The Complete Retirement Planner Blog

Percent Of Income To Allocate To Each Expense Category

A common question that arises when itemizing your monthly expenses is, "what percent of my income should be allocated to each expense category?". Unfortunately, there is no "one size fits all" answer to this since everyone's circumstances are unique - a person may spend a higher percent for rent in New York City but have no car expenses, or live in an area where you spend much less for rent but then own a car (or two). However, while there's no need to over-analyze every last category, it's still a good idea to be aware of what percent of your...

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Why "Sequence Of Returns" Matters

As you develop your financial plan for retirement you will give a good deal of thought to the known details of your finances (e.g. monthly expenses, income, etc.) and what you expect/would like to happen in the future. You will also need to decide what rate of return you should use for your savings/investments. Since you can't predict the future, you may end up relying on your historical results to arrive at a reasonable expectation. That makes sense, but how you choose to enter that information can have a serious effect on your results. If you expect a 5% return...

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Should You Pay Off Your Mortgage Before Retirement?

Paying off your mortgage before retirement has long been considered a smart financial move. But is it always?The long standing rule of thumb is that you want to reduce expenses as much as possible before retirement so that it takes less money to live on. In theory, this will help your savings to last as long as possible. But if your mortgage does not reach the end of its term by the time you retire you have a decision to make. Either you pay off the balance using your savings, or you continue to maintain the mortgage. Since a mortgage...

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Physical Health And Financial Health Go Hand In Hand

Whether you desire to be physically healthy and/or financially healthy, both require the same type of behavior. Watching what you eat (being aware of calories, serving sizes, ingredients), and exercising regularly (calories burned, steps, rotating muscle groups), requires the same type of commitment and habits as being financially sound (watching your budget, monitoring investment performance, planning for retirement). In both cases, being successful requires you to set realistic goals based on what you’re trying to accomplish, monitor your results, and then adapt as needed to stay on track. Just as you establish a regular plan to stay physically healthy, a...

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The 2020 Complete Retirement Planner!

Each year we strive to enhance the capabilities of TCRP to maintain its leadership position in personal financial planning tools and to best fit the needs of our present and future customers. We are pleased to announce that the 2020 Complete Retirement Planner lives up to that goal. As always, this annual update includes the most current tax laws, retirement account contribution limits, and Medicare costs, but there are also several significant improvements that easily make this our most advanced planning tool to date:• A Social Security calculator has been built into the planner (replacing the College Savings Calculator, which...

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