This post was last updated on January 10, 2025, to reflect all updated information and best serve your needs.
Although you might not care much about what age you are, the government does. It’s very important you keep track of key age-related milestones in retirement. If you fail to properly plan around these, you may be missing out on some opportunities – or even face penalties.
This post was last updated on January 10, 2025, to reflect all updated information and best serve your needs.
There are three main phases of retirement planning: accumulation, transition, and decumulation (retirement). Depending on which you’re in, you’ll need to focus on different aspects of your financial life. The advice and expertise you’ll need will also be different as you move through these phases.
There are many perks to retirement, such as freedom, traveling, spending more time with friends and family, and for most, becoming Medicare eligible. Most seniors become eligible for Medicare when they reach age 65. Though, some seniors believe they do not need Medicare due to retiree or Veterans Affairs (VA) coverage.
That is not always the case, so it’s important to know the facts when you approach your Golden Years. Here’s why you should have Medicare in retirement.
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!
Whether you’ve been married five years or 25 years, divorce presents many challenges - including financial issues. This is likely a difficult time as you navigate uncharted waters.
Friends and family may try to give you helpful information, but having a trusted attorney, tax professional, and financial advisor are essential to protect what you have and help you make informed decisions.
The last decade has seen some major changes and events, but a lot remains the same. Reflecting on 10 years in business at NextGen Wealth has been a remarkable experience. We’ve accomplished so much, but there’s still much more to come!
We’ve continually added services and enhanced the client experience. It’s amazing to see how much we’ve accomplished navigating successful retirements.
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.
Everyone eventually runs out of “tomorrows." Hopefully, your appointment to update your estate documents is scheduled for today. Passing away without proper estate planning and up-to-date documents can be a nightmare on top of a nightmare for your loved ones.
Don’t let a legal mess be the last thing your family remembers about you. Planning for your eventual demise is about as much fun as a root canal. However, careful planning and current documentation are a great gift when the time comes.
Roth IRA conversions are a valuable tool in long-term tax planning. This method might save you tens of thousands of dollars or more on your taxes. But is there a best time of year to complete Roth conversions?
You must consider many variables to determine what’s best for you. Life happens, and your tax-saving strategies must be adjusted accordingly. This is why we typically evaluate and complete Roth conversions annually.
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.
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.
As you draw closer to retirement, it’s essential for you to get things filed on time. In many cases, you’ll only have one opportunity to get things right. Other decisions may lock you in for a long time.
No matter what, each decision and deadline as you approach your retirement date is critical. This is why NextGen Wealth specializes in the transition phase of retirement and beyond. If you take the time to lay the foundation of your retirement on solid ground, everything else goes much more smoothly.
Retirement isn’t an individual sport. It takes many key players and essential tools to make the most of your golden years. As the saying goes, “If you want to go fast, go alone. If you want to go far, go together.”
As we watch our beloved Kansas City Chiefs continue another great season, it’s important to understand what it really takes to make a great team. The Chiefs took a long-term approach to success when they signed a $503 Million, 10-year contract with Patrick Mahomes. They understood the value of keeping key teammates in place long-term.
The safety of your money is important when working with a financial planner for the first time. You worked hard to save for retirement. Protecting your assets may be why you’re hiring a financial planner in the first place.
The type of financial planning professional, compensation models, business structures, and legal protections are all important considerations. Not all firms manage investments the same - some don’t manage investments at all.
As you transition into retirement, one of the most pressing issues to consider is applying for Social Security. Although these monthly payments probably aren’t your entire income source, they can be a vital part of your retirement budget.
If you’re married when applying for Social Security, your spouse may also be entitled to benefits, even if he or she is not at retirement age. However, while this process is relatively straightforward for current married couples, what if you’re on a second marriage?
There are many rising costs senior citizens have to contend with, but your property taxes might not be one of them anymore. We took a look at programs affecting the Kansas counties surrounding Kansas City to see how you can save on property taxes. The ability to “freeze” or lock in your current property tax costs using the Homestead Act is one potential option.
You may also be eligible for other programs to assist with your property tax bills. However, there are rules and restrictions to qualify. If you’re on the Missouri side of Kansas City, check out our article on Kansas City, Missouri programs.
Are your retirement assets in the right location? Asset location can be critical to saving money on taxes. Many people know about asset allocation or diversification, but there are a lot of nuances around what types of accounts are used for what assets.
The deliberate placement of your investments can be critical for your long-term success. Don’t assume everything is where it needs to be. As you move through different phases of retirement, you may also need to shift things to meet your needs.
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.
Savvy retirees know the importance of having multiple streams of income in retirement. Multiple income sources help ensure financial stability and peace of mind. We know the importance of having a diversified portfolio, but diverse income streams are even better!
You don’t want all your nest egg(s) in one basket. It’s best to analyze all potential income sources first thoroughly. Then, you can craft a comprehensive financial plan to meet all your retirement needs.
Long-term care is an overlooked yet crucial piece of your retirement plan. It’s too late to make any major adjustments when you need long-term care. This is why proactively planning what care you want and how to pay for it is essential.
If you want access to specialty care, you’ll need to know what’s covered by insurance, estimated out-of-pocket expenses, and more. It’s also important to consider the impact of your care on loved ones. Long-term care planning can help you secure access to the care you want and avoid burdening your children.
