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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5 Easy Money Hacks When You're Retired

There is a common misconception that being retired means you’ll no longer need or want to bring in any additional income. This is far from the truth for many people that have found ways to generate additional income after reaching retirement. 

There are several tips and methods you can start using to stretch your money out more, and even continue making more. With all of the free time you’ll have in retirement, you might as well put some of it to good use.

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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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Tax Strategies Behind Roth IRA Conversions

Saving money for retirement is critical, but not everyone knows how to do it effectively. You should already understand the value of building a nest egg for your golden years. However, when it comes to the types of accounts you have, it can start to get a little confusing. 

Individual retirement accounts (IRAs) are the most common options for those looking to save money, and there are two primary kinds - Roth and Traditional. In this article, we want to compare the two, particularly when it comes to paying taxes. 

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What is a Mega Backdoor Roth IRA?

When it comes to saving money for retirement, you should already know that IRAs are an essential part of the retirement planning process. There are two different kinds - a Roth and a Traditional IRA, and the rules surrounding them are pretty straightforward. 

However, depending on your particular situation, you may be able to take advantage of a mega backdoor Roth IRA. Not everyone can do this, but if you can, it could be highly beneficial for getting you to retirement as quickly as possible. 

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What is a Qualified Domestic Relations Order (QDRO)?

Whether you’ve been married five years or 25 years, divorce can be fraught with many challenges, including financial issues. Most likely, this is a difficult time for you, and you’re in uncharted waters. 

Many friends and family may try to give you information, which can be helpful, but having a trusted attorney, tax professional and financial advisor can help protect what you have and make the right decisions for you.

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Do I Need a Backdoor Roth IRA?

No matter how old you are, it’s never too late to start thinking about retirement. Although you will want to put money away in a variety of different accounts, one of the most reliable is an IRA. You may already be familiar with Traditional and Roth IRAs, but the fact is there is a way to move money from a Traditional to a Roth, which is considered a Backdoor Roth IRA or a Roth Conversion.

Both actually do the same thing in a slightly different way. A Backdoor Roth IRA is typically in relation to converting a Traditional non-deductible contribution to a Roth IRA. A Roth Conversion is normally in relation to a larger amount being converted from a Traditional to a Roth. Again, they both do the same thing but just have different names. Today, we’re going to focus on the Backdoor Roth IRA.

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How to Plan for the Top 3 Expenses in Retirement

No matter how old you are, it’s never too early to start planning for retirement. However, while there are many different elements to this process, it helps to break it down into a few core components. Today, we’re going to cover how to plan for the top three expenses in retirement. 

Making sure that you have enough money to last through your golden years is imperative. No one wants to run out before it’s time. However, it’s not just enough to worry about sources of income during your retirement. You also need to plan how you’re going to be spending that money. 

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The Financial Freedom Blueprint® Is Now An Online Course!

The Financial Freedom Blueprint® Is Now An Online Course

We have some super exciting news around here at NextGen Wealth. We have taken our trademarked financial planning process, The Financial Freedom Blueprint®, and turned it into a do it yourself online course.

So, if you’re the do it yourselfer type when it comes to your personal finances, you now have a financial planning process laid out for you that will take you through every step of the way.

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How to Make Supplemental Income in Retirement

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.

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How To Have a Happy and Healthy Retirement

You’ve put your time in, and now it’s time to enjoy the fruits of your labor. Retirement is all about taking it easy and living life on your terms. No more keeping a tight schedule, no more putting those celebrations and life experiences off until later. Now is your time. 

If this is how you picture your retirement, you’ve clearly got good goals in mind and you know how you plan to spend that time. Without a significant amount of planning, however, you may find it somewhat challenging to achieve your ideal retirement. Here’s a guide to ensuring you have that happy and healthy retirement you’ve worked so hard for all these years.

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5 Ways to Become a Millionaire

Who wants to become a millionaire? Many people would love to reach this seven-digit goal and know they can give themselves that title. But is it possible?

While a million dollars may seem out of reach, accumulating wealth is not as difficult as it seems. There are many ways to become a millionaire and build your net worth. Which one you choose depends on what works for your particular situation.

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How Much Do You Really Need to Retire?

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.

As a financial planner, this is one of the questions that I often get from clients. There are many online calculators trying to help the average person get a ballpark estimate of the nest egg needed to retire.

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Why Your Financial Advisor Shouldn’t be Managing Your Investments

Many people consider hiring a financial advisor to manage their investments. But is a financial advisor really the best person to handle your investments day-to-day?

While a financial advisor or Certified Financial Planner® should be overseeing your investments, this shouldn’t be their main focus. They should be looking at the big picture and quarterbacking all areas of your financial life and not getting into the nitty-gritty of managing your portfolio.

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Tips to Maxing Out Your 401(k) Account

One of the best ways to save for retirement is to use tax-advantaged accounts. Most employers offer the option of contributing to a 401(k) account, which can be a great idea for stashing cash for your golden years.

Maxing out your 401(k) account for a few years can give you a good foundation for retirement. The earlier you get started, the longer the money will have to grow and earn interest.

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Can You Have Multiple 401(k) Accounts?

If you’re stashing away cash for your golden years, you’re ahead of the game. A 2018 study by Northwestern Mutual found that one in three Americans have less than $5,000 in retirement savings. And what’s even worse, one in five Americans have no retirement savings at all.

Since 401(k) accounts are the most popular way to save for retirement, you may find yourself with more than one in the course of your career. If you move jobs several times, chances are you have multiple 401(k) accounts in your name.

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What Issues Should You Consider Before You Retire?

Are you looking forward to the day you retire? Many dream of retirement, counting down the days when they can leave the cubicle life behind. But, before you turn in your work badge, make sure your finances are in order first.

Not being prepared financially could mean having to get back to work or worse - running out of money. Going down the checklist below will ensure you’ve covered all the major issues you need to consider before you retire.

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What Should You do with Your Old 403(b) Account?

One of the questions that come up on a regular basis is what to do with old retirement accounts. In the old days, many workers stayed at the same company their entire career and retired with 30 to 40 years of service.

Nowadays, people are more likely to switch jobs every few years, bringing up the question of what to do with old retirement accounts such as 403(b) plans. According to a survey by staffing firm Robert Half, 64 percent of workers favor job hopping.

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Should You Consider a Roth IRA Conversion?

If you’re looking to minimize taxes in retirement, or anytime before, one of the options is converting your traditional individual retirement account (IRA) into a Roth IRA. This shifts the tax burden from a future date to the present day. Before you make such a move, though, it’s important to consider what this will mean to your finances.

Minimizing taxes in retirement seems very appealing. Once you stop working, your income in retirement will come in part from your savings so the less taxes you can pay, the more money you will have available for enjoying your life.

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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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