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The Retirement COLLAB Blog

Should I Retire In The Middle of a Pandemic?

Planning for retirement can be both exhilarating and scary at the same time. Living a worry-free retirement requires a combination of a robust investment portfolio, liquid assets, potential annuities and social security income. 

At the beginning of 2020, no one could have imagined the sudden economic downturn caused by the coronavirus pandemic. Market volatility has naturally made many people consider postponing retirement plans because of sudden drops in the stock market that have increased investment uncertainty in retirement accounts. 

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How to Create a Retirement Vision Statement

No matter who you are, retirement planning is a must. Whether you’re just around the corner from retirement or you have a few more decades, it is never too soon to start preparing for your golden years. 

However, while most individuals focus on the financial side of things, what will you actually do in retirement? How will you spend your days? What kinds of hobbies or interests will you pursue? If you’re like most pre-retirees, you might have some thoughts on the topic, but nothing set in stone. 

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What is a Limited Power of Attorney?

Let’s get right to it and answer the question before getting into the details. A power of attorney is a legal action that offers someone else of your choosing to make decisions on your behalf if you’re unfit or under contract. 

Its most common use is for people to have a go-to friend or family member to act on their behalf if they become sick or injured and can’t make decisions themselves. Power of attorney agreements are an essential part of the estate planning process and are usually connected to a will or trust fund. 

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What is Micro Investing?

Typically, if you want to become an investor, you need sufficient capital to make any headway. These days, however, it’s never been easier to make your money work for you, thanks to various investing apps and opportunities. 

If you’re short on funds, you might think that investing is out of reach. You’d be wrong. Thanks to the growing trend of micro-investing, anyone with a bank account can get started. 

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What is a Per Stirpes Beneficiary Designation?

When it comes to estate planning, it’s crucial to have all of your assets and beneficiaries listed and up to date. However, because this planning can be relatively messy at times, what you want may not always come to pass. For example, what happens if your beneficiaries predecease you? 

Although this situation can be rare, there’s already a process for what happens to your assets. It’s called per stirpes, and it can ensure that your money or property will pass down to living heirs should your beneficiaries die before you do. 

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The SECURE Act: How It Affects Your Estate Plan

President Trump signed into law the ‘Setting Every Community Up for Retirement Enhancement’ Act (SECURE Act) on December 20, 2019. It became effective on January 1, 2020. The SECURE Act is considered a part of the government’s spending bill and will affect retirement savers inevitably. 

The legislation puts into place several provisions that are designed to strengthen retirement security across the country. It also includes several common-sense reforms that are considered long overdue. These reforms are designed to make retirement more accessible and easier for many Americans.

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Does Taking a Lump Sum From My Pension Make Sense?

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

If you’re trying to save for retirement, it helps to have an employer-sponsored plan so that you’ll have access to funds once you stop working. Although 401(k) plans are the most common option today, some companies still offer pensions. Now you're probably wondering what the outcome of a pension vs. 401(k) is, don't worry; we cover this a bit later on.

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How Much Should I Plan to Spend on Health Insurance in Retirement?

When discussing retirement planning, it’s crucial to prepare for the most significant expenses you’ll be facing. While you can control some of these, one cost that will only get higher is healthcare. Unfortunately, as you get older, your body will require more maintenance and upkeep, which can lead to more hospital visits, medications, and other treatments.  

To ensure that you’re ready for rising healthcare costs, we want to outline the best way to plan for them during retirement. Whether you’re going to retire in a few years or a few decades, it’s never too soon (or too late) to prepare. Here’s what you need to know. 

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How Much Should I Spend in Retirement?

This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.

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 last the rest of your life.

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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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