"If you fail to plan, you are planning to fail." ............ Ben Franklin
"If you fail to plan, you are planning to fail." ............ Ben Franklin
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The Complete Retirement Planner

Withdrawal Rate For Retirement Savings

Withdrawal Rate For Retirement Savings

I've come across several articles recently, and web site calculators (ugh, more calculators that mislead you, and don't work!), that offer guidance on an appropriate withdrawal rate for retirement savings. To keep this simple, let's only consider savings currently in a 401K plan, or traditional IRA. The basic question is, "How much should you withdraw from these savings, annually, during retirement so that you won't run out of money?". Let's consider two main scenarios: 1) If you know that you have more than enough money to sustain you (lucky you, but you better be sure!), then the real question is,...

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Timing - When Should I Start Planning?

Timing - When Should I Start Planning?

Any professional financial adviser will tell you what you've already heard elsewhere a thousand times - start saving as early on in your career as possible. Save as much as you can, invest it wisely, and do both consistently. This is, of course, to help you to be financially responsible, and to develop financial security for the future. While this is great advice, it is missing an essential piece. Along with saving and investing, you need to create a retirement plan to compliment those efforts. After all, part of what you're saving for is retirement! A retirement plan is best...

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What A Big Difference A Small Amount Makes

What A Big Difference A Small Amount Makes

One component that all financial planning tools (even calculators) have in common is that they use an inflation rate as a factor. Some allow you to enter a rate, some assume a rate for you. But how much of a difference does that rate really make in the grand scheme of things? The short answer, it makes a significant difference.Financial advisers often suggest using an inflation rate of 3%. I've seen calculators that assume a rate of 4%. The historical rate, over the past 20 years, is approximately 2.15%. So what rate should you use, and how much difference does...

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Retirement Planning, And The 2018 Tax Laws

Retirement Planning, And The 2018 Tax Laws

Whatever you may think about the new tax laws, there may be a couple of advantages for retirement planners to take note of. Some of the changes are slated to end after 8 years, but until that actually happens (maybe it will, maybe it won't?), this is what I have noticed:       • As you know, if you itemize a tax deduction for mortgage interest, the deduction becomes less and less each year as you pay off the mortgage. However, the new, and larger, Standard Deduction may help to offset that loss in deductions in the later stages of the mortgage...

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The Complete Retirement Planner - Updates For 2018!

The Complete Retirement Planner - Updates For 2018!

With new tax laws on the horizon, we are already preparing an updated version of The Complete Retirement Planner for 2018. Along with the tax changes, the 2018 planner will also contain all other updates made during 2017. Depending on when you purchased your planner during the year, you will benefit from some, or all, of the following improvements that were made along the way: Additional itemized expenses were added/expanded, with the ability to add a couple of your own. You can now enter 4 One Time events, instead of only 2. Worksheets were added on the income page to...

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