Pension plans are incredibly valuable retirement assets, but they can also be incredibly confusing. Cash balance plans are a fairly popular option for many modern-day pensions. We’d like to share the basics of what cash balance plans are and how to get the most out of them.

If your employer offers a cash balance plan, it’s important to know how these plans work so you can maximize your pension payout. We’ll discuss what a cash balance pension plan is and how it compares to other pension plans you may have heard about. We’ll also discuss how to integrate a pension with your other retirement assets and benefits.

Retirement isn’t an individual sport. It takes many key players and essential tools to make the most of your golden years. As the saying goes, “If you want to go fast, go alone. If you want to go far, go together.”

As we watch our beloved Kansas City Chiefs continue another great season, it’s important to understand what it really takes to make a great team. The Chiefs took a long-term approach to success when they signed a $503 Million, 10-year contract with Patrick Mahomes. They understood the value of keeping key teammates in place long-term.

Are your retirement assets in the right location? Asset location can be critical to saving money on taxes. Many people know about asset allocation or diversification, but there are a lot of nuances around what types of accounts are used for what assets.

The deliberate placement of your investments can be critical for your long-term success. Don’t assume everything is where it needs to be. As you move through different phases of retirement, you may also need to shift things to meet your needs.

There are many rising costs senior citizens have to contend with, but your property taxes might not be one of them anymore. We took a look at programs affecting the Kansas counties surrounding Kansas City to see how you can save on property taxes. The ability to “freeze” or lock in your current property tax costs using the Homestead Act is one potential option.

You may also be eligible for other programs to assist with your property tax bills. However, there are rules and restrictions to qualify. If you’re on the Missouri side of Kansas City, check out our article on Kansas City, Missouri programs.

Rising costs and running out of money are a huge worry for many retirees. However, moving forward, you may be eligible for a new “tax freeze” on your Missouri personal property bill. Every little bit helps!

You need to be aware of many different rules and procedures. It’s also important to note that not all counties in Missouri are implementing this new benefit. You’ll need to check your specific county to see what applies to you.

Annuities can be as confusing as any product on the market. However, they can be a handy tool for the right individuals. Don’t let all the ambiguous and confusing terms discourage you from learning about annuities.

A general understanding of how annuities work, the types of annuities available, and the tax implications is helpful. We’ll also analyze the costs and fees, how annuities can insure against longevity risk, and whether an annuity product might be right for you.

Running out of money is a real worry for retirees. However, you can reduce or eliminate worries around longevity risk in retirement. With careful planning, it might be easier than you think.

Regardless, we recommend planning for your retirement early and often. The longer you wait, the less options you have. So, what can you do to protect yourself from longevity risk?

The Tax Cuts and Jobs Act (TCJA) of 2017 significantly changed our tax landscape. However, most changes were temporary and set to expire or “sunset” at the end of 2025. This means some essential tax-saving tools may disappear.

In other words, time is running out to maximize particular tax savings – unless Congress takes action. We don’t know about you, but counting on Congress to do anything feels like a roll of the dice. We can take action now to set ourselves up for success regardless of what happens.

You can use your annual tax filing as a valuable feedback loop for tax-saving strategies. Many Americans are missing opportunities to learn more about their tax situation. These insights can help you build strategies to save on taxes throughout your lifetime – not just year to year.

The real goal in tax planning is to reduce your total tax bill using tools and strategies allowed by law. You want to pay all the taxes you owe, but you’re not trying to overpay either. Continually reevaluating and reassessing is the key to doing this.

Long-term care is an overlooked yet crucial piece of your retirement plan. It’s too late to make any major adjustments when you need long-term care. This is why proactively planning what care you want and how to pay for it is essential.

If you want access to specialty care, you’ll need to know what’s covered by insurance, estimated out-of-pocket expenses, and more. It’s also important to consider the impact of your care on loved ones. Long-term care planning can help you secure access to the care you want and avoid burdening your children.