Prescott LIVING Magazine
No Result
View All Result
Prescott LIVING Magazine - Click for Current Issue
  • Inside
    • Voices
    • Special Sections
      • 40 Under 40
      • Annual Photo Contest
        • People’s Choice Photo Winners
      • Best of Greater Prescott
      • Everyone Can Be a Hero
      • Holiday
      • Medical, Health & Wellness
      • Men of Vision
      • New Year, New You
      • Relocation
      • Wealth Management
      • Weddings & Events
      • Women in Leadership
    • Up Front
      • City Speak
    • BIZ
    • YOU
      • Out & About
      • Beauty & Style
      • Health, Happiness & Education
      • Education
      • Pets
      • Home
        • Home & Garden
    • FUN
      • Arts & Culture
      • Outdoor Adventure
      • Restaurants
        • Pizza
      • Travel & Tourism
    • The ROX Interview
    • Prescott Pioneer Local News
    • Q & A
  • Current Issue
  • Community Calendar
  • Past Issues
  • Subscribe
    • eNewsletter & Digital Edition Subscription
  • Inside
    • Voices
    • Special Sections
      • 40 Under 40
      • Annual Photo Contest
        • People’s Choice Photo Winners
      • Best of Greater Prescott
      • Everyone Can Be a Hero
      • Holiday
      • Medical, Health & Wellness
      • Men of Vision
      • New Year, New You
      • Relocation
      • Wealth Management
      • Weddings & Events
      • Women in Leadership
    • Up Front
      • City Speak
    • BIZ
    • YOU
      • Out & About
      • Beauty & Style
      • Health, Happiness & Education
      • Education
      • Pets
      • Home
        • Home & Garden
    • FUN
      • Arts & Culture
      • Outdoor Adventure
      • Restaurants
        • Pizza
      • Travel & Tourism
    • The ROX Interview
    • Prescott Pioneer Local News
    • Q & A
  • Current Issue
  • Community Calendar
  • Past Issues
  • Subscribe
    • eNewsletter & Digital Edition Subscription
No Result
View All Result
Prescott LIVING Magazine
Prescott LIVING Magazine - Click for Current Issue
Home Special Sections Wealth Management

PLAN YOUR BEST LIFE: 4 MISTAKES TO AVOID IN RETIREMENT

December 4, 2018
325
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

by Parshalla Wood, Financial Consultant, Wedbush Securities

Regardless of your age, you’ve probably spent some time wondering about your retirement. Will you travel? Will you maintain the same lifestyle? At what age will you retire? The more you ask yourself some of these questions, the more daunting the retirement-planning process seems.

By accounting for commonly made mistakes during the retirement-planning process you can create a plan designed to help you achieve the retirement you’ve always dreamed of.

1. Don’t assume your living expenses will remain the same

While certain aspects of your living expenses will likely decrease after retirement, some items like health care might significantly increase. The 2017 Retirement Confidence Survey determined that 47 percent of retirees spent more on health care than they expected, and 37 percent of retirees spent more overall than expected. The few years leading up to retirement can often be a good indicator for what spending could look like during retirement, so keep an eye on this and create a mock budget based on these numbers. Once you hit retirement, adjust as needed.

2. Debt doesn’t disappear once you reach retirement

Paying off debt before you retire will allow you to put yourself in a greater state of financial peace once your current income goes away. For example, paying off your mortgage prior to retirement will allow you to reallocate that money toward other expenses or provide the flexibility to put those funds away in an emergency account. Carrying debt into retirement may hinder your ability to continue to live your current lifestyle or cause you to have to scale back on other expenses.

3. Account for health care

The average 65-year-old married couple needs $226,000 in savings to have at least a 75 percent chance of meeting their insurance premiums and out-of-pocket health-care costs in retirement, according to a report published by the Employee Benefit Research Institute in 2017. This number explains why health-care expenses end up becoming a priority in the retirement-planning process. While Medicare will cover a portion of your costs, deductibles, copayments and coinsurance will still need to be covered by you. Medigap policies and Medicare Advantage can provide assistance with some of these costs, but they will not cover home care, nursing homes or other forms of long-term care assistance. Long-term care insurance may be a solution to this problem and should be discussed with a financial adviser.

4. Manage taxes

Before creating any kind of retirement strategy, always consider the tax implications. For example, if you withdraw money from your taxable accounts and leave funds in your employer-sponsored plans or IRA so they can continue to benefit from tax-deferred growth, keep in mind that you are generally required to take a Required Minimum Distribution after you turn 70 ½. If you decide to work during retirement while receiving Social Security, you may be required to pay taxes on a portion of your Social Security benefits. Speak to your financial adviser or tax specialist for more information on how to find the most appropriate tax strategy for you.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances. To the extent this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Previous Post

2018 DEATH AND TAXES

Next Post

THE NEW YEAR IS THE PERFECT TIME TO MAKE AN ESTATE PLAN

Next Post

THE NEW YEAR IS THE PERFECT TIME TO MAKE AN ESTATE PLAN

Join our Newsletter

Prescott LIVING eNewsletter Subscription

No Result
View All Result
Cover for Prescott Living Magazine
11,556
Prescott Living Magazine

Prescott Living Magazine

Come & enjoy the local scene in Prescott Arizona!

Prescott Living Magazine

16 hours ago

Prescott Living Magazine
OUT & ABOUT — Thank you to Karen Shaw for sending in these shots of Jerome and the San Francisco Peaks on a beautiful winter day! We publish reader photos in every issue of Prescott LIVING. Send in your best shots by email to photos@roxco.com. Photos should be taken by you, anywhere in the Greater Prescott area. Selected photos will appear in print and on our social media channels.#jeromeaz #prescott #northernaz #sanfranciscopeaks ... See MoreSee Less

Photo

View on Facebook
· Share

Share on Facebook Share on Twitter Share on Linked In Share by Email

Prescott Living Magazine

1 day ago

Prescott Living Magazine
Arizona State Senator Ken Bennett will read a proclamation in memory of Dr. Billie Orr on Wednesday, Feb. 1st at 1:15 p.m. on the Senate floor. The session will be livestreamed at www.azleg.gov/liveproceedings. Here is the text of the proclamation. . . . Recognition In Memory of Dr. Billie OrrWHEREAS, Dr. Billie Orr served the citizens of Prescott on the City Council from 2015 until 2021 and during that time as mayor Pro Tempore from 2017 until 2020; andWHEREAS, she was a member and past President of the Republican Women of Prescott; andWHEREAS, Dr. Billie Orr Founded the Mayor’s Commission on Well-Being for the City of Prescott; andWHEREAS, Dr. Billie Orr served as City Council Liaison for several City Boards and Commissions during her tenure as Councilmember; and WHEREAS, she served as a Board Member of Arizona Town Hall, Prescott Western Heritage Foundation and Yavapai Big Brothers Big Sisters; andWHEREAS, Dr. Billie Orr was an active Rotarian, serving on Rotary Clubs in the Phoenix area and in Prescott; and WHEREAS, she was a big fan of pickleball and helped Prescott Build outdoor courts for its citizens; andWHEREAS, prior to her service in Prescott, Dr. Billie Orr was active in Arizona education for more than twenty-five years; and WHEREAS, Dr. Billie Orr served the citizens of Arizona as Arizona’s Associate Superintendent of Public Instruction; andWHEREAS, under her leadership, Arizona created state academic standards that were ranked among the best in the nation; andWHEREAS, in earlier years she taught in the Madison District in Phoenix and was the Principal of Kiva School in Scottsdale; andWHEREAS, Dr. Billie Orr was a dedicated and longtime public servant to the citizens of Arizona who brought a positive and caring aspect to her service, inspiring many who worked with her; andWHEREAS, Dr. Billie Orr will be greatly missed by her many friends in Prescott and throughout Arizona; andNOW, THEREFORE BE IT RESOLVED, our heartfelt condolences and prayers go out to her husband Bob, their children and grandchildren and all family members.. . . ... See MoreSee Less

Photo

View on Facebook
· Share

Share on Facebook Share on Twitter Share on Linked In Share by Email

It’s About LOCAL – ADVERTISE WITH US

© 2022 ROX Media •  Privacy Policy
info@roxco.com • 130 N. Granite St. • Prescott, AZ 86301 • 928.350.8006
CORPORATE OFFICE: 1919 N. Trekell Rd.,  Suite C •  Casa Grande, AZ 85122

No Result
View All Result
  • Inside
    • Voices
    • Special Sections
      • 40 Under 40
      • Annual Photo Contest
      • Best of Greater Prescott
      • Everyone Can Be a Hero
      • Holiday
      • Medical, Health & Wellness
      • Men of Vision
      • New Year, New You
      • Relocation
      • Wealth Management
      • Weddings & Events
      • Women in Leadership
    • Up Front
      • City Speak
    • BIZ
    • YOU
      • Out & About
      • Beauty & Style
      • Health, Happiness & Education
      • Education
      • Pets
      • Home
    • FUN
      • Arts & Culture
      • Outdoor Adventure
      • Restaurants
      • Travel & Tourism
    • The ROX Interview
    • Prescott Pioneer Local News
    • Q & A
  • Current Issue
  • Community Calendar
  • Past Issues
  • Subscribe
    • eNewsletter & Digital Edition Subscription

© 2022 ROX Media