have solid estate plans. It is anyone who wants their wishes to be honored after their passing.
Since your estate and legacy plan is a part of your overall retirement strategy, it is important to discuss how you plan to transfer your wealth before you pass with your trusted financial professional. However, your legacy is not just about increasing the financial wealth you hope to pass on to future generations. It also involves preparing your family for the wealth they may receive and understanding what wealth means to individual family members and to the entire family. Learn about the basics of estate planning and what you should consider when creating yours. https://assetstrategy.com/financial-guides/
Estate Planning Checklist … https://www.moneyletter.com/guides/
Insurance
Life Insurance: The Facts of Life … You might think life insurance can be complicated. But even a basic understanding of what it is and how it works can make a big difference in finding the product that meets your needs. Click here to get to the facts. http://tinyurl.com/svk53zfc
Spending Your Retirement Savings While Leaving a Legacy (Tax-Free) … Retirement is one of the most rewarding periods of your life and you deserve to enjoy your senior years after decades of hard work and saving. For many individuals, however, retirement is a cause for concern, particularly with money. According to a CNBC report, money is the biggest source of stress for about 73% of Americans. In theory, money stress should go away after you’ve saved enough and started the distribution phase. The desire to leave a legacy for your spouse or heirs, on the other hand, might lead to a conservative retirement in which money remains a significant concern. You want to be able to enjoy retirement and spend money as you please, while also being able to leave money for your spouse or heirs. Click here for an important option. http://tinyurl.com/mw6mmx52
A Short Introduction to Long-Term Care … Americans today are living longer than in the past. In 1950, life expectancy for Americans was 68 years old, and in 2023, it was nearly 80. Of course, many people live to be older than that. In fact, the Census Bureau estimates that by 2050, Americans 90 and older will make up 10% of the population. A longer, healthier life is certainly a blessing, but it comes with extra costs that are important to consider when creating a retirement plan. https://assetstrategy.com/financial-guides/