Tag: Retirement

Near-record levels. The Internal Revenue Service has released new limits for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels. Individual Retirement Accounts (IRAs). IRA contribution limits are up $500 in 2023 to $6,500. Catch-up contributions for those over age 50 remain at $1,000, … Continue reading “New Retirement Contribution Limits for 2023”

Here are some things you might consider before saying goodbye to 2022. What has changed for you in 2022? This year has been as complicated as learning a new dance for many Middle-Class Millionaires. Did you start a new job or leave a job behind? That’s one step. Did you remarry? There’s another step. Did … Continue reading “End-of-the-Year Money Moves”

Thinking about donating? Think of these choices. The year is winding down, and many Middle-Class Millionaires may be thinking of giving. In fact, you may want to explore the different ways in which you can donate to a charity or non-profit organization, apart from just making a cash gift. Consider some of the alternatives.   Donor-advised … Continue reading “Cash Alternatives for Charitable Giving”

Things you can do for your future as the year unfolds. What financial, business, or life priorities do you need to address for the coming year? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes. … Continue reading “Annual Financial To-Do List”

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”

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?”