Moving from the accumulation to the distribution phase of life has some challenges. It's hard to go from seeing your account balances grow year-by-year to having them shrink year-by-year as retirement progresses. Ideally, you will live on just the gains and interest, but many retirees will need to draw their accounts down systematically over time to make everything work. That can feel disconcerting, especially when you're used to growing account balances. Many retirees will compensate … [Read more...]
3 Reasons the Lump Can Be Better Than the Pension
Although company pensions are going the way of the dinosaur, you may still be in a position to choose between taking a lump sum or a monthly stream of income from your pension. Deciding between these two is not always straightforward. There are many factors that go into determining which may be better for you. I have an opinion that the lump sum has some hidden advantages that many overlook. The first is flexibility. Once you have received a lump sum, you can decide where each and every … [Read more...]
New Online Minicourse – Buckets Approach to Retirement
New Online Minicourse - Buckets Approach to Retirement I believe in making decision-making simple and straightforward. I think the “Buckets Approach to Retirement Planning” makes life much more simple when determining where to put money and how to evaluate the dizzying number of options. I made my recent video series into a minicourse that can be viewed for free by anyone. If you haven't seen the video series yet, I encourage you to do so. And if you know someone who could benefit … [Read more...]
New Course – Using Housing Wealth to Improve Retirement Outcomes
Did you know that 70% of a retirees wealth is inside their home and only 3% of those retirees ever make use of it to improve their retirement outcomes? I've had enough conversations with retirees to know that the reverse mortgage is a hot topic and one in which others are not ambivalent. Dave Ramsey has his opinions… Susie Orman has her opinions… But what are the facts that trump opinions? In this enlightening video series, a collaboration with reverse mortgage expert Janice Cohen, we … [Read more...]
The impact of taxes in retirement
Where do you think tax rates are going in the future? I don't think I've ever spoken with somebody who thinks that tax rates will be going down, and I would agree with them. Have you seen https://usdebtclock.org/ recently? It shows the total amount of the national debt in real time, but more fascinating to me shows the total amount of the unfunded liabilities that the government has when it considers both Medicare and Social Security. Although the US national debt stands at $20 … [Read more...]
What if I don’t have enough to retire?
If you're like most people, you've never lived on a budget. For most, the term or concept "budget" is constricting. It's an outside force telling me what I can and can't do. The reality is a budget is simply telling your money what to do and where to go. It's proactively being in control rather than being controlled by your money. You can call it whatever you want… ultimately it's just a plan. So, do you need a budget in retirement? The reality is cash flow control is a must in … [Read more...]
How much is enough?
Can you imagine how frustrating it would be to run a race where you didn't know where the finish line was or when it was going to come? Have you ever thought about setting a "finish line" in your finances? What does that mean and what are its advantages? If you have more than you need, consider that the "extra" might be for someone else. We live as the top 1% in the world in regard to wealth and comfort. Isn't it funny, though, how each of us still feels like we want/need more? If … [Read more...]
What happens to my accounts when I die?
Have you ever wondered what happens to all your accounts when you die? I mean… who gets it, legally? In today's article will discuss the different ways in which we pass things that we own on… Either intentionally or unintentionally. Accounts such as bank and investment accounts pass on based upon how they are titled or registered. IRA. 401(k), Annuity accounts: These accounts will pass according to the beneficiary designation elected. It is important to review all these accounts to … [Read more...]
New online Medicare module available!
Medicare and Social Security go hand in hand...but they are such different knowledge sets. Although I am a National Social Security Advisor, I have always looked to my colleague Paul Davis as the Medicare expert. Recently he agreed to create a bonus module on Medicare for our online “Maximizing Social Security” course. I’d love for you to have free access to it. Just click on the link below to enroll: https://stewardshipsolution.thinkific.com/ Once inside, scroll down to the … [Read more...]
New Online Course – “Ready 2 Retire”!
The ultimate question for the retiree is, "How much is enough for retirement?" There is an answer, unique to each individual and couple, and it can be discovered for maximum retirement peace of mind. That is why I am extremely excited about the new release of our online course "Ready 2 Retire"! In it, I reveal a simple and straightforward retirement planning process that will help you quantify how much is enough. You will: 1. Maximize Income 2. Optimize Assets 3. Minimize … [Read more...]
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