Retirement is one of those things that feels like it's a long way off, right up until it's not. Nonetheless, being proactive and having a plan can make all the difference when it comes to living out the retirement you’ve always imagined. Start gathering a pre-retirement checklist to help you create goals, determine a realistic timeline, and keep your finances front of mind.
A fiduciary is a person that acts on behalf of another person while putting that person’s needs ahead of their own. Burt Hutchinson, CPA, CFP®, Founder and Wealth Advisor, and his team are fiduciaries by nature. It’s who we are. Our own ethical standards drive us to produce the best results for each and every client.
You’ve worked hard to save and make smart investment choices. Your goal is a smooth transition into retirement with peace of mind about your financial future. But those years of preparation can still leave you questioning exactly how to pull it off. Let’s dig into the ins and outs of social security as a retirement benefit and why deferring may be in your best interest.
Tax-advantaged accounts allow you to focus on saving while reducing your tax burden. Through various tax incentives and benefits, you ultimately free up funds that would otherwise go to Uncle Sam. With an understanding of how these accounts work, paired with a plan to make regular contributions, you’ll be well on your way to maximizing your savings. This is music to the ears of anyone focused on retirement planning.
You may want to bookmark this blog. We’re talking about retirement account contribution limits — and what you read today can help you outline the big goals you have for bumping up your retirement savings efforts in 2024. As the year unfolds, check back to monitor your progress. If you fall off the savings train — revisiting your goals is a great way to regain the momentum you started the year off with.
Estate planning is a broad term that encompasses assuring all of your affairs are in order should something happen to you. There are various planning mechanisms that can make up your estate plan. The goal is to help ensure your assets are transferred per your wishes, your finances are managed if you become incapacitated, tax considerations are made, and your plan reduces stress on loved ones who will step in and manage your estate.
Losing a spouse is a devastating experience for anyone. No matter the circumstance, there's a level of uncertainty tied to loss, on top of the emotional toll. The advisory team at Integrated Wealth Management is here to provide empathetic support during life’s hard times. We understand this is especially trying for those who were not the ones actively managing the household finances.
Want to retire in the next 10 years? Then you’ve probably had thoughts of buckling down and making sure all your ducks are in a row. But where do you start? In this article, we outline how to lay the groundwork and understand where you stand, financially. We’ll get you thinking about future-proofing your finances and dig into why professional guidance just might be the ticket to retiring with confidence.
Rehoboth Beach, Bethany Beach, Lewes, Wilmington, New Castle — these locations all pique the interest of retirees, but for different reasons. Some enjoy the hustle and bustle of the city, and proximity to entertainment, airports, or healthcare. Others are after a bit more solitude, outdoor adventures, or beach views in their retirement life.
Losing a spouse is undoubtedly one of the most emotionally challenging experiences a person can face. The journey of grief is complex, and during this difficult time, managing your finances may not be at the forefront of your mind. However, as a retired individual, it's crucial to consider the financial aspects that come with such a loss.
Did you list your spouse as your beneficiary when you first signed up for a 401(k) at work? Maybe you have a child listed as a Payable on Death recipient on your bank account. Did you make these decisions back when your kids were in diapers? Beneficiary designations and life insurance policies are simple ways to protect those that mean the most to you.
Retirement is a golden opportunity to kick back, relax, and enjoy the fruits of your lifelong labor. But be careful, there are certain financial missteps known to derail retirement bliss. In this article, we’re highlighting three common retirement pitfalls so you can steer clear and proactively take steps to secure a more worry-free future.
Medicare, a cornerstone of American healthcare for seniors, has been a topic of discussion, and sometimes confusion since its inception. Entering retirement is comparable to launching a ship into new waters. With the promise of adventure and relaxation also comes the responsibility of ensuring that the vessel—your health—is well taken care of. For most Americans, Medicare serves as the primary anchor once retired.
Long gone are the days of comfortable living off of a pension and Social Security benefits. The retirement landscape has changed from when our parents were planning for retirement. Today’s retirees often contribute to a retirement plan for many years, and unfortunately, many will find themselves needing to continue working to make ends meat.
Integrated Wealth Management is a financial advisory firm with offices in Wilmington and Rehoboth Beach, Delaware. As fee-only financial advisors, we don’t charge a commission, we charge a fee in exchange for our services. Our clients have come to appreciate this simple business model due to the transparent nature and added assurance that our recommendations are not commission driven.
While you are eligible to begin collecting Social Security at the age of 62, doing so will result in a reduced monthly payment, compared to waiting until your full retirement age. Every month you delay collecting Social Security, your monthly payment increases, topping out when you reach age 70. Patience is key to many good things in life, let’s do the math to see if it’s worth the wait when it comes to collecting Social Security.
As you approach your golden years, the prospect of retiring without a mortgage payment can significantly enhance your financial freedom and peace of mind. Clearing your mortgage before retirement reduces financial strain and allows you to allocate your funds to something likely a bit more fulfilling.
People between the ages of 50-55 often find it's crucial to start planning for their retirement and securing a financial future — their primary goal is to retire in about 10 years with confidence. Delaware residents have the advantage of accessing professional wealth management services provided by our offices in Wilmington and Rehoboth Beach.
