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Who Wants to be a TSP Millionaire?
The number of TSP millionaires exploded over the past year thanks to the outstanding performance of the stock market in 2024. According to figures from the Federal Retirement Thrift Investment Board (FRTIB), the agency that oversees the Thrift Savings Plan (TSP), the number of TSP millionaires was 116,827 at the end of 2023. At the end of 2022, there were [...]
Advanced Estate Planning for High-Net-Worth Retirees: Solving Real Problems with ILITs, GRATs, and CRTs
Imagine this: Sarah and Robert, a retired couple in their late 60s, have spent decades building a comfortable life. Robert sold a successful business, and their combined estate, valued at $15 million, includes a mix of real estate, investments, and life insurance. They want to leave a legacy for their three children while supporting their favorite charities. But the couple [...]
How LLIMMT Can Impact Retirement Savings
Retirement savings, essential for independence in later years, can be influenced by numerous factors. Among them are longevity, liquidity, inflation, mortality (the stock) market, and taxes (LLIMMT). Each of these elements plays a crucial role in shaping individuals' retirement outlook. This article covers LLIMMT and a comprehensive understanding of how each may impact planning for retirement. Longevity—Longevity pertains to life [...]
First Steps to Starting the Estate Planning Process
Estate planning is a crucial step for retirees to ensure their assets are distributed according to their wishes and to provide clarity for their loved ones. Beyond the legal and financial aspects, it's essential to approach this process with sensitivity, acknowledging the emotional complexities involved. Here's a guide to help you navigate estate planning thoughtfully and effectively. Begin with Open [...]
The Conversation No One Wants to Have: Planning for Long-Term Care
Here’s a conversation that most people don’t want to have: planning for long-term care. However, it’s an important conversation to have, especially as we get older. So much so, that the insurance industry has declared November as Long-Term Care Insurance (LTCI) Awareness Month. Did you know that neither your health insurance nor Medicare would pay for extended long-term care services [...]
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 [...]
