There’s no way around it – market volatility can be scary, especially if you are nearing retirement or have other major expenses on the horizon. The following are tips to help you weather the storm as a long-term investor.
Many people believe it’s better to take their required minimum distribution (RMD) at the end of the year in order to maximize tax-deferred growth within their accounts. While on the surface this makes sense, there are several reasons why it may be more beneficial to take your RMD early in the year.
While investors who are decades away from retirement have plenty of time to recover from a market correction, those nearing or currently living in retirement don’t have the luxury of time on their side.
Tax-deferred retirement accounts are the most commonly used vehicle for putting away retirement savings. In most cases, the money is contributed on a pre-tax basis and the earnings are allowed to snowball along the way without taxation. However, when you reach the age of 72, the IRS wants to make up for lost time by requiring you to begin taking required minimum distributions (RMDs).
Over the last 20 years, the divorce rate among people age 50 and older has doubled.1 Getting divorced later in life presents unique financial challenges, one of which is determining eligibility for Social Security benefits. The following rules apply to the division of Social Security following a divorce.
In today’s inflationary environment, the cost of everything from gas to groceries to cars is rising, and the cost of healthcare is no exception. Healthcare is one of the biggest expenses most people face in retirement.