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Posts by Michael Andersen

Financial Realities for Retirement

When it comes to retirement there are a lot of things to consider before making big decisions for your future. Michael breaks down the four biggest realities you face in retirement, and how to best navigate them for a more successful and stable retirement.

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Maintaining the Health of Your Wealth

You keep your physical health in check with regular visits to your doctor, the same principle applies to the health of your wealth. Checking in regularly with your financial advisor can help you stay on track with your goals, address any problems that arise, and keep your finances healthy and flourishing.

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Four Ways You Can Avoid Retirement Tax Surprises

According to Nationwide Retirement Institute, nearly half of retirees wish they had been better prepared for the taxes they would pay in their retirement years. In fact, a full 25 percent reported paying thousands more than expected. These surprise expenses can be frustrating at best and downright painful at worst, and they’re getting more and more common as retirees rely on tax-deferred options like 401(k) accounts.

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Planning for an Extended Retirement

Planning for retirement in an age of increased longevity poses a different set of challenges. Today on Wise Money, Michael Andersen will cover how you can make the best decisions for the possibility of an extended retirement.

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The Five Essential Questions Couples Need to Answer Before Retirement

If you’ve ever had a retirement conversation with your spouse that left you both frustrated or confused, it may not surprise you to learn that the majority of married couples find themselves misaligned when it comes to financial values and money management. In fact, 43% of couples are not even on the same page about when to retire.

At first glance, it may seem strange that two people living together – possibly for decades – are saving toward divergent timelines. However, money topics, in general, are common sources of frustration in relationships and are often cited as the main factor in divorce. Today, boomers are divorcing at higher numbers than their parents – often called gray divorce – meaning that the money saved for retirement will have to do double duty in order to serve both spouses when they part ways.

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Creating & Completing Your Retirement Checklist

Before setting sail on your retirement journey, take some time to create your retirement checklist. On this episode of Wise Money, Michael Andersen will show you how creating a checklist for your retirement journey can keep you on track for the retirement of your dreams.

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How Can I Maximize my Social Security Benefits?

The amount that you receive from Social Security is based upon your earnings history and the age at which you claim your benefit. Some people who are married or who have been married, may be able to engage in Spousal Claiming Strategies. A series of ways to claim off of a spouse or former spouse…

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Taking an Interest in Interest Rates

In retirement it’s not about how much money you have, it’s about how much income you have, and depending on your retirement plan that income may be tied to interest rates. On this episode of Wise Money, Michael Andersen will guide you through the potential impacts fluctuating interest rates can have on your retirement.

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Are Social Security Benefits Taxable?

If your only income is Social Security, chances are it’s going to be tax-free. If you have other forms of reported income, it could count towards a formula called provisional income, which determines whether or not your Social Security benefit is partially or nearly fully taxed. If you’re concerned about the taxation of Social Security,…

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Thanksgiving is a Good Time to Discuss Estate Planning

Family Gatherings are Prime Opportunities for Discussions About the Future

Do you subscribe to the belief that family gatherings aren’t an appropriate place to discuss things like politics, religion or money? Many people feel this way, causing them to put off financial discussions about the future for another time. However, when your family is gathered together celebrating Thanksgiving and you’re feeling gratitude for the loved ones around you, it can open the door for important money conversations that impact your family’s future.

Why You Should Never Neglect Estate Planning

Topics such as where your assets will go when you die can be uncomfortable to broach, but estate planning is integral to your family’s financial future. Establishing a thoughtful succession plan using a document like a will or a living trust can benefit your whole family and ensure your wishes will be met. Ideally, you should have these plans in place before an emergency occurs, and while the oldest members of the family are still in good health, both physically and mentally.

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