Do you need to take your Required Minimum Distribution (RMD) from each separate account or can you take the total RMD from just one account? This is a common question that we get from people who are planning in retirement, but the answer will depend on a few different factors.
Tag: income planning
If you’re getting close to retirement, you might have wondered whether you should start collecting Social Security when you retire. Should you be preparing now to turn it on the month after you reach retirement?
Social Security is a huge decision for retirement and we often see couples make a big mistake about when to claim their benefits. Most people base their claiming strategy around a longevity calculation but couples have an additional factor that they need to be considering.
3 retirement decisions that you can’t change. Avoid regret & mistakes, consider the necessary factors first!
In this video, we’ll make you aware of the three retirement decisions that you can’t change. What you decide to do with each of these is irreversible, and making a wrong, lifetime decision could potentially impact your lifestyle, income, and your savings.
More and more people are ready to retire so it’s not uncommon for someone to ask us if they can retire next year. That’s not an easy question to answer on the surface, but if you’re able to solve for this one thing first, it will help you know if you’re ready to retire.
In this video, we will discuss whether it’s better to contribute to a traditional 401k or a Roth 401k when you’re in your 60s by talking about the factors you need to consider.
In this video, we’ll help you get a better idea of how you can determine whether your taxes will be higher or lower in retirement. We’ll also tell you why paying attention to these savings contributions now could potentially help you save thousands of dollars later on.
Should I claim Social Security at age 67 or 70? This is a discussion we have with clients all the time and it’s critical because Social Security will likely make up a large portion of your retirement income. Knowing whether to claim it at age 67 or waiting until 70 could have a big impact so we want to give it a lot of thought.
Without that steady income stream from work, people most commonly rely on their investments. Depending on where you’ve been saving, your money will likely come out of an IRA or a 401(k) and those withdraws will be subject to tax. Based on the amount of debt our country is facing right now, where do you think taxes are going in the future?
Your 401k is likely your biggest savings tool for retirement and depending on how you manage it could be the difference in retiring early, retiring on time, or having to work a few years longer.