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Recent Articles on Retirement
The Rule of 55 – Can I take money out of my 401k earlier than 59.5?
I love getting reader questions (thanks KW!)- and I got a great one this week that I thought I would write a few quick words on. "Does my Lockheed 401k allow 'the rule of 55?'" This rule has become more popular as people try to retire earlier and need to access their retirement funds. What's the Rule of 55? Usually, if people retire earlier than 59.5, they have to be careful how they take their funds from their retirement accounts. In most cases, you'll pay a 10% penalty tax for taking out funds from your retirement nest egg as well [...]
Beyond Retirement: Consider Your Other Goals
When it comes to financial stability, people tend to focus on paying off debt and saving for retirement. In reality, many other financial goals beckon to individuals during their lifetime. Because of this, it’s important to look beyond retirement when setting targets, no matter how old you are. Identify Future Objectives While it is never too early to start planning for retirement, waiting until you reach 65 years or older to truly live is a mistake many people come to regret. A number of exciting possibilities are waiting for you throughout your life: Building an emergency fund Creating and growing [...]
The Top Five Social Security Questions Asked When Clients Approach Retirement
Social Security can be a confusing piece to the retirement puzzle. Below are a few of the most common questions I get asked when clients talk about Social Security. Should I start my (or my spouse's) social security now? There is a number of factors that can go into this answer, including your age, income history, family longevity, current health and more. You can start your Social Security benefit at age 62, but it will be reduced for each month before your full retirement age (FRA). Your full retirement age differs depending on the year you were born. If you [...]
Should I do an in-service withdrawal from my 401k?
Do you know that you can pull funds from your 401k before you retire? With the recent market volatility, many Lockheed employees are looking at in-service withdrawals an option to take some of the timing risk out of their retirement nest eggs. The in-service withdrawal is an option for Lockheed 401k participants looking to access funds in their 401k while they are still working. What is an in-service withdrawal? An in-service withdrawal is a feature of some 401k plans that allows you to roll money out of the plan while you are still working for the company. One option is [...]
Everything Older Workers Need to Know About Retiring
Many workers have been dreaming of retirement since they first entered the workforce. However, once this retirement date draws near, the prospect of giving up your primary source of income may be nerve-wracking, even if you've diligently saved and planned. Below, we discuss a few steps you may wish to take to potentially make this transition easier. Draft a Retirement Budget Even if you haven't adhered to a strict budget during your working years, having a budget during the early months of retirement may be crucial—spending more than you've planned or failing to anticipate certain large expenses may impact [...]
Do I need long term care insurance?
Many Lockheed employees might be looking for ways to protect their nest egg once they move into that "work optional" period of life many call retirement. One of the biggest issues that can put a strain on a retirement income plan is long-term care (LTC) expenses. But many still ask themselves "Do I need long-term care insurance?" What is considered long-term care? Long-term care can come in many different forms. According to the National Institute of Aging long term care is defined as "a variety of services designed to meet a person's health or personal care needs during a short [...]