gridlock in washington

In this episode of Wise Money, Michael walks through a few of the rumored bi-partisan proposals floating around Washington and whether he thinks they’ll help or hurt your retirement savings plans. He also discusses Roth conversions and other ways that you can manage your money so that you minimize your taxes and maximize your savings.

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success in retirement

In this episode of Wise Money, Michael walks through a few of the rumored bi-partisan proposals floating around Washington and whether he thinks they’ll help or hurt your retirement savings plans. He also discusses Roth conversions and other ways that you can manage your money so that you minimize your taxes and maximize your savings.

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retirement planning

While this isn’t a political show, the reality is that whoever wins the Presidential election will have a real effect on the economy, our future taxes, and as a result, our retirement savings. So, how can you best build a retirement plan that will stay steady no matter who wins the election? That’s what today’s episode is all about.

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When it comes to being wise with your money, you have to develop a wealth strategy for retirement that is custom-tailored and unique to you, your family, and your needs specifically; no strategy is a one-size-fits-all strategy. In this episode of Wise Money, Michael Anderson discusses the different things to keep in mind when starting to build your wealth management strategy for retirement.

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retirement planning
When it comes to retirement, like many things in life, timing is everything.

Across America, many Boomers are wrestling with the question of when to leave the working world behind. Retire too early and you risk outliving your nest egg; wait too long and you may never get to enjoy retirement at all. It’s a complicated decision, to say the least, and one that is causing many would-be retirees to choose inaction – they simply continue to work without tackling the difficult decision of when to stop. Below are four common reasons workers put off making the decision of when to retire.

Fear of Not Having Enough

The sad truth is, many workers aren’t retiring because they are paralyzed by the fear of not having enough money for their monthly expenses. Unfortunately, many of them may be right. Recent data shows that 64 percent of Americans aren’t saving enough for retirement. Many Baby Boomers have spent years planning to rely on whatever they’ll get from Social Security, only to wake up as they near retirement age and realize they should have been supplementing their monthly retirement income with cash savings and smart investments, too.

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Retiring can come with some expensive surprises. To avoid getting hit with unexpected expenses when you retire, financial advisors suggest planning as far in advance. Even if you are just about to retire, there are a few tips that can save you a lot of money and headaches when you file your taxes. Since nearly half of retirees wish they had been better prepared for the jump in taxes in retirement. 1 in 4 says they paid thousands more than they anticipated, getting educated can be a real wallet saver. This is truer than ever for the upcoming retirees, as they are more likely to use tax-deferred options, like 401(k)s, as a main source of income.

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Marathon runners do not train and plan for the sole experience of standing on the finish line. The process, the training and the overall journey from beginning to end are all part of it. Knowing that hard work and effort paid off and a goal was accomplished, that is a remarkable feeling. Treating your retirement goals like a marathon, you work hard, you keep going and when you reach the finish line, all that time and labor pays off—you have the money you need to live the life you want. That’s a wonderful feeling.

Let’s do an exercise.

Close your eyes and try to picture your own funeral. Who is there? Who gets up to speak? Are you proud of your achievements and the life you led?

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The time you’ve been working, planning, and saving for has finally arrived! You’re retired. You can travel, you can spend time with your spouse, you can attack that bucket list. After a short time though, you may find the excitement of this new chapter ebb and the reality of how much actual time you have in a day. If like a lot of us, you’d spent most of your adult life working and/or chasing kids, the lack of a schedule may prove a little more challenging than expected.

This is why it’s so important to stay active in your retirement. Active, in this case, is not just exercise, though that is definitely a major factor, but also active socially and in your community. Social connections, friendships and having reasons to get out the door, outside, and into the world keep us healthy and happier into retirement.

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What Do You Do?

The question that used to be answered so easily now gives you pause. You spent a lifetime working, defining yourself in part by your occupation. But now that you’ve retired, that most basic question has become a minefield. Finding a simple answer for who you are now is not so easy. Who are you if you aren’t working? If you are no longer the doctor, or lawyer, or professional? When you can’t reduce your identity down to a single occupation as an explanation. What new word can you use to encapsulate who you are and what you do? When “I’m retired” doesn’t roll comfortably off the tongue, then it’s important to examine why. You’re retired now and it’s up to you to define what that means.

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