Did you know you could end up owing thousands of dollars back to Social Security, even if you’ve already received the money? Sounds crazy, right? But it’s true. There’s one rule that catches a lot of people off guard. The Social Security earnings test. It’s one of the most misunderstood parts of Social Security. If you plan to keep working while collecting benefits, you need to know how it works.
Most people spend decades preparing financially for retirement, but very few consider the emotional and mental changes that come with it. Retirement isn’t only about money in the bank. It’s also about identity, purpose, relationships, and planning for the future. Retirement often feels more uncertain and overwhelming than it needs to. The transition out of work is a whole new stage of life with hidden retirement traps that can catch you off guard.
Life will look and feel different when the structure of work is no longer there. Let’s take a look at four challenges that often surprise people after they retire and how to navigate them.
If you’re starting to plan for retirement, you’ve got the right idea. But keep in mind retirement isn’t about reaching a magic number in your bank account. Before you spend another dollar, it’s worth taking a step back. Because the truth is, retirement isn’t just about how much money you’ve saved, it’s about the smart choices you make today. One wrong move could mean pushing retirement further away, or worse, never being able to retire at all.
When it comes to retirement planning, numbers only tell part of the story. Just as important are your goals—what you want your money to do for you. In this real-life retirement plan case study, we walk through how one couple used personalized financial planning to make key adjustments that greatly improved their probability of retiring on time and living the lifestyle they envisioned.
Are you a business owner? Check out our video on this topic, too!
For many small business owners, their company is more than just a source of income—it’s their financial foundation. But when it comes time to sell the business and retire, a critical question arises: How to sell your business for retirement in a way that leads to long-term financial stability. Understanding the right sale price, aligning financial goals, and closing any wealth gaps are key steps in transitioning from business ownership to retirement.
Retirement planning for business owners is a journey unlike any other. While traditional employees may rely on pensions or 401(k)s, entrepreneurs often see their business as their primary retirement asset. But how do you transform the value of your company into financial security for the years ahead? It all begins with understanding how to assess your company’s worth. This crucial step not only helps you plan for the future but helps your hard work and dedication translate into the financial legacy you deserve.
Read on to explore the importance of business valuation in retirement planning, the methods used to calculate a company’s worth, and actionable steps to prepare for a more seamless transition into retirement. Whether you’re a small business owner or the head of a thriving enterprise, this guide offers practical insights to help you navigate this critical process.
In this video, I’ll explain everything you need to know about IRMAA (Income-Related Monthly Adjustment Amount), including how it affects your Medicare Part B and Medicare Part D premiums. IRMAA is a surcharge added to your Medicare premiums based on your Modified Adjusted Gross Income (MAGI), typically from two years prior. It’s important to understand how IRMAA is calculated because it can lead to higher Medicare premiums if your income exceeds certain thresholds.
Retirement is often viewed as the final chapter in one’s career, but for entrepreneurs, it signifies much more than just an end to work. It’s a major transition from the hustle and bustle of business ownership to a phase where you can really enjoy the fruits of your labor. Crafting a well-thought-out retirement exit strategy can help immensely with making this transition one that’s smooth and fulfilling. Whether you plan to sell your business, pass it on to a family member, or simply wind it down, the journey requires meticulous planning and foresight. Let’s explore some key steps to retirement planning for entrepreneurs that may help you on your journey.
Retiring early is a dream for many people. After all, the allure of trading the daily grind for a life of leisure, travel, and pursuing passions is undeniably appealing. However, turning that dream into reality requires more than just wishful thinking; it demands a strategic and disciplined approach to financial planning. Whether you’re aiming to retire in your 40s or 50s, the journey to early retirement is paved with smart savings strategies and savvy investment decisions. Let’s dive into planning for early retirement and how you fast-track your path to financial freedom and enjoy the retirement you’ve always envisioned.
Planning for retirement is a significant financial concern for many and choosing the right type of Individual Retirement Account (IRA) can be a pivotal decision in that process. Traditional IRAs and Roth IRAs are two predominant options, each offering their own unique tax advantages and considerations. Below, we’ll provide you with a comprehensive overview of both of these IRA types, compare their features, and try to help assist you in navigating IRA choices and determining what is best suited for your retirement planning needs.