Retirement planning covers a variety of different areas, from 401(k) plans to estate planning. Navigating this complex area on your own can be a challenge, so it is beneficial to seek out the services of an experienced financial planner, particularly one who is knowledgeable about retirement. One aspect of retirement planning that is sometimes overlooked is life insurance. Many different types of life insurance plans are available, and the one you choose will depend on a variety of factors specific to your situation. Today, the two most popular types of life insurance are term life insurance and whole life insurance…

Estimating your expenses in retirement is one of the most difficult steps when you’re preparing for this stage of your life. Debt is often one of the most stressful expenses, so it makes sense that many people want to reduce the debt they need to repay while retired.

Often, people try to avoid carrying a mortgage into retirement. Given the recent drop in interest rates, some retirees who still have a mortgage may be considering a refinance. Refinancing can help lower the monthly payment on your mortgage or, alternately, reduce the length of time you’re repaying the loan. However, it’s…

For most Americans, large portions of their money sit in retirement accounts without a second thought. Few even consider those funds again until they begin to approach retirement age. One often-overlooked area in retirement is the issue of required minimum distributions (RMDs) and how they might affect you in the future.

Many people reach their 60s with little to no knowledge of what the rules are for RMDs and how this could affect them during their retirement years. What is happening for the most part here is that Americans are simply postponing taxes on 401(k)s or other IRAs until they…

The complexities involved in planning for retirement change every year depending on inflation, account contribution levels, living standards, and unforeseen expenses, among other factors. However, continuing to grow funds in your retirement account might be a little more difficult than usual in 2021 as a result of the economic effects brought about by the COVID-19 pandemic. Some may have to consider early retirement with significantly less money than anticipated, while others might be forced to suspend contributions to their 401(k) or Roth IRA for the foreseeable future. The following are five trends concerning retirement planning for 2021.

Possible Increase in Unplanned Retirements

While it’s vital…

One of the key elements of estate planning is establishing a trust fund, a special type of account that holds assets on behalf of a person or organization. Through a trust fund, you can pass assets to other people and create stipulations about how the money can be accessed. For example, you can put money in a trust for your grandchildren that they will not be able to access until they turn 30. You can also place restrictions on how the money can be used. A trust could be created solely to cover educational expenses, for example.

Trusts follow both…

For many people, a 401(k) will not provide enough income to make ends meet during retirement. For this reason, you should consider alternative investments, whether that means other tax-advantaged accounts or unique products such as annuities.

A way to secure guaranteed income during retirement, annuities are contracts sold by insurance companies that provide regular installments based upon the initial agreement. An annuity can act as a supplement to Social Security and serve as the backbone of any retirement plan, especially since these contracts can provide guaranteed income for life. …

Retirement-related anxiety is a common theme among Americans. According to GOBankingRates’ 2019 retirement survey, 64 percent of the survey’s 2,000 respondents expect to retire with less than $10,000 in savings. Moreover, almost half of all respondents said they had no money set aside for retirement.

These numbers are in stark contrast to the general retirement savings rule of thumb, which suggests you should save at least 15 percent of your annual income before taxes. However, this is just a guideline and might be different for you based on how you wish to live post-retirement. …

Though a recent innovation, cryptocurrency has certainly taken the world by storm over the last several years. Originally introduced around 2009 with bitcoin, it did not at first attract international attention, viewed instead as a passing curiosity. But today, that has changed, and cryptocurrencies of all types are fast becoming an important focus of discussions on cybersecurity, regulation, and other financial issues as they continue to gain traction. For those new to cryptocurrency, here is more information about what you should know.

How Does Cryptocurrency Work?

Cryptocurrencies are, quite simply, forms of digital currency that can be used to purchase other goods or traded…