Tag

Retirement Planning Archives - Page 4 of 4 - Wealthspire | Page: 4

secure act

SECURE Act: Changes May Be Coming Soon to Retirement Savings

By Blog
Believe it or not, there is something that Democrats and Republicans in Congress can agree on, and that is the need for all Americans to increase their retirement savings. Although there is not yet consensus on what any final legislation may look like, there are enough similarities between House and Senate proposals to believe that there could be some movement here. The Senate Finance Committee first reported the Retirement Enhancement and Savings Act (RESA) in November of 2016, followed by a House version known as the Setting Every Community Up for Retirement Act (SECURE), which passed the House Ways &…
Read More
long-term care

How to Plan for Long-Term Care Costs

By Blog
Many of us think it won’t happen to us, but the statistics say otherwise. 52% of Americans turning 65 will need some type of long-term care services during their lifetimes. The costs quickly climb financially, as do the physical and emotional stresses. The questions that often follow are: how to pay for it all, and what, if anything, can be done to prepare ahead of time. The answers are not easy, but remember, failure to plan is a plan itself. Who pays for long-term care costs? The first answer that comes to mind for many is Medicare or associated Medicap…
Read More
Roth IRA

Converting to a Roth IRA: When Does it Make Sense and What are the Benefits?

By and Blog
When does it make sense to convert a Traditional IRA to a Roth IRA? Most of us are familiar with Traditional IRAs, where money is invested pretax and taxes are due when money is withdrawn. Traditional IRAs also require regular distributions (required minimum distributions or RMDs) in retirement. The newer Roth IRA was introduced just over 20 years ago (followed a little later by the Roth 401k) and allows retirement savers to put away money for retirement without a tax deduction on the contribution up front. Roth IRAs allow tax-free withdrawals and no requirement that RMDs be taken. This can…
Read More
account beneficiaries

Naming Account Beneficiaries

By and Guides & Whitepapers
Don’t Overlook this Important Planning Opportunity Before she passed away, Jade was diligent in making sure her will was in order, which left her entire estate to be equally divided between her two sons, Samuel and Benjamin. However, instead of naming them joint account beneficiaries on her brokerage and bank accounts, she named Samuel as sole beneficiary on her large brokerage account and Benjamin as sole beneficiary on her modest savings account. When Jade passed away, nearly all her assets passed to Samuel and Benjamin outside of her will according to her beneficiary designations. However, Samuel received much more than…
Read More
early 401(k) withdrawals

Thinking About Retiring Early? Pay Attention to These Factors

By Blog
Sixty-six and two months is the age the Social Security Administration considers full retirement age for those born in 1955. This will gradually rise to 67 for those born in 1960 or after. The financial realities of most workers in the U.S. require that they remain part of the workforce until full retirement age.  Yet some seek to be the exception to the rule. For a high-income earner who maintains an aggressive savings strategy throughout her career or for a successful business owner who sells his operation at a profit, the option to retire early may be realistic. Those who…
Read More

How Much Do You Need For Retirement?

By Blog
The question of “how much money do I need to save for retirement?” is one of the most common for American workers, and one of the trickier questions to answer. The answer, of course, is “it depends.” But how can you begin to form an estimate? There are plenty of online calculators out there, and using one of these can at least provide a ballpark estimate to help you establish investment strategies and savings targets. However, beyond plugging some numbers into an algorithm, a good estimation factors in some important elements: proper attention to a long-term plan, realistic expectations, and…
Read More
investment goals

Reaching Your Long-Term Investment Goals: Get Started with a Roadmap

By Blog, Guides & Whitepapers
You are interested in a Long-Term Investment Strategy but not sure where to start. Good! This is for you. Throughout the journey of our professional careers, we will encounter many major decisions, some of which we are more prepared for than others. Depending on your background and interests, you may understand that you need a plan for long-term investment goals, but do not know where to start. If so, know that you’re not alone. To build confidence in your plan, it is important to understand that building wealth through a long-term investment strategy is a journey with many options, detours,…
Read More
donor advised funds investing

What Should I Do With My Old 401(k)?

By Blog
It’s a question that comes up often – what should I do with my old 401(k)? There is no one-size-fits-all answer, and responses provided by financial advisors will be increasingly scrutinized if the Department of Labor’s (DOL) fiduciary rule is enacted. The rule mandates that advisors providing retirement advice act in the best interest of the client, which is called a fiduciary responsibility. The purpose is to protect retirement funds from professionals looking to profit at the expense of investors’ interests and ensure that the advice investors receive is right for them. Wealthspire Advisors, which has been a fiduciary since…
Read More