The Secure Act 2.0 overhauls, pioneers, and expands upon many new rules for retirement savers. But what are key provisions that new retirees should be aware of? The full text of the Omnibus bill text is here. What are the important retirement provisions? Section 107: Increases to RMD ages for some retirees Effective immediately, certain […]
#1 Not having a rational process A process for decision-making helps maintain focus, reduces uncertainty, and ensures that everyone remains on the same page. Having a process translates to efficiency and usually results in more money spent AND less frustration. Having a process should allow individuals to internalize planning subjectivity and view the totality of […]
Choosing a retirement date is the final step before entering retirement. But for a smooth transition, most individuals will need to coordinate benefits and potentially make last-minute adjustments to their financial planning retirement strategy. #12 Rethinking the Retirement Budget Generally, retirees enjoy more free time once they retire. In many cases, that means spending more money than […]
As the COVID-19 pandemic swept the country, we first reported this event’s game-changing effect on retiree income, specifically for those who recently retired or were about to retire. Many individuals do not fully understand how the pandemic (and now the Ukraine invasion) has fundamentally changed retirement planning. Many who do, feel forced to take on […]
When changing jobs or retiring, it’s always prudent to consider all your options as far as employer-sponsored retirement accounts. In rare cases, it can make sense to do nothing, and leave the retirement account with the old employer. There can also be benefits to transferring the account to your new employer’s plan. And sometimes, it […]
Developing an effective budget is one of the most avoided aspects of the financial planning process. However, a realistic sense of one’s budget is essential since it is only possible to determine the sustainability of a financial plan with one. Budgeting is tied to cash flow, so not having a reasonably accurate sense of expenses […]
COVID placed a ‘wedge’ in the retirement plans of almost all retirees. Far too many people I meet think of their money as one giant “lump.” If you think of it that way, then you are likely missing an opportunity to be efficient (and probably in multiple ways). You’re missing a “broad landscape” opportunity to […]