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How Lower Interest Rates Could Impact Your Money
The Federal Reserve recently announced their decision to lower interest rates, marking a significant shift in monetary policy. This change could have far-reaching implications—namely to your retirement finances if you rely on interest-earning accounts like money market accounts, CDs, and savings accounts.[1] The Impact on Interest-Earning Accounts Interest-earning accounts, known for their stability and, of late, their relatively higher yields, [...]
4 Reasons Your Retirement Needs a Healthcare Strategy
As you approach retirement, it’s easy to focus on financial planning, travel dreams, and leisure activities. However, one critical aspect that often gets overlooked is healthcare. A well-thought-out healthcare strategy can help to ensure you thrive in your retirement years without the burden of unexpected medical expenses or health-related issues. Here are four compelling reasons why you need a healthcare [...]
Unlocking the Benefits of Annuities in Retirement Planning
Financial independence is an integral part of a comfortable retirement. Therefore, investing in strategies that guarantee a consistent income stream in retirement is crucial. An annuity is a strategy that provides a series of regular payments for a specific period or the remainder of an individual's lifetime. Annuities are purchased from an insurance company and provide several benefits that may [...]
Four Questions to Answer in Your Retirement Healthcare Strategy
Healthcare might be one of the most expensive cost categories for you in retirement. And believe it or not, not all Medicare programs are free and can be complex to navigate. So, what are the key questions to begin the healthcare planning conversation? Question 1: How much will my medical expenses be in retirement? Your retirement healthcare costs can vary [...]
Don’t Forget These Tax Deductions If You’re Self Employed
Itemizing your taxes is a hallmark of the self-employed life, so we’ve got a few tax planning strategy hacks that you may want to consider, especially if you’re headed toward your retirement in the next few years. Know the rules for expensing and depreciation For items you buy for your business, you have two options: either you can deduct the [...]
Reasons to Claim Social Security Early or Late
Deciding when to claim your Social Security benefits is a crucial decision that can significantly impact your retirement income. Whether you’re facing health challenges, aiming to maximize spousal benefits, or contemplating a longer retirement, knowing when to claim based on these factors can make a substantial difference. In between 62 and 70, the longer you wait, the more you get [...]
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