Taking a pension lump sum takes careful consideration. If you decide to take a lump sum, you’ll have to decide whether you transfer your lump sum pension payout into your 401k or your IRA. The decision to take a lump sum can’t be reversed, so take it seriously.

Many different factors come into play when we’re sorting through this decision. Pension payout calculations, tax considerations, and personal goals all matter. Also, your investment style and habits around money are very important as well.

Coordinating your pension and Social Security benefits are some of the most important decisions you’ll make as you retire. It’s very important you don’t plan either one without looking at your whole financial picture. In other words, we want you to think about your overall retirement income – not just your pension or Social Security.

Your pension income, retirement accounts (401k, 403b, TSP, IRA, etc.), Social Security, and other income (rental property, inheritance, etc.) all factor into how much you need in retirement. Each one of them comes with their own risks and benefits to consider in relation to your other retirement income sources.

For many retirees with a pension, maximizing your payout options is vital. Many pension plans use what’s called a Final Average Earnings (FAE) calculation. There are several factors that might affect your retirement pay.

You might not be able to control all the variables in your FAE calculation, but certain things, like deciding when to retire, are generally within your control. You don’t want to make the mistake of retiring too early and missing a benefit or working longer with minimal or no benefit to you.

Deciding what pension payout option to choose is a momentous decision with huge impacts on your financial future. There may be several different options – and you don’t want to choose the wrong one. Your company’s plan documents can also be confusing, which makes things more stressful.

However, with the right education and planning, you can navigate this important decision with confidence. The biggest challenge is understanding how each payout option can help work in concert with the other pieces of your life. We hope to give you the tools to make informed comparisons to make the best decision for you and your family.

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.

There’s no denying the importance of getting a quality education. However, the rising cost of higher education really makes things difficult for young families. It’s not uncommon for grandparents to want to help their grandchildren pay for college.

With that being the case, there are some key strategies for you to help your grandchildren without affecting their chances for student aid. You can probably save some taxes too – if you know what to do.

What does it actually look like when you work with a financial planner? This varies a lot between financial planners and clients alike. However, we’re peeling back the curtain to show you how we create your financial plan at NextGen Wealth.

Whether you’re already working with an advisor or a do-it-yourself investor, having a clear system for success is vital. The COLLAB Financial Planning Process™ is our answer. We hope you enjoy this “inside look” at how we construct a plan for your future.

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.

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.