Category Archives: Retirement

The Retirement Labyrinth: Navigating Challenges for Gen X and Y

For many, the road to retirement is paved with uncertainties. This is particularly true for Generations X and Y. Caught between the Boomer behemoth and the enigmatic Zoomers — these generations face unique challenges. In contrast to their predecessors who

We’re 65, Have $120k Left on Our Mortgage and an IRA Worth $650k. Should We Pay Off the Mortgage?

Should you prioritize debt or savings? This is one of the most common questions in household finance, and it comes up particularly in the field of retirement savings. For this example, let’s say you have a $650,000 IRA and a

Financial Planning and Investment Strategies for Women to Redefine Retirement

Gone are the days when hitting the age of 65 means it’s the end of a woman’s career. Life expectancy in the U.S. is in the late 70s — with studies showing that women can expect to live nearly six

Retire Abroad: Navigating the Financial Landscape

Are you dreaming of retiring to a villa in Italy or a beach house in Costa Rica? It’s an exciting idea, especially when there’s a lower cost of living — but there’s a less glamorous side to consider: taxes. Yes,

I’m 67 With $2 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life?

If you had $2 million saved in an individual retirement account (IRA) by age 67, could you make it last the rest of your life? With some wise planning and investing, stretching a $2 million nest egg over several decades

Can a Nursing Home Take Our Assets? We Have $800,000 in Investments and Our Home Is Paid Off

Nursing home stays and long-term care can cost well over $100,000 per year. To pay for it, families often have to liquidate their assets either to raise cash or to meet Medicaid’s spend-down requirements. If you want to protect your assets

I’m 55 With $900,000 in an IRA. Should I Convert $100,000 Per Year to a Roth to Avoid RMDs?

At age 55 with $900,000 in a traditional individual retirement account (IRA), converting $100,000 per year to a Roth IRA could help reduce required minimum distributions (RMDs) and related taxes in retirement. Although Roth conversions create current tax liabilities, paying

Ask an Advisor: If I Move From New York City to Florida, Can I Afford to Retire?

I’m 54 and would like to retire next year. I intend on moving out of expensive New York City to Florida where I will purchase a home outright with cash for $600,000 to $650,000 (financed from the sale of my

What To Do With Your 401(k) When You Retire

After years of diligently saving a portion of your paycheck to your 401(k), you’re finally ready to retire. But what do you actually do with all the money in your account? How do you turn numbers on an account statement

The Best Hobbies to Take Up as a New Retiree

If you want to lead a richer, more fulfilling, more social life as a retiree, you need to take up some new hobbies. The problem is that some hobbies are exorbitantly expensive, which might eat into your living budget. Some