There are several common mistakes that people make when planning for retirement:
Not starting to save early enough: It is important to start saving for retirement as early as possible, as this allows more time for compound interest to work in your favor.
Not saving enough: Many people do not save enough for retirement, which can lead to financial strain later on. It is important to set aside a sufficient amount of money for retirement in order to maintain your desired lifestyle.
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Most people think tax planning means finding ways to pay less in taxes this year. But reducing today's tax bill doesn't necessarily mean you'll be better off in retirement. Jeremy Keil talks with Free...
Using an IRA to cover significant long-term care costs could cause your taxes and Medicare premiums to rise, and leave your family facing some tough choices.
It's the season of spooks and scares, but some of the scariest stories don't live on the silver screen. Some irreversible IRA decisions can create true horror stories, leading to lost opportunities, u...
Relocating only because of state income tax rates can backfire unless you evaluate your entire financial picture.
Turning 65 doesn't mean Medicare works the same way for everyone. Some people are enrolled automatically, others need to sign up, and those who are still working may have additional decisions to make....
"Medicare will happen when I turn 65. I don't need to think about it, right?" Wrong. Get up to speed with the system now to prevent stress and save money later.
An accountant's plan to return to Mexico shows why a Social Security claiming decision should begin with the life the money needs to support.
The scariest thing on a physician’s desk this October is the fourth-quarter estimated tax worksheet, propped against a 403(b) statement ... Read more
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC George and Louise in Queens bring in $600,000 a year. Should they keep working just to do Roth convers...
A rollover may seem straightforward, but a few missteps can have costly consequences for your retirement savings.
A Roth conversion can raise your Medicare premiums two years later. Every mistake on this list comes with a solution. The post 16 Roth IRA and Roth Conversion Mistakes That Cost You in Taxes appeared ...
The closer you are to retirement the hard it will be to recover from costly financial mistakes. From medicare to taxes to investing, retirement planning is complex.
An HSA for retirement may help cover future healthcare costs while providing 3 tax advantages: pre-tax contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. Common H...
Your 60s can be the most valuable decade in your life, but far too many people miss valuable tax planning opportunities that can lower their lifetime tax bills.
Are you accidentally sabotaging your own financial security? A top financial executive explains why doing what feels "safe" might be your biggest risk.
Financial expert Farnoosh Torabi breaks down the costly retirement mistake most retirees ignore and how to fix it before it hurts your savings.
From outdated beneficiary designations to the false security of a set-it-and-forget-it plan, active engagement is the strongest defense against costly mistakes.
61M here. Thinking of retiring in the next 2 to 4 years. Just wondering if there were any mistakes/regrets that you wish you had taken into account in hindsight about retirement. Honestly, I’m not int...
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC Today on Your Money, Your Wealth® podcast number 595, Joe Anderson, CFP® and Big Al Clopine, CPA spitb...
Investors often underestimate the risk in their portfolio. Today, Laura Stover and Michael Wallin break down 5 common portfolio mistakes, as outlined by Christine Benz in Morningstar. They are portfol...
Retirement tax planning isn't simply about following IRS rules or minimizing what you owe this year. Jeremy Keil answers three listener questions that demonstrate why focusing on one tax return at a t...
Choosing between a pension lump sum and monthly checks? Ask yourself these 3 essential questions before making an irreversible retirement decision.
This article originally appeared on Humble Dollar. John Urban is the founder of RetireSmartIRA, a retirement tax-planning app. Earlier, he ... Read more
If you're not talking openly with your adult children about money, you're failing to help build their financial independence.
One of this year's bestselling books is a timely reminder of the dangers of leaving money matters solely to your partner.
Your income will determine how much you pay, but here are some smart strategies that can help you lower your premiums.
I retired last spring at 62. My wife had already stepped back from her job the year before. We had saved, we had a plan, but the number that kept me awake was $1,280. That was the monthly quote for a ...
Are you winging your retirement spending? Financial expert Jean Chatzky explains why a lack of a concrete plan is preventing retirees from living their best lives.
Like your golden years, RMDs creep up on you quicker than you think. Planning ahead can prevent you (and your heirs) getting hit with penalties and extra taxes.
Financial Assessment (Meet with an experienced professional): https://bit.ly/PureAssessment Free Financial Resources in This Episode: https://bit.ly/ymyw-585 (full show notes & episode transcript) Tod...
Don't put off money conversations with your heirs. Financial education needs to start early, with hands-on opportunities to learn and make mistakes.
Many doctors are making critical errors when buying disability insurance. Here's what you need to know to protect yourself and loved ones. The post 17 Physician Disability Insurance Mistakes to Avoid ...
It's easy to lose track of spending when you're focused on your family and career. But this is what you're risking when you don't save or protect your income.
One of the issues we frugal people despise is going through buyer’s remorse. We don't want to feel stupid or ripped off, so we tend to buy fewer things and experiences. Minimalism and early retirement...
If you're an investor, you're going to make mistakes. But if you can recognize them before they start festering, you'll be in a good spot. The post 13 Common Investing Mistakes Wealthy People Make (Ho...
Answering listener questions about comparing REITs and syndications, how to spot red flags in private deals before you commit your money, and how to avoid PMI when buying a home. The post Real Estate ...
Many plans focus on how much has been saved, but it's how much you spend that ultimately determines whether your plan works.
401(k) mistakes aren’t just about saving too little – they’re also about poor planning. Common issues like tax-heavy accounts, lack of diversification, and early withdrawals can reduce your retirement...
An interview with FPL's Amanda Harrell, where we talk through how to handle a 401(k) rollover without blowing up your Backdoor Roth IRA, whether direct indexing is really worth it, and what to think a...
Playing it too safe could mean trips not taken, educations not funded, life not enjoyed. Don't abandon caution — just build contingency plans for your portfolio.
High-income physicians are among the most educated professionals in the country. They’re also, statistically, among the most consistent overpayers of ... Read more
Joe Anderson, CFP® and Big Al Clopine, CPA spitball on whether a popular early retirement strategy could actually blow up your financial plan, today on Your Money, Your Wealth® podcast number 577. Red...
Many retirement shortfalls aren’t caused by market crashes, but by everyday mistakes. These small decisions can quietly cost you years. Here are 12 common mistakes that can delay retirement and what t...
We inherit many traits from our parents, but these retirement mistakes don’t have to be among them. Gen Xers and Millennials can thrive in retirement.
Here are some of the most common misperceptions about what you need to be financially comfortable in your later years.
Rollover IRAs can end up stuck in cash, while abandoned 401(k)s can be parked in a cash-like Safe Harbor IRA. Here's how to put your money back to work.
Women should personalize their Social Security claiming strategy and run the numbers after considering life expectancy, tax situation and existing assets.
Separating facts from fiction is an important first step toward building a retirement plan that's grounded in reality and not based on incorrect assumptions.
Jeremy Keil explains the 5 RMD (Required Minimum Distribution) mistakes in Retirement and how to avoid them. A retiree recently called for help. It was their first year taking Required Minimum Distrib...
None of us wants to think we'll need long-term care when we get older, but the odds are roughly even that we will. Which is all the more reason to understand the realities of LTC and how to pay for it...