You have worked your whole life for this moment: retirement. And since you paid into Social Security all those years, you may think you now have enough to live on. But, unfortunately, Social Security doesn’t cover all your living expenses. And it won’t help you with a prosperous retirement. Relying on Social Security for your…
Millennial: Can Job-Hopping Help Retirement Savings?
July 27, 2022
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BrightbudgetingFixed IncomeFuture Planningmillennialspersonal financeretirementretirement savingsUncategorized
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Millennials have been coined the “job-hopping generation,” and I’ve contributed to that stereotype. I started my career at 22 and have job-hopped almost every year since. For many of those years, I was young and restless, and there was another part of me looking for more fulfilling work and pay that reflected what I was…
Growing Your Nest Egg with a Roth IRA
A Roth IRA is a fantastic vessel for anyone wanting to save for retirement. One of the best things about a Roth IRA is that while your contributions are not tax-deductible, your contributions grow tax-free. While a Roth IRA is an excellent way for future retirees to set themselves up for a better tax situation…
The Common Mistakes You Should Avoid When Building Your Tax-free Nest Egg
A Roth IRA is a fantastic vessel for anyone wanting to save for retirement. One of the best things about a Roth IRA is that while your contributions are not tax-deductible, your contributions grow tax-free. While a Roth IRA is an excellent way for future retirees to set themselves up for a better tax situation…
Principal Annuities: What You Need to Know
Annuities, at their core, are simply tax-deferred investments sold by insurance companies to supplement financial security during retirement. At the same time, there are many different types of annuities that make annuities more complex. As a result, Americans may be scared of annuities when considering their financial goals. With that said, one of the most frequent questions…
When a Breadwinner Dies: Applying for Survivors Benefits
July 16, 2022
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BrightFixed Incomepersonal financeretirementsocial security benefitssocial security survivor benefitssurvivors benefits
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Families often rely on one person to bring in the income that sustains the household. When the family’s breadwinner dies, the loss is felt deeply. Compounding the family’s grief is the question of how to meet their daily needs. This can quickly become a serious issue. Under certain conditions, the survivors may be able to…
5 Things You Need to Know About Annuities and Long-Term Care
One of the major demographic changes happening in most developed countries is the aging of the population. Thanks to better medical infrastructure, new and more effective medical treatments, and overall better quality of life, U.S. citizens today are able to outlive people from other less developed countries. This has had a big impact on the…
When Should You Annuitize Your Annuity? Timing Does Matter!
When to annuitize an annuity is a question that many retirees and people saving for retirement face. After many years of saving and waiting to start reaping the benefits, you finally reach retirement age and wonder: should I annuitize now? In one year? In ten years? Does it make a difference? The answer is yes….
Don’t Know When to Retire? 4% Rule Can Help
The idea of taking a long, non-working break at the end of your life goes back to 1880s Germany (then Prussia). During Otto von Bismarck’s presidency, the Prussian government-funded old-age pensions for those 70 or older. Bismarck’s proposal was quite innovative. You couldn’t end your “working life” while you were still alive before it. In…
How to Get out of a Bad Annuity (Without Breaking the Bank)
I recently had a call from an individual who had left his job, and he needed to roll over his 401(k). Not having a financial advisor, he relied on the referral of a neighbor on who he should work with. Without doing any more research, he met with the advisor, and the advisor recommended that…
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