However, there are some general guidelines that can help you get started. One rule of thumb is that you will need about 80% of your pre-retirement income to maintain your lifestyle in retirement. This is because you will no longer be paying payroll taxes toward Social Security, and you won’t be shoveling money into your … Read more
As your parents age, they may need help managing their finances. This can be a daunting task, but it’s important to ensure their financial security and well-being. This guide will provide you with the steps you need to take to protect your elderly parents’ money. Understanding the Importance of Protecting Your Parents’ Finances There are … Read more
The maximum Social Security retirement benefit payable in 2021 is $3,895. This is for individuals who retire at age 70, which maximizes the effect of delayed retirement credits. However, the maximum benefit amount can vary depending on the age at which you retire. Here’s a breakdown of the maximum benefit amounts for different retirement ages … Read more
Key Takeaways: 401(k) withdrawals are considered taxable income and are taxed at your ordinary income tax rate. Having a diverse mix of assets to work with in retirement can help you make strategic decisions that can help to minimize the impact of taxes. A financial advisor can help you design a tax-efficient retirement plan. Understanding … Read more