Welcome to the first installment of our Social Security series: An Introduction to Social Security. This article, and the others within our Social Security series, will focus on the particulars related to retirement and survivorship benefits.
Read MoreWelcome back to our Retirement Income Series! Are you looking to retire and figure out what the retirement nest egg you’ve been building for all those years can do for you? In this article we’ll dive into the first step in the 4-step planning process that’s key to a retiree determining their own retirement income and withdrawal plan.
Read MoreThis article is entry #5 in our Retirement Income Series and is step #4 of a 4-step planning process that we employ, called “Getting to Know YOUR Retirement Building Blocks and When and How to Use Them for Maximum Effect."
Read MoreMechanics of Making Withdrawals is entry #6 in our Retirement Income Series. This article will focus on how to get money out of your nest egg. In addition, we will provide you with the knowledge you need to properly plan, organize, and structure your withdrawals so that you have an easy process to follow.
Read MoreSuppose you have a detailed financial plan and a strong projection that you will have a significant amount of money left after you depart this realm of existence. In that case, you may think of the best ways to use that wealth now and even after your departure. In this article, we will explore ideas and methods to use your wealth that you may not need after all.
This article marks the conclusion of our Retirement Income Series and is entry #8. To learn about the entire retirement income process from A-Z, we suggest going to our main resource page and starting from the beginning.
Read MoreAlas, the answer to the title question of this article is… it depends. I was tempted to say “yes” and make this a very quick read. However, I didn’t want to shatter anyone’s retirement dreams. As a Certified Financial Planner™ (CFP®) practitioner, my goal is to do the opposite of that. Really, the honest way to assess this question is to examine if a retiree’s financial resources are enough to last them their lifetime. Doing so will go a long way towards determining whether or not they should consider unretiring during a stock market crash.
Read MoreThe history of Railroad Benefits dates back to the 1930’s, with the National Railroad Retirement program being established by the 1937 Railroad Retirement and Carriers’ Taxing Act. Our country soon after entered WWII which was followed by the Korean War, then the Vietnam War, and so on. Many Railroaders were drafted or volunteered for service during these wars… would their Railroad Retirement be negatively impacted by that pause in their time working for the Railroad?
Read MoreThe idea of a Current Connection comes up in the Railroad Benefit conversation often. But what does this have to do with your benefits?
Read MoreSurvivorship planning can include a plan to replace future lost income, take care of existing debts and possibly provide a legacy to your heirs. For those still working, a big part of funding those goals will come from your Employee Benefits. How does this work for Railroaders? Is there anything that a Railroader beneficiary will receive that is different than the average worker?
Read MoreWe are coming to the end of tax season and you have your taxes already filed, right? GREAT NEWS – or hopefully soon it will be great news! You are about to retire from the Railroad industry and the thought pops up – do I know how my railroad retirement benefits will be taxed? Other than my income amount, will my next years’ tax return look different that last years? So much of what I’ve read online is SO confusing! Let’s try to simplify and first examine how your benefits are taxed.
Read MoreWe’ve discussed how your railroad retirement benefits, Tier I and Tier II, work in a previous blog. Your spouse has been by your side for many of those railroad years and you know they are supposed to receive some type of spousal retirement benefit. But what will they receive?
Read MoreWhen we look back in the history of Railroad Retirement, we know that Railroad Retirement was started before Social Security even began. However, in time it became more integrated. In 1951, a financial interchange was established between the two. In 1965, a provision was created to coordinate the tax rates and allow Medicare to expand and cover those in the Railroad Retirement system. In 1974, the Railroad Retirement Act split the Railroad Retirement benefit into Tier I and Tier 2, with Tier 1 is designed to be equivalent to the benefits offered by Social Security.
Read MoreHere you’ll find a monthly blog series to help you navigate the world of railroad benefits: coordination with Social Security, how spousal/ex-spousal benefits work, benefits for your dependents, taxation, and so on. Since this is the first article, we’ll start with the basics of RAILROAD RETIREMENT BENEFITS.
Read MoreSo, you’ve finally let the company know that you are ready to retire. You’ve given them notice of your last day and now they are scrambling to make sure they are prepared for your departure.
You’ve already done your planning. You know your plan looks great and you are ready to take some well-deserved time for yourself. But have you thought of everything? What about that 401k – what are your options? Should you rollover your IRA or keep it in the plan? Or maybe you cash it out and take that trip of a lifetime you’ve always wanted to do? Let’s take a look at your options.
Read MoreYou’ve worked and saved all your life and are nearing your retirement date - you likely have a lot of questions and many checkboxes to check before you can confidently wave goodbye to your colleagues. One of the most important decisions you have to make at this point in your life is HOW you want your pension benefits paid to you.
Read MorePeople tend to think of credit in terms of the here and now but the truth is that the impact of your credit score has effects that extend into your golden years. The fact is that your credit score will affect when you retire and how you will retire. Don’t believe it?
Read MorePurchasing an RV can give you the freedom of a road trip, stopping when you want to, and having an extended vacation with no agenda. When you’re retired, the world is your oyster - you just need to drive.
Read MoreUltimately, whether owning a property is a good idea will all depend on the financial situation and stability of the investor and their living status. This is especially important for people who are retired or are near retirement.
Read MoreIt is very common for people to have faith that the Social Security Administration will always pay the largest benefit one is entitled to. That might not necessarily be the case. Learn how being proactive can really pay off.
Read MoreTravelling to brand new locations and experiencing new cultures, customs, landscapes, and delicacies is extremely rewarding, but can be difficult to plan on a retirement income. Here are 5 tips to plan your trip and maximize your budget.
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