The Complete Retirement Planner Blog

A financial retirement plan covers a lot of ground and the more variables you include the more reliable the plan will be. But you can't forget that what you are ultimately doing is trying to forecast the future, which we all know is an exercise in frustration. That doesn't mean that it isn't worthwhile - it's important to to be as prepared as possible so that you can take steps to protect yourself - you just need to keep in mind that things will likely not turn out as you expect. As the saying goes, "Hope for the best, but...

For 401k and IRA accounts, there are annual contribution limits of $19,500 and $6,000 respectively. However, if you are 50 years old or older, you have the option to make "catch-up" contributions of an additional $6,500 to a 401k (for a total of $26,000), and an additional $1,000 to an IRA (for a total of $7,000). Many people will be fortunate just to save the initial contribution amounts, but the question is, if you have the financial ability to also make the catch-up contributions, should you? Or is there a better use of that money? The advantage of contributing as...

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 2021 Complete Retirement Planner lives up to that goal. As always, this annual update includes the most current tax laws (including new I.R.S. divisors for RMD's), retirement account contribution limits, and Medicare costs, as well as several significant improvements that easily make this our most advanced planning tool to date:• If married, Social Security spousal benefits now calculate automatically, with the...

Are you one of the 82% of households (per a Fidelity study) that doesn't have a written financial plan? Maybe you think that you don't need one, maybe you have a DIY spreadsheet/back-of-the-napkin plan that you think is sufficient, or maybe you trust generic advice and benchmarks to guide you. If that's the case, with respect, I propose that you are mistaken and you are doing yourself a disservice. Regardless of your net worth or stage of life, having a comprehensive financial plan is a crucial step in assessing your current and future financial health and it acts as a...

We all know that life is full of risks and we typically do our best to mitigate those risks - we wear seat belts when driving, we have insurance for our homes, and we try to eat healthy food and exercise regularly to protect our health. But what are you doing to actively mitigate your financial risk as you age and prepare for retirement? The following are ten of the biggest risks to account for when planning for retirement:1. Longevity It's impossible to know how long you, or your spouse, may live. This makes it even more important to plan...