Retirement Income

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Don’t Let “Trump-O-Mania” Divert You From Your Retirement Strategy

By Walter Updegrave, RealDealRetirement @RealDealRetire

Trump, Trump, Trump, Trump. Trump. Everywhere you turn these days people are hypothesizing about ways a Trump administration might affect your retirement prospects. But while this unrelenting focus may be understandable (and even possibly helpful), it can also be a bothersome distraction perhaps even enticing you to make moves you may later regret. Here’s how to put “Trump-o-mania” in perspective and keep your focus on preparing sensibly for retirement. More»

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5 Ways You May Be Fooling Yourself About Your Retirement Planning

By Walter Updegrave, RealDealRetirement @RealDealRetire

According to the Employee Benefit Research Institute’s latest Retirement Confidence Survey, 63% of workers claimed they were very or somewhat confident of having enough money for a comfortable post-career life. But when you look at how little many people have stashed away for retirement—the average 401(k) balance is less than $100,000—you have to wonder how accurate their self-assessment is. So how can you tell whether you’re being realistic about your retirement planning efforts or deluding yourself? Here are five ways. More»

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Should An Annuity Be Part Of Your Retirement Income Plan?

By Walter Updegrave, RealDealRetirement @RealDealRetire

Ask Real Deal Retirement

My husband and I have nearly $1.5 million in savings and are nearing retirement, although he has some health issues that may force him to retire sooner than we’d hoped. We like the plan our adviser has put together for us, but we’re unsure of the markets and are considering using some of our savings to buy an annuity for guaranteed income. Our financial adviser says we’re fine without an annuity, but we’re still unsure since neither of us will receive a pension. What do you think? More»

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Can A Roth Conversion Help You Pass On More Wealth To Your Heirs?

By Walter Updegrave, RealDealRetirement @RealDealRetire

Most people think of a Roth conversion as a way to generate tax-free income for their retirement. But a recent Vanguard study shows that converting savings in a traditional IRA or 401(k) to a Roth IRA may also be able to help you leave a bigger legacy to your heirs. The rub: Determining the extent to which your beneficiaries will benefit from a conversion—or for that matter whether they’ll be better off at all—may be trickier than you think.

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3 Ways To Avoid A Drop In Your Standard of Living In Retirement

By Walter Updegrave, RealDealRetirement @RealDealRetire

The main goal of retirement planning is to be able to maintain roughly the same standard of living after your career as during it. But achieving that goal can a challenge. For example, the latest Transamerica Retirement Survey of Workers found that 40% of baby boomers expect their standard of living will fall during retirement, 83% of Generation Xers believe they’ll have a harder time achieving financial security than their parents and only 18% of Millennials say they’re very confident about their retirement prospects. So how can you avoid having to ratchet down your lifestyle after calling it a career? Here are three ways: More»

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Should I Invest $1 Million Of My Retirement Savings In An Annuity?

By Walter Updegrave, RealDealRetirement @RealDealRetire

Ask Real Deal Retirement

I’m 59 years old and plan on retiring within the next year. My adviser is recommending that I invest $1 million, about 25% of my nest egg, in annuities to generate retirement income. That percentage seems high to me. Is there a rule of thumb about how big a role annuities should play in one’s retirement strategy?

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