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Retirement Strategy: How Retirement Funding Has Changed

There was a time when you'd have a pension at the end of your working years. Now, of course, pensions are not as common as they were in the past, when people may have worked for the same company for all or nearly all of their working years. For those that do have a pension, they often only provide a portion of income needs in retirement. People typically don't work for the same company as long as they used to, reducing the impact a single employer will have on your retirement strategy. It's important to have insight into the range of investment options companies may use, even if they don't apply to you currently. Not all retirement strategies are the same. In fact, there is such a wide variety of retirement strategies that it is worth reading up on your choices. Here's a brief look at the different strategies and what they have to offer.

Retirement Funding
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Tax Planning, Gifting Strategies, and Avoiding Tax Scams

Tax planning is a year-round process, not just something that happens in the weeks leading up to April 15. It's a wise move to keep your tax planning efficient, educate yourself about potential tax scams, and plan your charitable distributions. Do you have a 401(k) or a traditional IRA? If so, you will receive income from both after age 72. However, if you have saved and invested much of your life, you may also end up retiring at a higher marginal tax rate than your current one. In fact, the income resulting from a required minimum distribution alone could push you into a higher tax bracket.

Retirement Funding
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Risk Management: Asset Allocation

Whether your retirement is years away or right around the corner, your investment portfolio should be designed with your financial goals in mind. It needs to be forward-thinking enough to handle the whims of the market but flexible enough to make changes on the fly. One of the most important concepts for any investor to understand is asset allocation. Put simply, asset allocation describes the division of stocks, bonds, and cash that make up your investment portfolio. Although this concept is straightforward, it has one of the largest impacts on your financial future.

Retirement Funding
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November Is National Family Caregiver Month: What Do Caregivers Need to Know About Retiring Early?

November is National Family Caregiver Month, an opportunity to honor the physical, mental and emotional effort caregivers put into their role every day. When looking after a loved one, it’s important to understand the financial challenges this life milestone can create. Whether by choice or necessity, many caregivers may find themselves retiring early. If you’re exiting the workforce, there are a few things to consider to make sure you and your family are supported.

Retirement Funding
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62, 70 or Somewhere In Between? It's Time to Answer the Question Once and For All: When Should I Claim Social Security?

Deciding when to begin claiming your Social Security benefits will depend on several factors, such as your personal health and financial standings. It's true that waiting to access benefits will increase your monthly payments down the road. But, full access will depend on your birth date and some may need to access benefits sooner. To help you better navigate this issue, below we’re examining the variables that could impact when you decide to begin claiming your Social Security benefits.

Retirement Funding
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The Social Security Administration Has Announced Cost of Living Adjustments & Tax Changes For 2021. Here's What You Need to Know

On Tuesday, October 13, 2020, the Social Security Administration released important facts and figures for 2021 - including cost-of-living adjustments (COLA) for retirees and tax changes for the currently employed. Those receiving Social Security benefits will see a 1.3 percent COLA increase in 2021. This change will impact around 70 million Americans - including 8 million SSI beneficiaries.1 For the average retiree receiving Social Security benefits in January 2021, this will translate to a roughly $20 increase in monthly benefits - $1,543 up from $1,523. For couples both receiving benefits, the average will increase to $2,596 from $2,563.1 Of note, this year’s COLA increase is lower than the previous two years - although, of course, a cost-of-living adjustment is never guaranteed in the first place. In 2009, 2010 and 2016, COLA bottomed out at zero percent. And in 2016, the COLA was a mere 0.3 percent - substantially lower than the 2.8 percent increase we saw in 2018.2

Retirement Funding