The Retirement COLLAB Blog

Receiving an inherited IRA is a significant and emotional event. Sadly, inheriting a retirement account means someone close to you has passed away. The last thing anyone wants to think about is having to avoid tax penalties on the account they inherited, but it’s a real concern.

Unfortunately, the IRS has created additional considerations you must navigate on top of grieving the loss of a loved one. If you ignore the rules for inherited IRAs, you could end up with a major tax issue. To complicate this further, the rules have been left to interpretation for some time.

Supplying the greater Kansas City area with the city’s energy needs is no easy feat. However, Evergy employees must take time off their demanding jobs and invest in their retirement planning.

Smart Evergy employees know how to maximize their benefits to make the most of their working years while building the retirement lifestyle of their dreams. Let's see how to make your retirement dreams a reality.

Choosing between a lump sum or annuity payout is one of the largest decisions an Evergy retiree will make. Evergy has many pension payout options, but which one is best for you? A lump sum payout is an option for all the different pension programs under the Evergy umbrella.

It’s important to know exactly what options you have and what you can or can’t control regarding a lump sum payout. Doing your research and really thinking through your options is absolutely necessary.

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?