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4 Mistakes to Avoid Before You Officially Retire
Retirement marks the start of a new chapter filled with opportunities for relaxation, travel, personal growth, and more. However, a financially stable, smooth transition requires careful planning to avoid common pitfalls. Here are four mistakes to sidestep as you prepare for your golden years. Underestimating Healthcare Costs Healthcare is one of the largest expenses in retirement. According to Fidelity’s Retiree [...]
What Retirees Should Know About Tariffs
As a new administration weighs its stance on tariffs, it’s worth considering how these policies may affect retirees and their financial plans. Tariffs, often described as taxes on imported goods, are actually taxes imposed on U.S. companies importing foreign products. These taxes can ripple through the economy, impacting consumer prices, including essentials that retirees rely on, such as groceries, healthcare, [...]
Recent Tax Changes Boost 529 Plan Benefits
529 plans, the popular tax-advantaged savings accounts for education expenses, have become even more attractive in recent years thanks to a series of federal tax law changes. These modifications have expanded the versatility of 529 plans, making them a more powerful tool for families planning for educational expenses. What is the 529 Plan? A 529 plan is a tax-advantaged investment [...]
How Spending and Budgets in Retirement Change Over Time
Retirement is often viewed as a static phase of life, but the reality is far more dynamic. As retirees progress through their golden years, their spending habits and budgetary needs evolve significantly. Understanding these changes is crucial for effective retirement planning and ensuring financial stability throughout this important life stage. The Early Years The initial years of retirement are often [...]
Staying the Course with Your TSP
When it comes to your Thrift Savings Plan (TSP), patience is key. When the TSP posts fund gains, we often see TSP participants begin chasing after those gains. But trying to time the market and chase those gains could decimate your retirement savings if you’re not careful. There is no way to, consistently and regularly, to time the market and [...]
Differences Between Traditional and Roth IRA
When it comes to planning for retirement, Individual Retirement Accounts (IRAs) are a popular investment option. There are two main types of IRAs: traditional and Roth. Both have their own unique features, advantages, and drawbacks. In this article, we will explore the key differences between a traditional and a Roth IRA. Tax Treatment One of the main differences between a [...]
Retirement Planning Refresher: What Retirees Need to Know About SECURE Act 2.0
The SECURE Act 2.0, signed into law in late 2022, brought significant changes to retirement savings and planning—namely, the rules around how retirement accounts work and can be used. As a retiree or someone approaching retirement, understanding these changes is crucial for optimizing your financial strategy. Let's explore some key aspects that may directly impact you. Required Minimum Distributions (RMDs) [...]
Back to the Basics of Retirement Accounts
Retirement accounts are a cornerstone of today’s retirement strategies. While everyone might recognize the terms “IRA” or “401(k),” it’s important to familiarize yourself with how they work so you can understand how they may play a role in your own retirement strategy and timeline. Once you approach retirement, there are so many ways you can use these types of accounts, [...]
