Probate can be quite a headache. Fear not! There are two not-so-secret secret weapons in your estate-planning arsenal, known as Transfer-on-Death (TOD) and Payable-on-Death (POD) designations.

These simple, yet overlooked methods are an easy and free way to avoid losing time and money to probate. Don’t burden your loved ones with complicated and confusing processes to claim their inheritance.

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.

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

Whether you’re new to investing or you’re a seasoned pro, you’re bound to make mistakes. As you gain more experience with the market, you’ll be less prone to making impulse decisions. However, there’s one mistake that all investors are bound to make at one point or another – trying to time the market.

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. 

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.

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.

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.

Having enough money for all your needs in retirement is crucial. In order to identify and avoid shortfalls, proper retirement planning is absolutely essential. Just like planning for a long vacation, planning for retirement takes time and careful consideration of where you want to go.

A good retirement income is going to be different for everyone’s specific needs. We’re going to focus on optimizing retirement income to achieve your dreams – not just how to end up with more money. We want you to be happy and fulfilled.

This post was last updated on July 16, 2023, to reflect all updated information and best serve your needs.

Just because you’re retired, doesn't mean you can’t still have a little side hustle or create new goals. Passive income is a great way to generate a little extra income without feeling like you’re “coming out of retirement” so to speak.

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!

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 June 24, 2023, to reflect all updated information and best serve your needs.

Whether you’re retiring early or your financial circumstances shift unexpectedly, a “72t” withdrawal strategy might be useful. Knowing the full arsenal of penalty-free withdrawal options can help you make your money work for you regardless of what life throws at you.

This post was originally published during the COVID-19 pandemic and was last updated on June 21, 2023, to reflect all updated information and best serve your needs.

Recent outbreaks of the coronavirus (a.k.a., COVID-19) outside of China raised concerns about health and safety. These increased concerns have sent stocks quickly lower over the last few trading days.

This post was last updated on June 16, 2023, to reflect all updated information and best serve your needs.

Check out Clint’s interview on the Crushing Debt podcast! In the episode Clint and Shawn talk about the Financial Freedom Blueprint course and the financial planning process NextGen Wealth uses to help clients. You can listen to the episode on your favorite podcast player or just click the play button below.

One of the key functions of retirement accounts is they “lock up” your money until you’re ready to retire. What happens if you need to access your money sooner? There are several reasons, and options, to gain access to your retirement funds early.

As with anything, you need to understand the consequences of pulling money out of your retirement accounts – early or otherwise. There may be options which may be better suited to your situation. Just make sure you know what you’re getting yourself into.

Retirement is an exciting phase of life where you can finally relax and enjoy the fruits of your labor. However, it's essential to maintain good health in retirement to make the most of it. As we age, our bodies undergo various changes, making it crucial to take extra care of our health.

In this article, we'll explore some tips for maintaining good health in retirement, including staying socially engaged, pursuing hobbies and interests, practicing mindfulness and relaxation techniques, regular check-ups with healthcare providers, and staying up to date on preventative health measures such as vaccines and screenings.

This post was last updated on May 26, 2023, to reflect all updated information and best serve your needs.

Retirement doesn’t mean you’ll no longer need or want to bring in any additional income. This is far from the truth for many people who’ve found ways to generate additional income after reaching retirement.

Do you know how much you should have saved to retire? What if you want to retire by 60 or 65 – maybe even sooner like 50? The answer depends on many variables in your life and potential income sources.

There’s not really a “magic number” like, “If you have __, you can retire at __ years old.” We first need to figure out what your anticipated income needs will be in retirement – we can call this educated guessing. Once we have our best estimate (guess) of your expenses, we can start to uncover how much you might need for retirement.

 This post was last updated on April 30, 2023, 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.

 This post was last updated on April 30, 2023, 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.