Category: Wealth Management/Financial Planning

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”

Why are they made again and again?  Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague individuals, or as we say, the Middle-Class Millionaires.   Calling them “mistakes” may be a bit harsh, as not all of them represent … Continue reading “Retirement Preparation Mistakes”

For many, the new year is a time of renewal and reinvention, which makes it the perfect time to optimize your personal finances for 2022 and beyond. What financial, business, or life priorities do you need to address in the new year? Here are some ideas on how to get started: Review your financial plan. … Continue reading “Eight Money Moves to Jumpstart Your Financial Health in 2022”

Is it time to contribute more? Preparing for retirement for Middle-Class Millionaires just got a little more financial wiggle room. The Internal Revenue Service (IRS) recently announced new contribution limits for 2022. Staying put for 2022 are traditional Individual Retirement Accounts (IRAs), with the limit remaining at $6,000. The catch-up contribution for traditional IRAs remains … Continue reading “2022 Contribution Limits”

It is time to start thinking about moves that may help lower your tax bill for this year and next. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could, among other things, increase top rates on both ordinary income and capital gain starting next year. Whether or … Continue reading “Year End Tax Planning for Middle-Class Millionaires”