Withdrawals from traditional accounts are taxed normally, while Roth withdrawals are tax-free. The 4% rule suggests withdrawing 4% of savings in the first year and adjusting annually. Fixed-dollar withdrawals provide predictable income but may not protect against inflation, while fixed-percentage withdrawals vary based on portfolio. Systematic withdrawals preserve the principal but offer varying income. The … Read more
Your comfort in retirement depends on your ability to satisfy wants and needs. With more financial resources, you’re better prepared. But you might not need as much as you think. Retirees often leave the workforce with about $300,000 in retirement assets. The median household income for people aged 55 to 64 is about $134,000, according … Read more
No one opens and contributes to a workplace savings account like a 401(k) or a 403(b) expecting to need their hard-earned savings before retirement. Your 401(k) could be a way to get money if you need it and can’t get it from anywhere else. The key is to keep your eye on the long-term even … Read more
You’re not the only one who wants a comfortable retirement with a six-figure income. Many of us want to keep living the way we do now that we’re retired, and for many Americans, having around $100,000 a year in retirement income means financial freedom and security. But here’s the million-dollar question (or multimillion-dollar question): How … Read more
Are you torn between paying down your mortgage faster or building up your retirement nest egg? You’re not alone! This financial dilemma keeps many Canadian homeowners up at night, wondering if they’re making the right call with their hard-earned dollars. As a financial advisor who’s helped countless families navigate this exact question, I want to … Read more
Supplemental Security Income (SSI) is a federal program run by the Social Security Administration that helps people who are hard up financially. SSI was created in January 1974 to replace and consolidate three similar assistance programs. It provides relief to those who are blind, disabled, or age 65 and older and have minimal income and … Read more
The Quick Answer: Generally No, With Rare Exceptions Want to know if a trustee can just kick someone out of a trust? I’ll tell you the truth, and it might surprise you. In most cases, trustees cannot remove beneficiaries from a trust. However, this is not a power that comes with being a trustee. Trusts … Read more
Did you know that if you had $1 million in dollar bills, it would literally weigh a ton and take you about 12 days to count it all? No matter how you slice it, that’s a lot of money!. For a long time, a $1 million nest egg was the measure of retirement planning success. … Read more
Is There Really a Social Security Bonus? Here’s What You Need to Know When it comes to retirement planning, I’ve heard so many clients ask about the “Social Security bonus” they’ve seen mentioned online or heard about from friends. With rising costs of living and financial concerns, it’s no surprise that retirees and soon-to-be retirees … Read more
Discover the pros and cons of of using your pension tax-free lump sum to pay off your mortgage. Although interest rates have come down from the peaks seen a couple of years ago, they’re still significantly higher than previous lows. 1 With this in mind, using your pension tax-free lump sum to pay off your … Read more