Retirement Planning
Planning For A Secure Retirement
Today, a majority of your retirement income will likely depend on your own resources. More retirees than ever before receive benefits from Social Security and employer-sponsored retirement plans, but the role of these two sources of income is expected to decline in the future. Many employers are cutting back on retirement benefits or are no longer offering pension plans.
But, with some advance planning you can make your retirement more comfortable and a first step toward this objective is to begin planning in earnest – today.
The professional life insurance representatives of Security Mutual Life can assist in the planning process. Together, you will determine how much income is needed to maintain your current lifestyle in retirement, typically between 67% and 90% of your pre-retirement income, and review and analyze the four primary sources of retirement income: Social Security, employer-sponsored pension plans, Individual Retirement Accounts and personal investments. If a gap exists between what is needed and what is available, then a plan can be formulated to help put your financial house in order.
Retirement planning is the only way to estimate the amount of money you will require in retirement in order to maintain your desired lifestyle. Starting early to plan for your retirement will make a big difference later on.
To get an idea of just how much money you would have to save, starting today, to retire at your desired comfort level, try out our retirement planner.
Planning for Retirement
Episode 332 – Most Americans are very concerned with the adequacy of their retirement savings, and whether rising health care costs and inflation will adversely affect their retirement. Many are also concerned with the availability of Social Security. There are many resources and tools available to help you plan. Continue Reading Planning for Retirement
Understanding Opportunity Cost
Episode 331 – Opportunity cost is an often-overlooked factor that has an effect on every financial decision you make. Understanding this concept can have a significant impact on how you approach even the most basic of financial decisions. Continue Reading Understanding Opportunity Cost
New Challenges for a Long Retirement
Episode 330 – The prospect of increased longevity should make all of us smile, but it creates issues that prior generations rarely had to face. Are you ready to deal with the consequences? Continue Reading New Challenges for a Long Retirement
Debunking Common Myths About Retirement
Episode 329 – With retirement planning, as with most financial principles, every situation is different. That said, we all need a few guidelines to see if we are going in the right direction. But these basic ideas evolve over time as demographics, life expectancy, tax laws and available products all change. Here are a few ideas that could use a good debunking. Continue Reading Debunking Common Myths About Retirement
Millennials, Gen X and Gen Z Need to Prepare for Retirement Now Revisited
Episode 297 – Whether you’re hoping to achieve financial independence and retire early as part of the FIRE movement or later, Millennials and members of Gen Z and Gen X need to prepare for retirement now. Continue Reading Millennials, Gen X and Gen Z Need to Prepare for Retirement Now Revisited
IRS Delays RMD Rules Again
Episode 282 – The IRS, again, provides relief to individuals who inherited traditional IRAs and waives 2024 required minimum distributions for IRAs inherited in 2020 or later.
Continue Reading IRS Delays RMD Rules Again
Is Phased Retirement Right for You?
Episode 274 – Recent trends indicate that the concept of phased retirement is becoming more popular. Is it right for you? Continue Reading Is Phased Retirement Right for You?
Study Indicates that Half of Older Americans May Unretire
Episode 266 – Is early retirement a realistic goal for many people? A new study indicates that half of older Americans are considering either returning to the workforce or staying employed longer than they first planned. Continue Reading Study Indicates that Half of Older Americans May Unretire
Are Millennials Better Prepared for Retirement Than Baby Boomers and Generation X?
Episode 254 – Which generation—baby boomers, gen X or millennials—is better prepared for retirement? The answer may surprise you. Continue Reading Are Millennials Better Prepared for Retirement Than Baby Boomers and Generation X?
Are Roth Conversions Right for Everyone?
Episode 252 – We’ve been bombarded by mass media touting the benefits of doing a Roth conversion, but they may not be right for everyone. Continue Reading Are Roth Conversions Right for Everyone?