Financial Planning

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.

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.

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.

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.

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

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.

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

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.

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.

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.

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.

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.