Financial Planning

On May 23, the House passed a bill that could drastically change the rules of retirement.It is referred to as the “Setting Every Community Up for Retirement Enhancement Act of 2019,” or “SECURE.”These sweeping changes affect traditional IRAs, 401(k) plans, inherited IRAs, required minimum distributions, college savings plans, student loans and filter into many other aspects of personal financial planning.

Read the entire article: Sweeping changes considered for retirement plan rules | The Kansas City Star

Retiring earlier than your actual retirement date could be a refreshing thought. For some early retirement could mean quitting a salaried job in their forties and fifties. However, for all those who choose this option, their personal finances have to be well chalked out for the future.

“A trend that may take shape more in future, is phasing out of work over a period of time and combining work with retirement – to supplement income or just to contribute whilst one can,” said Kulin Patel, Head of Retirement (South Asia), Willis Towers Watson.

Retirement planning can be tough if one is planning to retire early. Here are a few things you should keep in mind while taking the decision:

Read the entire article: Planning to retire early? 5 things you should keep in mind

Before you can start saving for retirement, you’ve got to figure out how much you’ll need to save. Finding your “retirement number” can be as simple or as complicated as you want to make it, with the caveat that more complicated plans are likely to produce the most accurate retirement number. However, even a simple “off the rack” plan will get you enough information to build a solid retirement savings strategy. Here are some of the most popular approaches for coming up with your retirement number.

Read the entire article: 4 Ways to Find Your Retirement Number @themotleyfool #stocks

Dentists who’ve experienced the stressful retirement transition say that it pays to be prepared emotionally as well as financially, and to begin preparations years before hanging up that cheek retractor for good. If you want to succeed at retirement, take the following advice to heart:

Slowly transition out. Abruptly stopping work can be a huge shock. A better way involves gradually scaling back on work commitments. For example, one dentist I know is transitioning down to working two days per week and plans to continue doing so for several years.Keith Lawrence, author of Your Retirement Quest: 10

Read the entire article: Dentists: Don’t ‘fail’ retirement. Wisdom for your next chapter – DentistryIQ

Course corrections — whether you’re flying to the moon or sailing across an ocean or just shopping for groceries — are a necessary part of life.

Consider, for instance, the historic Apollo 11 flight plan in which there are 13 references to the term “course correction.” Without those and other course corrections, it’s unlikely the astronauts would have reached their goals of walking on the moon and then returning safely to Earth.

Read the entire article: When should you make ‘course corrections’ to your retirement plan?

Congratulations! At your 60th birthday, you’ve actually entered your seventh decade of living. We hope that you have given some thought to your retirement by now and made significant plans toward meeting your retirement goals. If so, age 60 is a good milestone to trigger a review of your retirement plans. (If not, start planning immediately, because you are rapidly running out of time.)

Now is the perfect time to think about your post-career life and take some meaningful actions. Here are six steps at 60 that can guide you toward a happy retirement.

1. Review/Create Your Retirement Plans – What does retirement mean to you? Whether it’s relaxation, travel, a second career, or some other pursuit, outline what you plan to do in retirement now that the end of your career is in sight. You need to firm up your plans in order to perform the next steps

Read the entire article: 6 Things To Do 6 Years Before Retiring