Category: Loving Retirement
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Are my Social Security benefits subject to income tax?
A portion of your benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half your Social Security benefits, exceeds specific limits. Your MAGI equals: Up to 50 percent of your Social Security benefits may be subject to income tax if your combined income (MAGI plus one-half your Social Security…
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Optimizing Your Social Security Retirement Benefits
What does it mean? Getting the most out of your contributions Optimizing your Social Security retirement benefits means getting the best return possible on each dollar you’ve contributed to the system. Every pay period, you pay 6.2 percent of your salary in taxes that finance your future benefits (retirement, disability, and survivor’s benefits) and those…
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Social Security Retirement Benefit Basics
Social Security benefits are a major source of retirement income for most people. Your Social Security retirement benefit is based on the number of years you’ve been working and the amount you’ve earned. When you begin taking Social Security benefits also greatly affects the size of your benefit. How do you qualify for retirement benefits? …
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Retirement Account Rollovers
A rollover is the movement of funds from one retirement savings vehicle to another. You may want to make a rollover for any number of reasons — your employment situation has changed, you want to switch investments, or you’ve received death benefits from your spouse’s retirement plan. There are two possible ways that retirement funds…
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Transitioning into Retirement
The retirement “zone” If you’re considering retirement within the next five years or so, you’re in the retirement “zone.” This is a critical time period during which you’ll be faced with a number of important choices, and the decisions you make can have long-lasting consequences. It’s a period of transition: a shift from a mindset…
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Nearing Retirement/Retirement Checklist
General information Yes No N/A 1. Has relevant personal information been gathered? Age Age of spouse or partner Number of minor children and their ages 2. Has financial situation been assessed? Estimated annual expenses during retirement Estimated annual income during retirement (pretax and after-tax) Total assets and savings to date Total retirement savings to date…
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10 Years and Counting: Points to Consider as You Approach Retirement
If you’re a decade or so away from retirement, you’ve probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up a new sport or hobby, or spend more time with friends and family? Should you consider relocating? Will you continue to work…
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What should I do if I determine that my income during retirement won’t be enough to meet my retirement expenses?
Fortunately, you may have no need to despair. The further you are from retirement, the more time you have to resolve the expected shortfall. Even if you are closing in on retirement, there may be steps you can take to bridge the gap. In some cases, the best solution is to cut back current expenses…
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Phased Retirement Can Help Smooth the Transition
Two-thirds of Gen X and 56% of millennials would prefer to gradually decrease their hours or work a more flexible schedule as they transition to retirement. About half of baby boomers and Gen Z have similar preferences.1 The federal government has offered a formal phased retirement program since 2014, allowing eligible full-time employees to collect…
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Reaching Retirement: Now What?
You’ve worked hard your whole life anticipating the day you could finally retire. Congratulations — that day has arrived! But with it comes the realization that you’ll need to carefully manage your assets to give them lasting potential. Review your portfolio regularly Traditional wisdom holds that retirees should value the safety of their principal above…