Skip to main content

The Retirement COLLAB Blog

Is SECURE Act 2.0 Really a Big Deal?


Overall, this is a tough question to answer. SECURE 2.0 doesn’t cause any real major changes, but collectively, all the small changes have a significant impact. Put a different way, SECURE 2.0 probably won’t derail or save your retirement, but you certainly need to update your financial plan.

Many important dates have shifted, Roth options have gotten better, and there are several small but useful provisions which affect only a few people. We won’t cover all the provisions in this article, but we’ll touch on some of the SECURE 2.0 highlights and changes.

Continue reading

Critical Ages to Keep Track of in Retirement

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.

As you enter the end of your working years and transition into retirement, these key dates are critical. You really need to start paying attention to these in your 50’s and 60’s. Once you’ve reached your 70’s, the actions tied to your age start to taper off, but there are other important factors to consider.

Continue reading

The 3 Main Phases of Retirement Planning

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.

Someone who’s in the accumulation phase will need to focus on eliminating risks preventing the buildup of retirement assets and income streams. The transition phase bridges the gap between accumulation and decumulation. As you move into the decumulation/retirement phase, many changes happen.

Continue reading

Calculating the Right Amount of Roth Conversions

Roth conversions are one of the most powerful methods for maximizing long-term tax savings. If you believe that a Roth conversion might be something you could benefit from, the next question is how much to convert. The right amount will vary based on your situation.

Once you’ve decided to implement a Roth conversion strategy, you’ll want to look at areas of opportunity. We usually look at projected cash flows throughout retirement and attempt to find any dips in income. Dips in income may be opportunities for additional Roth conversions.

Continue reading

What is a Diversified Portfolio Anyway?

You hear the words “diversified portfolio” all the time, but what does diversified even mean? At first, we’re not even comfortable asking because it feels like something we should know, but don’t. Let’s explore what being diversified really means and why you need a diversified portfolio.

You might be surprised at how little it really takes to be “diversified.” There are a lot of technical terms surrounding portfolio construction, but you don’t need to get too wrapped up about those. We’ll talk a lot more about your overall risk in your portfolio.

Continue reading

Opportunities in Down Markets and Recessions

Recessions and down markets are scary, but they can also offer lots of opportunities too! If you’re wondering what to do with your money, you’re not alone. When markets get sideways, folks tend to look to make moves to protect their assets.

Depending on what your financial life looks like, you can employ a number of tax saving strategies and other methods to boost your financial stability. There are some particularly useful strategies for down markets.

Continue reading

Planning for Retirement in a Down Market

Can you still retire in a recession or “down” market? Many have done it, but there’s so much to think about when things don’t feel very optimistic. Don’t worry.

There are lots of things you can’t control like the markets and when recessions will occur. Many other things you can. Let’s look at what needs to happen to successfully retire in a down market.

Continue reading

The IRS Hardship Rules Do Not Care About Your Boat

This post was last updated on April 29th, 2023, to reflect all updated information and best serve your needs.

If times are tough, a hardship withdrawal from your 401k might sound like a good solution. Hold your thoughts and do lots of research first. There are irreversible consequences to taking a hardship withdrawal for emergency situations.

Continue reading

Strategies to Save Money on Taxes in Retirement

Are you looking for ways to avoid taxes on retirement and Social Security income? There are many retirement tax strategies you should be aware of. You may even be looking for how to avoid taxes on withdrawals from your 401k or other investment accounts.

It’s tempting to look for an IRS loophole to reduce taxable income in retirement. We’re not going to talk about hacks or questionable loopholes, but we will outline some legal and proven methods to reduce your taxes in retirement.

Continue reading

Should I Take Monthly Income from My Investments for Retirement?

Deciding how to spend down your life savings can be stressful. Working hard for decades to accumulate a nest egg is no easy feat. Spending money in retirement can be challenging because you don’t want to accidentally spend too much and mess things up.

Fortunately, you’re not the only one going through this, and you don’t have to do it alone. There are a multitude of options for what to do with the money you’ve worked hard for.

Continue reading