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Recent Articles on Retirement
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 [...]
Should I pay off my mortgage when I retire?
When approaching retirement, clients have saved a decent amount of money in their 401ks, IRAs and pension accounts. But should they use those funds to pay off their mortgage when they retire? The first task is to get your mortgage info together. You'll need to know your balance, interest rate and the makeup of your payment (principal, interest). If your insurance and taxes are included in your payment, you'll want to know that info as well. Your mortgage statement should provide you with this info. Once you have gathered that info, you'll need to make sure you know what your [...]