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Insights
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If you are among the 73%* of private sector workers with access to an employer-sponsored retirement plan, let’s talk about how we can help ensure your workplace retirement account is working as hard as you are.
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By Bruce Helmer and Peg Webb, Financial Advisors at Wealth Enhancement Group and co-hosts of “Your Money” on WCCO AM 830 on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com.
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Choosing a retirement date is an exciting time. Not only does it mean you no longer have to bust your hump at a nine-to-five for years on end, but it also signifies your transition into the next phase of your life–potentially the best phase of your life.
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As part of your employee benefits package, you have access to all sorts of things like health care coverage, a 401(k) plan and potentially even stock options. However, what could end up being the most beneficial may also be the most overlooked: a health savings account (HSA).
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For many Americans, Social Security is a crucial component of retirement. The problem, however, is that there is a lot that people don't know about Social Security and a lot of inaccurate information about it.
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Federal retirement isn’t one-size-fits-all. Discover how key work anniversaries and age milestones—from 5 to 30 years of service, and ages 55 to 62—can unlock critical benefits like pensions, health insurance, and penalty-free withdrawals. Plan your retirement with confidence.
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Almost 70 million Americans will receive some form of Social Security in 2025, totaling about $1.6 trillion in benefits.
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By Bruce Helmer and Peg Webb, Financial Advisors at Wealth Enhancement and co-hosts of “Your Money” on WCCO AM 830 on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor and affiliate of Wealth Enhancement Group.
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Facing unexpected changes as a federal employee? Learn how Voluntary Early Retirement (VERA), Deferred Resignation, and Discontinued Service Retirement (DSR) could impact your pension, health benefits, and future plans. Explore your options and protect your retirement.
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We commonly receive the question, “When can I withdraw money from my 401(k)?” While the answer is technically “whenever you want to,” there are penalties you’ll need to look out for if you want to withdraw from your 401(k) before retirement.
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Despite concerns about inflation and overall preparedness, Americans are looking forward to retirement, according to new survey research* we conducted this year.
77% of Americans expressed positive emotions such as happiness (45%) and gratitude (37%) when asked how they feel when they think about retirement, according to the study of 1,000 U.S. adults. For those already in their golden years, 90% don’t regret retiring when they did and 33% say it’s even better than expected.
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There’s a world of opportunity beyond the borders of the United States. For decades, many Americans have looked overseas, seeking both fulfilling and cost-effective retirements.
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When imagining the perfect retirement, most people dream about travel, hobbies, or time spent with loved ones. That’s certainly more fun than planning for long-term care. However, according to the U.S. Department of Health and Human Services, roughly 56% of adults aged 65 and older will need some form of long-term care during their lifetime.
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As you get closer to your chosen retirement date, it’s not uncommon to feel a sense of unease. Sure, you’ve been saving and planning, but how can you be certain that you’ve done enough?
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You've heard the adage, "It takes money to make money." That is very often true. Similarly, it takes income to pay income taxes. If you are in a position where you are offered deferred compensation, you may have the opportunity to pay less in income taxes and have more money when you need it the most.
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There’s no one-size-fits-all approach to retirement planning because there’s no one-size-fits-all financial plan. No matter how close or far away retirement seems to you, there are decade-by-decade guidelines you can follow to make sure you’re working in the right direction.
20s — Lay the groundwork, and don’t hamstring yourself
We know, you don’t want to hear it. Your 20s are about getting an education, settling into your career, and, yes, enjoying your young adulthood.
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Understanding New RMD Rules for Inherited Individual Retirement Accounts
For many holders of traditional individual retirement accounts, minimum distributions (RMDs) are a familiar concept. They provide a way for the government to collect taxes on tax-deferred accounts, and investors who fail to make RMDs and pay taxes on them can face IRS penalties.
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For many, retiring to their cabin is a lifelong dream. Maybe you inherited this cabin from your parents, and you’ve kept it to pass on to your own children. Maybe you purchased this cabin, so you and your children could have a getaway all to yourselves. You expect to see your grandchildren swimming, water skiing, and learning to fish here, just as your children have done.
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Discover why more retirees are choosing Northern Minnesota over Florida. From strong family ties and top-tier healthcare to outdoor recreation and peaceful living, explore 7 compelling reasons to retire in the Land of 10,000 Lakes.
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Imagine you’ve just arrived at your doctor’s office. One of the first things you’ll do is answer questions about the prescription drugs and vitamins you take. Why? Your doctor needs to know what medications you’re taking to prevent any unintended consequences from drug interactions. To make the best possible recommendations, your doctor needs all the information.
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In the journey of life, preparing for retirement can seem like a distant priority, especially if you’re a millennial focused on more immediate financial concerns like buying a home, repaying student loans, or saving for your children’s education.
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The business of giving financial advice has changed dramatically over the past 30 to 40 years. When Peg and I started, the relationship was mostly transactional: investors came to you to help them pick stocks and manage portfolios. At most firms, the emphasis was on “beating the market” and finding the next “hot stock.” Financial planning was nowhere to be found.
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Retirement in FloridaSandy beaches, sunny skies. Blue water that stretches as far as the eye can see. A community of like-minded individuals around you. Welcome to Florida, the Sunshine State.A haven for retirees seeking a vibrant lifestyle, Florida offers more than just great weather. Appealing tax benefits, an abundance of recreational activities, and diverse cultural offerings grace this peninsula, which boasts a little bit of something for everyone.
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The Social Security program allows you to start receiving benefits as soon as you reach age 62. But you can also defer up until age 70 and receive higher benefits. How do you decide the optimal time to take your benefits? Here are a few things to consider when making your decision.
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The U.S. Bureau of Labor Statistics has reported that upwards of 10% of the workforce is employed in an "alternative work arrangement." These alternative arrangements take many forms: independent contractors, freelancers, gig workers, and more.
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Retirement planning is full of unique challenges and opportunities, especially for women. Women live longer lives than men, which can bring the risk of outliving their retirement savings. When you also consider career interruptions from having children and wage disparities, the "typical" retirement savings strategies become more complicated. Although the potential difficulties may be formidable, there are time-tested ways to surmount them.
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Retirement planning can feel like navigating a sailboat through the Bermuda Triangle. From shifting inflation rates to unknowable health care costs, it can seem impossible to know exactly what route to take and how much to save. That’s why we created a Retirement Income Calculator to help you estimate what you may need to save to support your lifestyle into retirement.
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Each year, the Social Security Administration (SSA) adjusts the benefits that retirees receive to keep up with inflation. On October 12, 2023, the SSA released its official cost-of-living adjustment (COLA) announcement. Here's what you need to know.
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Equal pay for men and women has been the law since 1963. Yet, well into the next century, women with similar education, skills, and experience are still paid less than their male counterparts. So, what is the wage gap between men and women?
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Retirement planning is crucial for everyone, but it introduces particular challenges for women. With longer life expectancies, as well as reduced earning potential due to the gender pay gap and other factors, women face a unique set of obstacles in preparing for retirement compared to men.
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What if you could sell off a highly appreciated asset, avoid capital gains taxes and create a steady stream of retirement income for yourself or your loved ones? It may sound too good to be true, but those are just a few benefits of establishing a charitable remainder trust (CRT).
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Retirement planning today means more than simply leaving your full-time job. It means achieving the financial freedom to pursue your passions and purpose—whether part-time work, teaching, consulting, volunteering, etc. How will you spend your time when your career comes to a close?
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Everyone has their own unique retirement timeline, needs and strategies. But thanks to factors like Social Security, Medicare and IRS rules, just about everyone will face retirement planning milestones in approximately the same order and at the same stage in life.
Here are the major milestones you’ll face in retirement and the ages at which you’ll face them.
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Many retirees depend on pensions to fund their retirement, and many employers still offer Defined Benefit pension plans. At retirement, Defined Benefit Plan participants typically have the option to receive their pension as a lump sum (single) payment or in the form of annuity payments.
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Whether you’re a late starter or a savvy saver, you want to maximize every retirement asset you have. If you’re like most people, that means contributing the maximum amount into retirement accounts like 401(k)s, 403(b)s, and IRAs. And while that’s a swell idea, one thing you may be overlooking is your home.
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Healthcare is bound to be one of your biggest expenses in retirement. As your needs increase with age, so do your costs, and if you’re not prepared, you could be left trying to figure out how to pay for it all.
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Accumulating wealth and saving for retirement is a familiar concept for many people, even if the specific strategies aren’t. But what about when you transition into retirement and need to make the switch from saving to spending? Is your portfolio set up for success in your golden years?
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If you’ve lived in a northern state and you’re approaching retirement, the dream of moving to a sun-kissed state with low or no state income taxes has probably crossed your mind at least once. Or maybe you’re a southerner with dreams of snow-capped hills for a holiday retreat.
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Taxes can be complex. And as much as we may not like them, they’re here to stay–even once we enter retirement.
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Saving when you’re young can have major benefits for your overall financial plan. As shown in Figure 1 below, starting at age 25, if you save just $381 every month, you’ll reach $1 million by the time you turn 65, assuming a hypothetical 7% compounded rate of return. But the longer you wait to save, the more you need to put away every month to reach that same goal.Figure 1. Monthly Savings to Reach $1 Million by Age 65
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Adding a Roth account to your retirement plan can be a great money-saving strategy. The benefits of setting up a Roth IRA are well documented, but did you know that there are Roth versions of employer-sponsored 401(k), 403(b), and 457 retirement plans?
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Saving for retirement can feel like an overwhelming task. How much do you need to save? How much can you really afford to put away and still live the life you deserve today? How does anyone make it work?
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Starting in 2022, the various tables used to calculate required minimum distributions (RMDs) from retirement plans will be updated. To reflect longer life expectancies, these tables will be expanded to allow RMDs to be drawn out over a greater length of time.
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During your working years, you typically have a good sense of how much you’ll earn each month. This allows you to fairly accurately forecast, based on your budget, how much cash flow you need to pay your bills and, hopefully, have some leftover to save for the future.
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It’s easy to assume that financial choices boil down to one’s preferences. While personal preferences, goals and priorities should drive most financial decisions, they often can convert a good intention into a mistake. Conversely, those mistakes may lead you astray: Setting the wrong goals, adopting the wrong strategies, and utilizing the wrong tactics. And unfortunately, when the stakes are high (such as with your retirement), many mistakes may be unfixable.
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On your wedding day, you took your partner’s hand and promised to be by their side every day for the rest of your lives. And so far, that may be exactly what you’ve done. But now, with retirement looming, you’re readier to take that leap than your spouse. So, what are you supposed to do?
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Getting laid off is almost never welcome news. When you have bills to pay, a family to support, and goals on the horizon, it can be devastating to find out you’ve suddenly lost your job. But in the wake of the COVID-19 pandemic, that’s a reality that many Americans have had to deal with.
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According to a recent AICPA study, the number one concern for their clients with respect to retirement planning is running out of money. In fact, 30% of their clients listed it as their top concern.
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When considering the unfortunate reality that about 50% of marriages end in divorce, many people who are at or nearing retirement find themselves in the position of figuring out the Social Security benefits they are entitled to as a
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After decades of paying payroll taxes, many people believe that their Social Security benefits are tax-exempt, but this simply isn't the case for a lot of retirees. In fact, the Social Security Administration estimates that 52% of beneficiaries paid income tax on their benefits in 2015 and 56% of all beneficiary families will owe income tax on their benefits from 2015—2050.
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When talking about retirement income, we often describe it as coming from three buckets. One bucket is any pensions you may be entitled to. Historically, these have been a critical part of retirement for many workers, but they are becoming less and less common. This means that the other two buckets will become more important over time.
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Long-term care (LTC)–sometimes called extended care–describes the care an individual needs if they can no longer perform basic daily routines (eating, bathing, dressing, etc.) on their own due to preexisting conditions, disabilities, or frailty.
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While some people dream of an early retirement at age 60, and others are determined to work well into their 70s, the fact of the matter is that turning 65 is a watershed moment for most Americans. Regardless of when you retire, age 65 is the year when you are first eligible for Medicare. You’re also approaching what the government considers to be your “full retirement age,” that is, the age when you’re eligible to receive your full Social Security benefits.
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Single and planning for retirement? Learn how to maximize your Social Security benefits—whether you're never married, divorced, or widowed—with smart claiming strategies.
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Social Security is a big asset–one that could potentially exceed a million dollars in accumulated benefits over your lifetime–and it poses a number of complex decisions requiring financial projections as well as knowledge of Social Security rules and regulations. It’s important that you ensure your entire financial plan is ready to withstand potential changes.
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Although the SECURE ACT is often discussed as one of the largest retirement-focused legislative reform in decades, it included a number of implications for individuals who are divorced or facing a divorce when it became effective January 1, 2020.
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At least once a year you’ve been meeting with your financial advisor to make sure you’re on track for retirement. But this year it’s different. This is the year you’re planning to retire, and your idea of retirement might not line up with the reality. That’s why your annual meeting may be more important now than ever.
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Life’s major milestones—graduations, births, weddings and cross-country moves—all require a certain amount of preparation. Retirement is no different. That’s why it’s important to meet with a financial advisor several years before you retire so you can jump right into the retired life once you’re ready.If you’re thinking about retiring sometime in the next three years, you should consider these three things:
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Many people enjoy a good horror movie. They sit on the edge of their seat or hide behind a blanket in anticipation of what will happen next. But when it comes to your retirement, the thrills and chills are much less entertaining.
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Americans contribute a significant portion of their lifetime earnings to Social Security in exchange for an inflation protected income stream during retirement.
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When you hit your 50s and 60s, retirement is no longer on the far horizon. Now it’s looming large, and you’re likely feeling the pressure to get your financial ducks in a row. Consider these tips to make the transition easier—and to lay the groundwork for a more comfortable retirement.
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Parents want to give their children all the help they can, and if they have the wherewithal to improve their kids’ financial standing, they often do so. One great idea that we’ve used with many of our clients is gifting money to their children to fund a Roth IRA.
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Wondering if a 4% return is enough for retirement? Learn how investment performance and smart withdrawal strategies impact your retirement income plan.
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Every year, the pollsters at Gallup survey workers to ask them at what age they expect to retire. Back in the mid-90s, nearly half of respondents expected to retire before their 65th birthday, and only 14% expected to retire when they were over 65.