Category: Retirement

Baby boomers entering their “second acts” should think about these matters. Retirement is undeniably a major life and financial transition. Even so, Middle-Class Millionaires® can run the risk of growing nonchalant about some of the financial challenges that retirement poses, for not all are immediately obvious. In looking forward to their “second acts,” boomers may … Continue reading “5 Retirement Concerns Too Often Overlooked”

Congress recently passed an enormous piece of legislation that touches just about every aspect of American lives. The full extent of the Inflation Reduction Act of 2022 is too large to completely cover, but we want to provide some important highlights. The most visible elements of the bill are likely to be the 15% minimum … Continue reading “Highlights of the Inflation Reduction Act”

Where do those accounts and policies end up?  Some accounts have no designated beneficiary. Rarely, the same thing occurs with insurance policies. This is usually an oversight. In exceptional circumstances, it is a choice. What happens to these accounts and policies when the original owner dies?  The investment or insurance firm gets the first chance … Continue reading “What Happens When There Are No Beneficiaries”

How might it affect you? “It turns out my job was not to find great investments but to help create great investors,” writes Carl Richards, author of “The Behavior Gap.” From increasing our budget mindfulness to taking a steadier approach to investing, Richards has drawn attention to how our unexamined behaviors and emotions can be … Continue reading “The Behavior Gap and Your Financial Health”

Some retirees save a great deal of money by doing so; others do not. You want to retire, and you own a large home that is nearly or fully paid off. The kids are gone, but the upkeep costs haven’t fallen. Should you retire and keep your home? Or sell your home and retire? Maybe … Continue reading “Should You Downsize for Retirement?”

Agreeing about what you want from retirement is crucial. What does a good retirement look like to Middle-Class Millionaires? Does it resemble the retirement that your spouse or partner has in mind? It is at least roughly similar?    The Social Security Administration currently projects an average retirement of 18 years for a man and … Continue reading “Couples Retiring on the Same Page”

What to focus on as the transition approaches Middle-Class Millionaires can prepare for the transition years in advance. In doing so, you may be better equipped to manage anything unexpected that may come your way.    How much monthly income will you need? Unfortunately, there is no “magic” number for everyone to strive for. Instead, … Continue reading “Are You Retiring Within the Next 5 Years?”

Sequence of returns can play a role in your overall portfolio. A thoughtful retirement strategy helps Middle-Class Millionaires pursue their many retirement goals. That strategy must consider many factors, and here are just a few: income needs, the order of withdrawals from taxable and tax-advantaged retirement accounts, the income tax implications of those withdrawals, and … Continue reading “How Market Cycles Can Impact Retirements”

Protect your family assets for future generations. All too often, family wealth fails to last. One generation builds a business-or even a fortune- lost in the ensuing decades. Why does it happen, again and again? Often, middle-class millionaire families fall prey to serious money blunders, making classic mistakes, or not recognizing changing times. This article … Continue reading “Major Risks to Family Wealth”

Financially, many of us associate the spring with taxes – but we should also associate December with important IRA deadlines. This year, like 2021, will see a few changes and distinctions. December 31, 2022, is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.    April 15, 2022, is the deadline … Continue reading “IRA Deadlines Are Approaching”