Tag : retirement

Can You Retire Sooner Than You Think?

Submitted by Jon Freeman

In his book, You Can Retire Sooner Than You Think, Certified Financial Planner Wes Moss reveals how he thinks you can ensure a successful retirement. He also explains how those approaching retirement can possibly retire sooner rather than later – without winning the lottery. Moss conducted a study to discover the financial habits and secret practices that are common among happy retirees. He says in his book that “…it doesn’t take financial genius, millions of dollars, or sophisticated investment skills to ensure a safe, solid retirement.” Moss proposes that it takes these five practices or “Money Secrets” for most individuals to achieve the retirement they want:

1. Determine what you want and need your retirement money for
2. Figure out how much you need to save
3. Create a plan to pay off your mortgage in as little as five years
4. Develop an income stream from multiple sources
5. Become an income investor

To learn more about what Wes Moss says in his book about these secret practices feel free to check out a copy of You Can Retire Sooner Than You Think from your local Gwinnett County Public Library. For more information on personal finance topics remember that you can also access the GCPL Personal Finance Guide.

J.K. Lasser’s New Rules for Estate, Retirement, and Tax Planning

Submitted by Jon Freeman

The recently published 6th edition of J.K. Lasser’s New Rules for Estate, Retirement, and Tax Planning tries to provide a solid, accessible introduction to estate planning for any age or income bracket. The book covers such topics as trusts, donations, life insurance, and wills in language that is easy to understand. The book also provides valuable insights and solid strategies to help you preserve your wealth and plan your estate so that your assets go where you want – with a minimum amount of government interference and taxes. This new 6th edition is also fully updated to reflect changes following the 2018 Tax Cuts and Jobs Act, so that you can learn how new regulations could impact your inheritance and trusts. The book includes advice on introducing financial planning to children and teenagers, and a glossary of estate planning terms. J.K. Lasser’s New Rules for Estate, Retirement, and Tax Planning contains a wealth of valuable information for any adult who needs help with estate planning and retirement, no matter where you are on your financial journey.

This well put together guide helps you answer such common questions as:

How much do I need to retire comfortably?
What can be done to try and make sure my legacy is protected?
How do I protect my children’s inheritance?
What can I do to try and make sure my assets go to the people of my choosing?
How do I ensure planned donations are made after I’m gone?

For more information on managing your money and finances feel free to take a look at the GCPL Personal Finance Guide.

Guide to Finances after Fifty

Submitted by Jon Freeman 

Carrie Schwab-Pomerantz’s book, The Charles Schwab Guide to Finances After Fifty, answers different important questions people in their fifties or older who are retiring soon or are already retired may have about their finances. There are a total of 50 questions and answers given in the book. The Q&As cover a range of topics like things to do when retirement is ten years away, what to do with your finances as you transition into retirement, maximizing what you get from social security and medicare, life in retirement, and estate planning. There is a glossary of financial terms in the back of the book as well.

There are a variety of questions the book provides answers to, and here are just a few examples:

“I’m 50 and haven’t started to save for retirement. What can I do?”
“How can I save for my kids’ college without derailing my retirement?”
“The stock market has me spooked. How should I invest as I get closer to retirement?”
“Can I keep contributing to my retirement accounts indefinitely?”
“Should I be debt free before I retire?”
“What should I do with my 401(k) when I leave my job?”
“My kids are grown. Do I still need life insurance?”
“Should I take my pension as a lump sum or monthly payments?”
“Should I buy an annuity?”
“Now that I’m retired, how should I manage my money to make it last?”
“Does a reverse mortgage make sense?”
“When should I file for Social Security benefits?”
“My husband has no interest in our finances. How can I get him involved?”
“I have a child with special needs. What can I do to make sure that she will always be taken care of?”
“I want to create an estate plan. What do I need?”

Happy Birthday 403(b)!

Submitted by Jon Freeman

This year the 403(b) is celebrating its 60th birthday! The 403(b) has been around for a very long time. When was the 403(b) established? The 403(b) was established in 1958 by the federal government to encourage employees in certain government and tax-exempt organizations to establish retirement savings programs. There are contribution limits and other rules for an individual’s eligibility to contribute to this type of plan, and there is usually a choice of investment options available for the employee to pick from when enrolled in the plan. Employees save for retirement by contributing to individual accounts in the plan. Employers can also contribute to employees’ accounts. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts. The deferred salary is generally not subject to federal or state income tax until it’s distributed (typically during retirement). However, a 403(b) plan may also offer designated Roth accounts. Salary contributed to a Roth account is taxed currently, but is tax-free (including earnings) when distributed.

To learn if your employer offers this type of retirement plan, or some other retirement plan, and find out if you are eligible to participate in it, contact your employer’s human resources department.

To learn more about finance and managing your money feel free to take a look at the GCPL Personal Finance Guide.