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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How to Cut Your Expenses in Retirement

The average person needs between 70 and 80 percent of their income each year when they retire. If you have that already saved, you're probably in good shape. 

However, there's always more you can do to help you stretch your retirement funds without sacrificing your quality of life. It just takes planning and know-how.

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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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What’s the Difference Between a 403(b) and an IRA?

No matter how old you are, it’s never too early to start planning for retirement. While you should start saving as soon as possible, one of the best ways to build a substantial nest egg is to work somewhere that offers employer contributions, like a 401(k). However, for those working in nonprofit organizations, a 401(k) plan is not usually an option. 

Fortunately, many of these entities may offer what’s called a 403(b) retirement account. In this article, we’ll discuss the finer points of a 403(b), as well as compare it to an alternative, the individual retirement account (IRA). Here are the details you need to know. 

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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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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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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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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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