Every working adult will eventually want to retire, but not everyone does the proper amount of planning for that event to actually happen. Without savings and a plan in place, this happy time might actually be more stressful than necessary. If you are a few years from retirement now, it’s time to really consider what the shift into this stage of life will mean for you. 

It is completely normal to feel concerned or scared. After all, this is uncharted territory, and the unknowns are many. How will your finances change? What will the social, mental and physical differences be in your life from this point onward? 

Retirement is supposed to be a time of relaxation, personal growth, and fulfillment. However, it can also bring unexpected challenges and uncertainties which can lead to stress and anxiety. It's crucial to prioritize your mental and financial well-being during retirement, as it directly impacts your overall happiness and quality of life.

We’ll explore some effective strategies to help you reduce stress and anxiety, allowing you to embrace your golden years with tranquility and peace of mind. One note, we’re not doctors or licensed therapists, so seek professional counseling or therapy if you’re feeling stress and anxiety.

This post was last updated on July 30, 2022, to reflect all updated information and best serve your needs.

Have you ever considered how much do you really need to retire? While this is a simple question, the answer is anything but clear cut. There are many factors that go into your retirement target number.

When you start thinking about how Medicare will cover your health care needs, you should consider making one major decision. That decision will be whether you choose to enroll in federally run Original Medicare or go for a private insurance alternative.

Most people overall are satisfied with their plan of Original Medicare, besides the unpredictable out-of-pocket costs, as well as not having dental and vision care coverage. However, Private Medicare plans provide solutions to these issues and many other benefits.

This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.

If you’re stashing away cash for your golden years, you’re ahead of the game. A study conducted in late 2020 found that 56% of Americans have $5,000 or less in savings, while a third has $1,000 or less. What’s worse is that another study showed that almost 25% of adults in the U.S have no retirement savings or pension at all. 

The business world uses the term 401(k) often. Many employers offer their employees these retirement accounts as a benefit to working there. 

Some employers even offer 401(k) matching. This benefit is exactly as it sounds. An employer matches the amount of money that you contribute to your 401(k). So, you put money into your 401(k), and then your employer does the same. 

This post was last updated on July 24, 2024, to reflect all updated information and best serve your needs.

Retirement accounts grow from pre-tax (deductible) contributions during employment. During retirement, account withdrawals, or distributions, are then taxed as ordinary income. To many entering retirement, it would make sense to let these accounts sit, accruing tax-deferred value to further build their savings and/or inheritance to pass on.

When talking about retirement planning, most of the focus is on how and where you’ll be saving money. While that should be your primary concern, you also need to figure out what comes after - withdrawing money to fund your retirement. 

In this article, we’ll talk about the different rules regarding traditional and Roth IRA withdrawals. Depending on your situation and your needs in retirement, you can maximize your earnings while minimizing your tax burden. Here are the tips that you need to know. 

This post was last updated on July 24, 2024, to reflect all updated information and best serve your needs.

The IRS established required minimum distribution (RMD) rules on IRAs and similar tax-deferred savings plans to eventually collect on the taxes previously deferred. RMD rules require you to begin making withdrawals from certain retirement accounts when you reach age 73.

According to the American Research Group Inc., the average American intends to spend $992 this holiday season. For some, this could end up breaking the bank if they’re not careful. With all of the pressure to spend during the holidays, it’s easy to go into debt. If you want to avoid debt this season, here are a few tips to survive the holidays debt-free.

Make a budget

Review your monthly budget and determine what you can truly afford this season. Don’t stretch yourself too thin and allow some wiggle room for unexpected expenses.

This post was last updated on October 27, 2022, to reflect all updated information and best serve your needs.

If the company you work for has an employee stock ownership plan (ESOP) or profit-sharing plan, you’ll want to pay close attention. Company stock in your 401(k) you could potentially be eligible for tax rules to help you save money on your taxes.

There are many perks to retirement, such as freedom, traveling, spending more time with friends and family, and for most, becoming Medicare eligible. Most seniors become eligible for Medicare when they reach age 65. Though, some seniors believe they do not need Medicare due to retiree or Veterans Affairs (VA) coverage. 

That is not always the case, so it’s important to know the facts when you approach your Golden Years. Here’s why you should have Medicare in retirement.

Kansas City is full of activities for virtually anyone – especially retirees. There’s so much to do, you might even have a hard time fitting everything into your schedule!

From professional sports teams to outdoor activities to fine arts, there’s truly something for everyone. Kansas City also has a rich history worth exploring as well. We’re a little biased, but Kansas City is a great place to retire!

Whether you’ve been married five years or 25 years, divorce presents many challenges - including financial issues. This is likely a difficult time as you navigate uncharted waters. 

Friends and family may try to give you helpful information, but having a trusted attorney, tax professional, and financial advisor are essential to protect what you have and help you make informed decisions.

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Millennial Money podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast talking with Shannah. She has an awesome podcast that covers everything you need to know about money regardless of whether you’re a millennial or not.

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Chain of Wealth podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast talking with Denis and Katie. They have an awesome podcast that talks about all things personal finance and they just recently reached over half a million downloads….CRAZY!

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Financial Grownup podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast talking with Bobbi. She has an awesome podcast that covers everything you need to know so you can be a real financial grownup.

With the Equifax date breach being announced just over a month ago, credit reports and credit scores were actually an important topic of conversation for a change. However, a month in this day and age can seem like years ago.

Now that it is almost considered old news, we’re back to our normal everyday lives and, believe it or not, that’s not thinking about our credit reports or even our credit scores. That has become old news and we’ve now moved on to the next headline.

The last decade has seen some major changes and events, but a lot remains the same. Reflecting on 10 years in business at NextGen Wealth has been a remarkable experience. We’ve accomplished so much, but there’s still much more to come!

We’ve continually added services and enhanced the client experience. It’s amazing to see how much we’ve accomplished navigating successful retirements.

Your golden years are the perfect time to enjoy yourself to the fullest. Take all those trips you always wanted to! Start that hobby you’ve been putting off! 

Finally, learn that musical instrument you didn’t have time for during your career! Retirement is the time to live it up. If you’re spending money on travel and hobbies, though, you’ll probably want to consider ways to supplement your retirement and savings. Check out this list of possible supplemental income sources to see if any are right for you.