retirement planning – Page 3 – Retirement Evolutions | Retirement Planners and Financial Advisors Tuscon, AZ

What Women Should Know About Social Security

By: Karyn Damschen

Women live, on average, ten years longer than men. Women also tend to earn less than men in their lifetimes, often due to working from the home raising children or caring for family members. Given these two facts, longer life and less income, it is important that women understand their Social Security eligibility and get the most out of their benefits. And 40% of recent women claiming their benefits were only 62 years old while only 3% were 70 when they claimed their Social Security– the age at which you would receive your maximum payout. If you claim your benefits early, you may receive a payment reduced as much as 30% of its possible value.[i] Since women may live over thirty years or more on that payout, it’s good to know your options. We encourage you to visit the Social Security website, or a local office, and look over your details, making sure everything is accurate.[ii] We may also be able to help you in this area.

Four Areas of Retirement Where Professional Advice Can Be A Difference Maker

Many things can be done on your own for retirement planning, but there are areas where having a trusted financial professional can be a great benefit. Today Jon and Karyn go over four specific areas such as Social Security optimization, tax diversification, and others, where professional help can help maximize your ability to be sure the income is there for your post-working years.

Retirement Reality Check

The fantasy of what retirement will look like and the reality are sometimes very different. How much you have saved versus how long you can live a particular lifestyle can sometimes fall into the category labeled “unrealistic”. Though not for lack of trying, many retirees find that the life that they had in mind for retirement does not match up perfectly with their budget based on their retirement income sources. As a result of this disparity, many still working Baby Boomers plan to continue working past the age of 65 or don’t see themselves retiring at all. A third of boomers plan to still earn a steady income during their retirement. The fact is, a majority of boomers do not have the retirement savings to support themselves without working. A paltry 15% feel they have saved enough to retire. Additionally, one-third of those nearing or in retirement have not devised a written plan or strategy for their retirement assets and income.

Part of the challenge in funding retirement is that people live a lot longer. A person who retires at 65 can be expected to live another twenty years. Someone thinking they will just continue to work at their current job, for their current pay indefinitely is, unfortunately, being unrealistic. While age discrimination is illegal, many companies find a way to push older workers out in order to establish younger professionals in leadership positions. As a result, those who were hoping to stay in their position are laid-off or demoted.

Seven Steps to Help Prepare Your Assets for the Next Market Downturn

The stock market is remaining strong as we enter the final months of 2018 – but it eventually will start a downward trend of some kind. Today Jon and Karyn talk about the proper steps to take to be sure your investments for retirement are positioned so when this does occur, losses can be kept to a minimum and your nest egg stays safer to preserve your funds – and maybe even preserve your retirement.

Assuming Responsibility | 8 Financial Assumptions for Building a Stronger Retirement

People need to make certain assumptions about their money to build a solid retirement foundation. This often includes investments, expenses, income needs and more. Today Jon and Karyn discuss what all of these are, why they are important and how to address each area to be sure you have what you need – when you need it.

Six Steps to a Smooth Financial Transition from Work to Retirement

Are you really prepared to make the transition from work to retirement? Today Jon and Karyn talk about the preparation needed to make sure it works – especially involving retirement income, protection from high costs of health care, asset allocation and more.

Steps to a Successful Mid-Life Course Correction

By: Karyn Damschen

You had a plan. You’ve been moving down the path toward your goals, investing all the while. And then, somewhere along the way, something changed. You found the path was no longer the one you wanted to be on so now you’re navigating a mid-life course correction. This could be making a career change, getting divorce papers, selling/buying a business, or pursuing a passion. The good news is, studies show adults making a mid-life career change can be very successful and report making the move made them happier. Before you make the big leap, let’s go through some of the steps and questions anyone embarking on a major life change might consider to ensure a smooth transition to the next chapter of their life.

Fixing Eight Common Money Mistakes

These include not having a budget, not planning on when to take Social Security, and not knowing how much you can take out on a regular basis. Jon and Karyn discuss these areas and others to be sure you have all the bases covered and that one mistake doesn’t lead to others.

Stacked Deck: From Accumulation to Retirement, Women Face an Uphill Climb

By: Karyn Damschen

The American workforce is divided almost down the middle between men and women. The drive for women to succeed and advance in their careers has grown substantially and with that comes the need for more time in the “office” and more “balance” with the duties of domestic life. But, this is not exactly what is happening. Statistically, women continue to take on most of the family and domestic responsibilities, in addition to working full time, leaving little time for any kind of self-care in the way of seeking help when they need it or simply taking a moment to regroup, go to the gym, or take a meditation class. It may be in part because of this increase in overall workload that suicide rates among women age 45-60 have jumped dramatically in the last two decades.[i]

Seven Strategies to Protect Your Assets from Health Care Costs

Health care is expensive. Add in the cost of potential long-term care and retirement health care is even more expensive. Today Jon and Karyn talk about the best ways to protect your income from those high costs by using portions of your assets in areas such as insurance or health savings accounts to provide funding if the worst case scenario does occur.