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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Budgeting Software Review: YNAB vs. Mint

Budgeting software has totally changed the way that we think about our money. They give us the ability to customize our budget which can help us: 

  • Get out of debt.
  • Save more money. 
  • Cut expenses. 
  • And make our hard-earned dollars go further. 

With budgeting software applications on our mobile devices, we can take them with us everywhere to inform our spending and saving decisions. They have given us intuitive and easy-to-use tools that make budgeting easier. With so many budgeting software and applications on the market though, how can you be sure which one is going to be the best for you? 

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How to Cut Your Expenses in Retirement

The average person needs between 70 and 80 percent of their income each year when they retire. If you have that already saved, you're probably in good shape. 

However, there's always more you can do to help you stretch your retirement funds without sacrificing your quality of life. It just takes planning and know-how.

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How to Prepare for Retirement in the Age of COVID-19

Since the novel coronavirus began spreading across the globe, it has impacted everything about our daily lives. However, while some of the effects were immediate, such as quarantines and lockdowns, one of the less obvious was how it would impact retirement planning. 

In this article, we want to look at the various ways that COVID-19 has disrupted retirement plans. To help understand these effects better, we’re going to look at the three stages of planning - early, pre-retirement, and retirement. We’ll also pay attention to the various legal changes that were inside the relief bill passed in March. 

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Retiring Early and Paying for Health Insurance

As a financial advisor, I meet with individuals and couples who hope to retire early all the time - I mean, who doesn’t. Once I sit down with them for some basic number-crunching, we work together to create a long-term financial plan that will guide many of their decisions. 

This can include how much to invest, when and where to invest, and ways to increase cash flow and returns while keeping long-term costs and taxes to a minimum. 

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What’s the Difference Between a 403(b) and an IRA?

No matter how old you are, it’s never too early to start planning for retirement. While you should start saving as soon as possible, one of the best ways to build a substantial nest egg is to work somewhere that offers employer contributions, like a 401(k). However, for those working in nonprofit organizations, a 401(k) plan is not usually an option. 

Fortunately, many of these entities may offer what’s called a 403(b) retirement account. In this article, we’ll discuss the finer points of a 403(b), as well as compare it to an alternative, the individual retirement account (IRA). Here are the details you need to know. 

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Do I Need a Budget in Retirement?

For many individuals, the primary concern is to save as much money as they can before retirement. After all, the bigger your nest egg, the less likely you’ll run out. 

However, even if your retirement accounts are bursting at the seams, budgeting is still a necessity. In many cases, without a budget, you could wind up having to dust off the old resume because your funds are starting to run low. 

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Tips for Withdrawing Money From an IRA

When talking about retirement planning, most of the focus is on how and where you’ll be saving money. While that should be your primary concern, you also need to figure out what comes after - withdrawing money to fund your retirement. 

In this article, we’ll talk about the different rules regarding traditional and Roth IRA withdrawals. Depending on your situation and your needs in retirement, you can maximize your earnings while minimizing your tax burden. Here are the tips that you need to know. 

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How Do I Calculate My Liquid Net Worth?

If you were to run a business, would you pay close attention to its financial health? Unless you want to go bankrupt pretty fast, we’d bet that you would. Elements like cash flow, debts, and total assets would be part of your normal routine. 

Now, what about your personal financial health? If you’re like most individuals, you might not be as diligent when it comes to your own net worth. Unfortunately, that lack of oversight can be a huge problem, particularly when disaster strikes. 

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The Four Phases of Your Financial Life

Designing, building and protecting a plan throughout these phases requires an integrated approach across many life and financial areas. Key moments across each phase can impact your long-term success to whether you accomplish the goals you’ve set forth. 

I believe that by having a better understanding of each phase, you’ll be able to know what to expect and plan for throughout each one, in particular when it comes to creating a retirement spend down strategy.

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein. NextGen Wealth LLC is registered as an investment adviser in the states of Missouri and Kansas, and is notice-filed in the State of Texas. As such, it may only transact business with residents of those states and residents of any other state where otherwise legally permitted subject to exemption or exclusion from registration requirements.

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