Retirement Income Archives

4 12, 2023

Help Boost Your Income with These 3 Strategies
Help Boost Your Income with These 3 Strategies

Help Boost Your Income with These 3 Strategies

BML Wealth Marketing2023-12-06T07:01:50-08:00December 4, 2023|Retirement Income, Retirement Planning|

Do you feel like you have enough saved for retirement? Do you have anything saved for retirement? If your answer to either of these questions is no, then our advisors may have some strategies to help you turn your retirement income strategy around. Here are some things that our advisors recommend when it comes to boosting your retirement savings: Assess Your Financial Situation Honestly This isn’t as easy as it sounds. When you were a kid and you were deciding how to spend the money you had, it was probably pretty easy to budget things [...]

21 11, 2023

Understanding the Four Phases of Your Retirement Budget Strategy
Understanding the Four Phases of Your Retirement Budget Strategy

Understanding the Four Phases of Your Retirement Budget Strategy

BML Wealth Marketing2023-11-21T11:35:33-08:00November 21, 2023|Retirement Income, Retirement Planning|

One way of thinking about retirement is that it happens in phases. The length of each phase and the strategies for each are going to differ from person to person, but this can be a helpful way to break down a very complex topic. We’re going to break down each one of the phases and explain some important financial moments in each. Phase 1: Pre-retirement (Approximately Ages 50-62) This is around the age when you will start to have a sense of what you have saved and what your expenses might look like. When you [...]

27 08, 2023

Should I Convert My 401(k) To A Roth IRA?
Should I Convert My 401(k) To A Roth IRA?

Should I Convert My 401(k) To A Roth IRA?

BML Wealth Marketing2023-08-27T22:00:40-07:00August 27, 2023|Investing, Retirement Income|

Let’s say you’ve just changed jobs. What are you going to do with your 401(k)? You may be able to convert your 401(k) to a Roth IRA, but is that a good option for you? In this article, we’ll talk about what happens when you make this conversion and give you some examples of different financial situations for when this could be the right move for you. Making the Calculation One of the most important things to consider if you’re making the conversion to a Roth IRA is this: If you have a traditional 401(k), [...]

14 08, 2023

Understanding Your Savings Goal – How Much Do You Really Need to Retire?
Understanding Your Savings Goal – How Much Do You Really Need to Retire?

Understanding Your Savings Goal – How Much Do You Really Need to Retire?

BML Wealth Marketing2023-08-14T10:33:07-07:00August 14, 2023|Retirement Goals, Retirement Income, Retirement Planning|

“How much do I need to retire?” This is one of the most frequently asked questions in the world of retirement finance. If you don’t have a lot of retirement planning experience, it can also be a tough question to answer. This article will hopefully give you some sense of where you might want to be headed in terms of answering this question and also get you up to speed on the classic retirement savings advice. Firstly: There is no specific retirement savings number universal to all people. This probably isn’t the answer you were [...]

31 07, 2023

Defined-Benefit vs. Defined-Contribution Plans
Defined-Benefit vs. Defined-Contribution Plans

Defined-Benefit vs. Defined-Contribution Plans

BML Wealth Marketing2023-07-31T13:33:40-07:00July 31, 2023|Retirement Income, Retirement Planning|

The following two types of retirement savings methods may sound similar, but there are a lot of important differences that might be useful for you to know if you’re looking to get a better understanding of what retirement might look like for you. Defined-Benefit Let’s start with a defined-benefit plan. These types of plans commonly come in the form of pension plans.[1] A pension plan guarantees a certain level of retirement benefit based on your salary and how many years you worked for the company.[2] As an employee with a defined-benefit plan, you have little [...]

10 05, 2023

What Happens to Inherited Retirement Accounts?
What Happens to Inherited Retirement Accounts?

What Happens to Inherited Retirement Accounts?

BML Wealth Marketing2023-06-08T22:19:10-07:00May 10, 2023|Investing, Retirement Income, Retirement Planning|

You may know plenty about the differences between traditional IRAs and Roth IRAs, as well as the risks to your IRAs in this market, but what happens to an IRA (or other retirement account) that still has money in it when its owner passes away? You may think that the beneficiary just gets all the money in the account, but unfortunately, it’s not that simple. Retirement account funds will be transferred to a beneficiary, but their relationship to the owner is what determines how they can access the money and what they can do with [...]

17 04, 2023

What if 1 Million Dollars Isn’t Enough to Retire?
What if 1 Million Dollars Isn’t Enough to Retire?

What if 1 Million Dollars Isn’t Enough to Retire?

BML Wealth Marketing2023-06-08T22:28:20-07:00April 17, 2023|Income Planning, Retirement Income, Retirement Planning|

If you are headed toward retirement soon, or you have just retired, you may find yourself wondering, "Is my nest egg enough?" It's a common question and one that causes a lot of people a lot of reasonable anxiety. Because retirement finances are much more about prediction than they are about facts and assurances, it can be hard to feel confident that you will have enough to carry you through your entire retirement. As you know, medical expenses, long-term care, housing repairs, and other unpredictable costs are just a part of life, so how can [...]

3 04, 2023

Navigating Retirement as a High-Net-Worth Individual
Navigating Retirement as a High-Net-Worth Individual

Navigating Retirement as a High-Net-Worth Individual

BML Wealth Marketing2023-06-08T21:14:43-07:00April 3, 2023|Financial Planning, Retirement Income, Retirement Planning|

For high-net-worth individuals and families, retirement is a significant shift. A high-net-worth individual, also known as an HNWI, is typically someone with at least $1 million in cash or assets that can be easily converted into cash, including stocks, bonds, mutual fund shares, and other investments.[1] As an HNWI, you may not be too worried about depleting your funds in retirement, but there are many complexities that come into play that can eat away at your wealth faster than you think. Let's discuss a few tips and tricks that can help you make the most [...]

6 03, 2023

Will Your Retirement Savings Be Enough?
Will Your Retirement Savings Be Enough?

Will Your Retirement Savings Be Enough?

BML Wealth Marketing2023-06-08T21:27:46-07:00March 6, 2023|Retirement Income, Retirement Planning|

Are you unsure of how much money you will need in retirement? This is a very common concern for Americans as they approach retirement age. This blog will give you some tips on how to begin estimating your needs in the future, as well as some tips on how to increase the longevity of your savings. How Much Should I Spend? One of the easiest ways to judge how much money you will need in retirement is to take stock of how much money you need right now.[1] Track your expenses and see how much [...]

29 11, 2022

The Value of Opening a Roth IRA at the End of the Year
The Value of Opening a Roth IRA at the End of the Year

The Value of Opening a Roth IRA at the End of the Year

BML Wealth Marketing2023-02-09T01:55:25-08:00November 29, 2022|Financial Planning, Investing, Retirement Income, Retirement Planning|

These days, retirement planning will likely involve Individual Retirement Accounts in one way or another. Whether you’re looking to roll over a 401(k), optimize your withdrawal timing, or take advantage of catch-up contributions, your IRA strategy may be one of the main components of your income strategy. So, let’s talk about the Roth IRA and its unique value at the end of the calendar year. What is the Roth IRA, and When is it Useful? The Roth IRA is a type of retirement account that you may withdraw from tax-free after a certain age and [...]