How Much Should I Spend in Retirement?

No matter how old you are right now, you should already be saving for retirement. Whether you’re contributing to a 401(k), IRA or other long-term investment (or all three), you have to make sure that you’ll have enough money to stop working and have enough money to last the rest of your life. 

However, how will you know when you’ve reached a reasonable amount? How can you be sure that your nest egg will sustain your lifestyle during your golden years? Saving is a two-pronged approach: first, you need to put away enough while you’re employed. 

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How Much Should I Be Saving for Retirement?

When it comes to retirement, one of the most valuable questions you can ask yourself is, “how much is enough?” Unfortunately, it can be challenging to determine the right amount because there are many variables to consider. 

In this article, we’re going to discuss the finer points of saving for retirement so that when it arrives, you can feel secure in the size of your nest egg. Ideally, you shouldn’t have to limit your lifestyle or cut down on expenses during your golden years. So, the more planning and preparation you can do now, the better off you’ll be later on. 

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Budgeting Software Review: YNAB vs. Mint

Budgeting software has totally changed the way that we think about our money. They give us the ability to customize our budget which can help us: 

  • Get out of debt.
  • Save more money. 
  • Cut expenses. 
  • And make our hard-earned dollars go further. 

With budgeting software applications on our mobile devices, we can take them with us everywhere to inform our spending and saving decisions. They have given us intuitive and easy-to-use tools that make budgeting easier. With so many budgeting software and applications on the market though, how can you be sure which one is going to be the best for you? 

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How to Prepare for Retirement in the Age of COVID-19

Since the novel coronavirus began spreading across the globe, it has impacted everything about our daily lives. However, while some of the effects were immediate, such as quarantines and lockdowns, one of the less obvious was how it would impact retirement planning. 

In this article, we want to look at the various ways that COVID-19 has disrupted retirement plans. To help understand these effects better, we’re going to look at the three stages of planning - early, pre-retirement, and retirement. We’ll also pay attention to the various legal changes that were inside the relief bill passed in March. 

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Retiring Early and Paying for Health Insurance

As a financial advisor, I meet with individuals and couples who hope to retire early all the time - I mean, who doesn’t. Once I sit down with them for some basic number-crunching, we work together to create a long-term financial plan that will guide many of their decisions. 

This can include how much to invest, when and where to invest, and ways to increase cash flow and returns while keeping long-term costs and taxes to a minimum. 

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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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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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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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Our Review of Blooom

Firms that manage your 401(k) are rare and difficult to find, which is unfortunate because managing your own 401(k) can be stressful and a hassle to keep up with. Blooom bridges the gap between you and 401(k) management by making the management of it as easy as possible. 

Blooom (yes, with three Os) is a registered and qualified investment advisory firm that can actually manage your 401(k) for you. Blooom identified an opportunity gap in the market, which is that millions of people every year hire third parties like robo-advisors and your traditional financial advisors to manage their 401(k) accounts. 

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13 Cool Passive Income Apps if You're Retired

Retirement doesn’t quite mean what it used to. For many of us, the picture of retirement looked like kicking your feet up, traveling, and perhaps taking time to get into some new hobbies. You worked hard your entire life, and now it’s time to take some much needed time off from work. 

Today, that isn’t exactly the case. As the average life expectancy for Americans keeps rising, more people are working well into their 70s. Even then, retirement doesn’t look like it used to in that more and more retirees are continuing to work part-time, citing that the extra income is a nice boost and adds to their peace of mind. 

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What is a Solo 401(k)?

Investing for your retirement is important, but it’s something that many people don’t plan ahead for. Many of us are left scrambling for what feels like years or decades later trying to scrape together a retirement account or 401(k). 

One question that we get fairly often in regards to retirement is: What options are available to me if I am self-employed?

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The NextGen Wealth Weekly Roundup February 21, 2020

Once again, China released a large number of new confirmed cases of the coronavirus, with nearly 800 more cases overnight. This then resulted in a major drop in stocks, with fear over the global economic slowdown bound to happen. It kinds of seems like this is a recurring theme.

Earlier this week the market was up, as the number of confirmed cases had its lowest growth since January. This lifted investor sentiment and we saw S&P 500 and Nasdaq hit record highs. There was also talk of China taking action to lessen the effect of the coronavirus on their airline industry.

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What is a Donor Advised Fund?

A Donor Advised Fund (DAF) is like a charitable-giving savings account, helping you maximize your tax benefits while making a bigger impact on your favorite charitable causes.

Illustrated below, the IRS defines a Donor Advised Fund as: “A separately identified fund or account that is maintained and operated by a section 501(c)(3) organization, which is called a sponsoring organization. Each account is composed of contributions made by individual donors. Once the donor makes the contribution, the organization has legal control over it. However, the donor, or the donor's representative, retains advisory privileges with respect to the distribution of funds and the investment of assets in the account.”

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The NextGen Wealth Weekly Roundup February 14, 2020

Stocks were up this week, but little changed today as investors are still digesting the disappointing consumer data and strong earnings. 

Retail sales were unchanged last month according to the Commerce Department. They added though that clothing stores sales had their largest one month decline since 2009. 

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Are You Obsessed With Money?

As the saying goes, money makes the world go round. Living in modern society means that you can’t avoid money, no matter how hard you try. Need to get some food? That costs money. Need to get gas in your car? Swipe your card or fork over a few bills. Virtually every aspect of your life revolves around money - earning it, spending it, and saving it. 

For the most part, scrutinizing your money habits is a good thing. You don’t want to constantly worry about where your next paycheck is coming from, or whether you have enough cash to pay for something. However, while a detailed understanding of your money is good, it’s too easy to get carried away. 

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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. NextGen Wealth LLC is registered as an investment adviser in the states of Missouri and Kansas, and is notice-filed in the State of Texas. As such, it may only transact business with residents of those states and residents of any other state where otherwise legally permitted subject to exemption or exclusion from registration requirements.

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