James Brewer
I recently met a couple who had a strategy for their retirement investments, but no strategy for claiming Social Security. Using advanced software, I projected they would potentially increase their lifetime income sufficiently by using the replay strategy highlighted in “Get What’s Yours, The Secret to Maxing Out Your Social Security.” In this instance, the…
James Brewer
Most people haven’t taken an undergraduate class on investing, much less 401k investing. When the 401k was introduced, it had a limited number of choices. Then, due in part to technological advances, the number of choices began to balloon. I have seen one plan with 150 choices for busy attorneys. I doubt they had a…
James Brewer
Have you ever saved up for something, only to find that it was more expensive 3 to 5 years later? Many people find themselves in sticker shock when they return to a car dealership 5 to 10 years later and see the new prices. At least some, if not all of that increase has to…
When it comes to retirement income, a lot of people worry about running out of money as they age. On the other hand, when retirees are set up with fixed-income strategies (via a pension or annuity) they’re often working on a budget, which creates some risk if you go on a spending spree in retirement. …
James Brewer
(Last updated August 10, 2023) When we think about what it means to be rich, we often think about both income and wealth. High-earners like doctors and lawyers might be considered rich. But so are people with a lot of money in the bank or a big house. But when it comes to financial planning,…
James Brewer
If you are losing sleep wondering if you have enough retirement savings you are not alone. A recent study by Bankers Life Center for a Secure Retirement (Study) finds many middle income boomers have retirement savings worries. While one-third feel very or extremely confident about their retirement savings, two-thirds express some doubts, with a quarter…
James Brewer
Many retirement do-it-yourselfers (DIY) are unaware that they might be better off hiring a retirement planning professional like a Chartered Retirement Planning Counselor SM. Retirement planning has evolved over the years. My father and mother have enjoyed a lifetime of company pensions. With a stream of lifetime income plus Social Security at the core of…
For most of us, saving for retirement is done via some kind of employer-sponsored 401(k). We may also have an individual retirement account (IRA) of some kind. Traditionally, these are both tax deferred accounts, meaning you contribute the money income-tax free, and then pay taxes later when you withdraw it. Let’s take a closer look…
James Brewer
Most people I talk to haven’t taken a class on retirement planning, much less 401(k) investments like a QDIA. A QDIA — qualified default investment alternative — is where a 401(k) puts your money if you don’t select investments. Yet most employees don’t remember reading about QDIAs in whatever packet the HR department gave them…
There’s a rule of thumb in financial media that you need a million dollars to retire. For some clients though, the idea of saving up a million dollars or more to retire sounds daunting. In my opinion, not everyone needs a million-dollar balance, and the sacrifices it would take to get there might not be…
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