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Do I Need a Budget in Retirement?

For many individuals, the primary concern is to save as much money as they can before retirement. After all, the bigger your nest egg, the less likely you’ll run out. 

However, even if your retirement accounts are bursting at the seams, budgeting is still a necessity. In many cases, without a budget, you could wind up having to dust off the old resume because your funds are starting to run low. 

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Tips for Withdrawing Money From an IRA

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. 

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How Do I Calculate My Liquid Net Worth?

If you were to run a business, would you pay close attention to its financial health? Unless you want to go bankrupt pretty fast, we’d bet that you would. Elements like cash flow, debts, and total assets would be part of your normal routine. 

Now, what about your personal financial health? If you’re like most individuals, you might not be as diligent when it comes to your own net worth. Unfortunately, that lack of oversight can be a huge problem, particularly when disaster strikes. 

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The Four Phases of Your Financial Life

Designing, building and protecting a plan throughout these phases requires an integrated approach across many life and financial areas. Key moments across each phase can impact your long-term success to whether you accomplish the goals you’ve set forth. 

I believe that by having a better understanding of each phase, you’ll be able to know what to expect and plan for throughout each one, in particular when it comes to creating a retirement spend down strategy.

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Traditional 403(b) or Roth IRA?

When most people think of retirement accounts, a 401(k) comes to mind. However, for employees of nonprofits or public entities, a 403(b) is typically the only option. 

Because this account is handled differently than a 401(k), it’s crucial to understand the ins and outs. In this article, we want to dive into these plans, including the difference between a traditional 403(b) and a Roth IRA. 

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Estate Planning in the Age of COVID-19

Amidst the COVID-19 pandemic, many of us have been forced to ask ourselves: Am I truly prepared for the worst? And one too often undiscussed yet important aspect of future preparedness is estate planning

In just a few short months, the COVID-19 virus (or, coronavirus) has ravaged the global economy, shattered unemployment claims numbers, and left many Americans worried about the well-being of themselves as well as their families.

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Everything You Should Know About an Emergency Fund

No matter how well things are going, disaster can always strike. Even worse, it does so without warning, meaning that you’ll never be as prepared for it as you should. Unfortunately, for many Americans, these setbacks can have significant consequences on one’s financial stability and security. 

The best way to alleviate this fear and worry is to set up an emergency fund. If you haven’t thought about doing this before, now is the time to start. Whether you have $5,000 in the bank or $50, it’s never too early to begin saving for a rainy day. In this article, we’ll break down the basics of emergency funds, as well as how to make sure that you’re on the right track. 

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Our Review of Betterment vs. Wealthfront

Technology has made so many facets of modern life easier. When it comes to finances, you no longer have to meet with an actual person in an office to manage your money. Now, there’s an app for that. 

However, while there are plenty of finance apps on the market, two of them are notable for their high-tech approach to investment and portfolio management. 

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7 Goals to Accomplish When You Retire

Although you will have various milestones in your life - buying a house, having children, getting married - one of the most substantial is your retirement. Assuming that you don’t want to have to work until you’re 80, you need to plan for this major step. 

Unfortunately, too many Americans are unprepared, which means that they will wind up scrambling to figure out what to do when they retire. If you’re getting close to that age or you’re just wondering where to begin, let this article be your guide. 

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Our Review of Stockpile vs. Robinhood

In the old days, if you wanted to invest online, you had to have some knowledge of what you were doing, and some capital already so that you could pay trading fees and other expenses. 

These days, there’s an app for that. Actually, there are many different trading apps available, but for this article, we’re going to look at two of them: Robinhood and Stockpile. We’ll break down how they’re similar and how they’re different, as well as which one is best for the kind of trading you may be doing. 

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

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