Do you know that most couples need between 70% and 80% of their pre-retirement income to keep up their current lifestyle after they retire? For example, a couple making $120,000 a year would need between $84,000 and $96,000 a year in retirement. These numbers represent just one part of the retirement puzzle. The 4% rule, … Read more
When you die your spouse, civil partner or beneficiaries may be able to inherit your pension. The trustees of the pension plan will decide who gets the pension, but they will look at your expression of wish form. The exact rules for pension death benefits depend on the type of pension you have and how … Read more
Credit card debt can be overwhelming, especially when it begins to spiral out of control. When facing significant financial hardship, some individuals consider tapping into retirement savings through hardship withdrawals to pay off high-interest credit card balances. But is this actually permitted? And more importantly, is it a wise financial decision?. Before you make up … Read more
Are you wanting to buy your first home but having trouble saving enough for the down payment? Your Roth IRA could be the answer you’ve been looking for since you opened it. Let’s go over everything you need to know about using your retirement savings to buy a house before you start taking money out. … Read more
The Pre-Tax Advantage of 401(k) Plans (And Why It’s Changing for Some) Hello, fellow savers for retirement! If you’ve ever wondered if your 401(k) contributions are tax-free, you’ve come to the right place. Recent changes to retirement tax laws have made this question more difficult than ever to answer. Let’s go over everything you need … Read more
Getting close to retirement age and wondering if you can access that pension pot you’ve been building up over the years? Maybe you’ve heard friends talking about “cashing in” their pensions and wondering if the same applies to your Local Government Pension Scheme (LGPS) benefits? You’re not alone – this is one of the most … Read more
Find out how tax works on pensions, savings and additional income, before and after you retire. Tax on pensions, savings and additional income can be confusing. The way you pay tax depends on the kind of pension you get, and whether you have any other income. We’ve put together this guide to answer some of … Read more
Is $3 Million Really Enough for Two People to Retire Comfortably? To get right to the point, YES, a couple can retire on $3 million! In fact, if you plan well, you should have a pretty nice time in retirement. I’ve been studying retirement plans for years, and most American couples think they need more … Read more
You’re working hard and saving as much money as you can with the goal of enjoying a relaxing, financially secure retirement one day. But it’s not always obvious exactly when this day has arrived. The traditional retirement age in the U. S. , but many people choose to retire before or after this age. For … Read more
The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. The median income for couples aged 65 and up according to the US Census Bureau in 2022 is $76,490 per year, or about $6,374 per month. Would you and your partner enjoy a … Read more