This post was last updated on January 08, 2025, to reflect all updated information and best serve your needs.
It seems like Roth conversions are all the rage, but are they really the right thing for you? There are many potential benefits, but there are some trade-offs to consider as well. The decision to use a Roth conversion incorporates a much longer timeline than many other tax-saving strategies.
Earning a pension is a feat all to itself. Maintaining the security of your pension becomes even more important once you enter retirement. Luckily, there are programs like the Pension Benefit Guaranty Corporation (PBGC) looking out for your pension as well.
Although the name can be misleading, the PBGC is ran by the federal government to ensure retirement security for pensioners. There are laws governing what benefits you might receive if your covered pension fails. This could be another consideration for whether you should take a lump sum instead of a pension.
This post was last updated on January 07, 2025, to reflect all updated information and best serve your needs.
Although defined benefit plans (pensions) are less common today, many people will still rely on them for retirement. There are some very specific rules governing how these plans are calculated for payout either over the course of retirement or in a lump sum.
Setting your date to retire can be one of the most stressful decisions you’ll ever make. Maybe you’ve been anticipating this day for a long time - or dreading it. Retirement means different things to different people, but no matter what, you still need to prepare.
Let’s talk about the five things that you need to consider: what you are retiring to, current income versus retirement income, current expenses versus retirement expenses, having enough resources (money), and changes to your plan.
This post was last updated on January 07, 2025, to reflect all updated information and best serve your needs.
If you’re required to take Required Minimum Distributions (RMDs), then knowing your options is important. Qualified Charitable Distributions (QCDs) are a useful tool to keep in mind.
The safety of your money is important when working with a financial planner for the first time. You worked hard to save for retirement. Protecting your assets may be why you’re hiring a financial planner in the first place.
The type of financial planning professional, compensation models, business structures, and legal protections are all important considerations. Not all firms manage investments the same - some don’t manage investments at all.
Deciding on when to draw Social Security based on only one or two factors could be a huge mistake. As you approach retirement, your financial life doesn’t necessarily become less complicated. In some ways it gets even more complex.
It may seem like making the right decision is pretty straightforward. However, once you include all the different income, tax, and lifestyle variables, it isn’t that easy. At NextGen Wealth, we help guide you through these decisions in a deliberate and methodical approach.
Retiring early might sound nice, but not if you’re forced into it! If you are forced to retire sooner than you planned, you’ll need to prepare yourself for your next chapter a bit abruptly. You may not have saved as much money as you had hoped, or this may mean smaller dreams for you.
Regardless of what forced you to retire early, there are steps you can take to improve your financial position. Let’s talk about what you need to consider if you find yourself in this situation.
This post was last updated on December 30, 2022, to reflect all updated information and best serve your needs.
Deciding when to draw social security benefits is one of the most important decisions you will make as a retiree. Careful consideration of your specific situation and goals is a must. Don’t wait until you’re eligible to make these important decisions.
This post was last updated on January 06, 2025, to reflect all updated information and best serve your needs.
Understanding when capital gains can push you into a higher tax bracket is very important. The final step of investing success is keeping your hard-earned cash where it belongs – in your bank account!
When you start thinking about how Medicare will cover your health care needs, you should consider making one major decision. That decision will be whether you choose to enroll in federally run Original Medicare or go for a private insurance alternative.
Most people overall are satisfied with their plan of Original Medicare, besides the unpredictable out-of-pocket costs, as well as not having dental and vision care coverage. However, Private Medicare plans provide solutions to these issues and many other benefits.
One of the most expensive things for retirees to have to deal with is healthcare. Healthcare is not cheap. In fact, it seems to get more expensive every year.
Yet, in retirement, most of us are saddled with the less than 70% income we were making before retirement. So, how does one still afford healthcare in retirement?
This post was last updated on January 03, 2025, to reflect all updated information and best serve your needs.
You may have spent your whole life working towards retirement. However, as you get closer to retirement, there are so many feelings and doubts that can creep in and cause you stress. There’s no need to worry – as long as you have a plan.
This post was last updated on January 02, 2025, to reflect all updated information and best serve your needs.
Retirees who work with a financial advisor are happier and more confident – in their finances and in life. Many of us have concerns about money. So, it makes sense that getting expert help would increase happiness by reducing financial stress.
The right financial planner does so much more than just help you with a 401k rollover. A true expert takes the time to get to know you and craft a detailed, thought-out plan around your hopes and dreams. The process should center around you, not your money.
This post was last updated on December 31, 2022, to reflect all updated information and best serve your needs.
If you’re concerned about whether or not you will have enough money in retirement, you should be. Research has shown that men and women are living longer, which means we could well have a good 30 years of life left in retirement.
This post was last updated on January 03, 2025, to reflect all updated information and best serve your needs.
Proper planning is crucial to ensure a smooth transition into a fulfilling retirement lifestyle. However, it can be really intimidating when you first get started. You aren’t the first person to retire, so you can draw on the experience of others who’ve walked this path.
This post was last updated on January 02, 2025, to reflect all updated information and best serve your needs.
For some people, the “traditional” idea of retirement just doesn’t fit their lifestyle. The idea of never working again, going to the golf course every day, and just lounging around doesn’t sound very appealing. Luckily, you can craft what retirement will look like for you – even if you don’t really retire.
Medicare is an important coverage that provides security to the majority of Americans. Medicare Open Enrollment is the time when you can change your Medicare coverage for the next year, and includes Part D prescription drug coverage.
You may think that you know all about Medicare open enrollment because it happens every year. But this year is a little different from last year. Here are some ways to prepare for Medicare open enrollment for 2022 so you have a better idea of what to expect.
You weren’t expecting to retire at this time, but life has happened. Circumstances beyond your control have left you with little option other than retirement (forced or not), so you’re probably a little scared and unprepared.
Maybe it’s a medical situation, or you have to take care of a loved one, or maybe you were simply forced out/downsized. Whatever the reason, here are things you can do to help you plan for retirement when you weren’t expecting it.
You’ve probably heard the term “Consumer Confidence” before, likely reported on your local news broadcast or business channel. Maybe you’ve heard of the “Consumer Confidence Index” and wondered if those two terms were the same thing, or something different.
Either way, you’ve probably noticed that these terms are discussed quite often, and seem to matter a great deal to some people. While these terms are related, they are not exactly the same.
