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Financial Planning

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Weekend Reading: 7 Year-End Wealth Moves

A New Year is upon us, but before 2021 comes to a close, there are some ways to set yourself up for financial success into 2022 and beyond, especially in the realm of tax planning.

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Weekend Reading: Adjusting Monte Carlo Success Thresholds by Tolerance for Spending Volatility

If you had a crystal ball, retirement planning would be much less complicated. Unfortunately, no such thing exists, but there is one thing you can do, which is stress test your portfolio.

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Weekend Reading: Congress Has a New Plan to Fix Social Security – How It Would Change Benefits

If you haven’t heard, Social Security trustees now state benefits will deplete to 78 percent in 2033 if no action is taken. As a result, Democrats are attempting to find a fix that both parties can agree on.

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Weekend Reading: Retiring in Uncertain Times? Try the Bucket Strategy!

You need your nest egg to last the rest of your life, and one way to help make that happen is via an approach called the “bucket strategy”. Here, your savings are divided into three areas – or buckets – and this article explains the purpose of each one.

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Weekend Reading: The Good News for Upcoming Retirees

Today’s retirees may be unable to match the portfolio-withdrawal rates of those before them, but their amount in assets appears much larger.

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Weekend Reading: 6 Things You Can Do Right Now to Ensure Your Money Will Last in Retirement

Retirement could be the biggest transition you make in life, not to mention the most expensive. At Howard Bailey, we don’t take this lightly, which is why we developed a process.

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Weekend Reading: The Power of Health Savings Accounts for Retirement Planning

Do you have a Health Savings Account (HSA)? If so, it’s time to ensure you’re truly maximizing its benefits for retirement.

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Weekend Reading: 6 Proven Retirement Income Planning Strategies Beginning at Age 62

Within your retirement planning journey, age 62 is the beginning of a crucial transition. If you haven’t already, it’s here you begin to shift your mindset from asset-building to accumulation.

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Weekend Reading: 5 Ways to Pay Long-Term Care in Retirement

Much like many other areas in the health care world, the cost of long-term care (LTC) is rising. According to a recent study by the U.S. Department of Health and Human Services, more than one in four retirees will need LTC at some point in their life, costing more than $100,000.

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Weekend Reading: Here Are the Changes That Could Be Coming to Your Social Security Benefits

Rumors of Social Security going bankrupt often swarm the financial world. However, in reality, benefits are set to decrease to 78 percent (in 2034 to be exact), and lawmakers will more than likely step in and make a move far before then.

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Weekend Reading: What You Need to Know About the Confusing Roth IRA Five-Year Rule

If you’re considering converting your traditional retirement account to a Roth IRA, there are tax considerations within the “Five-Year Rule” to be aware of.

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Weekend Reading: Why You Should Be Skeptical of Inflation Panic

Inflation fear is still surging across national media, and for retirees in particular, it’s easy to see why. In some instances, inflation can pose one of the biggest pitfalls to your lifelong savings, so if you’re feeling the panic, this is your signal to pause.