REAP’s David H. Morgan is a certified Retirement Management Advisor® (RMA®). Let’s take a look at what the RMA Program is and how this resource can help you in your financial planning.
The Retirement Management Advisor® (RMA®) program is an advanced certification for financial professionals that provides them with knowledge to build custom retirement income plans for their clients to better mitigate risk and ensure better outcomes.
The RMA program requires…
From: www.nydailynews.com
For decades, common knowledge among economists dictated retirees could remain financially stable throughout their golden years if they only withdrew 4% of their initial portfolio, annually, adjusted for inflation.
This “4% rule” was used as a way to encourage people to continue investing in the stock market at a time of high returns.
However, in today’s current low rate…
From: pftoday.org
Many current or soon-to-be seniors on a fixed income have to be very cautious with their money, or potentially face a situation of outliving retirement savings and finding themselves in a deep pickle.
One such way to avoid running into trouble is to regularly do a personal audit to identify any unnecessary expenses or over-spending that may have crept up over time….
From: www.thebalance.com
Inherited IRA Rules for Non-Spouse Beneficiaries
As the U.S. population ages, it is common to inherit an IRA from mom or dad, an aunt or uncle, or even a sibling or friend. This often happens when you are in or near retirement. You have a few choices on how you treat this IRA. (If you inherited an IRA from your spouse different options apply so see…
From: www.thebalance.com
Cashing Out Your Inherited IRA vs. Stretching Out Your Inherited IRA
You have several options for what you can do with an inherited IRA if you aren’t the spouse of the account owner. Unfortunately, many IRA beneficiaries aren’t aware of all their options, so they immediately cash out the IRA and end up with a huge income tax bill.
But income taxes can be…
Go to page: Estate planning: 4 things to know
From: REAP, LLC. | Retirement & Estate Advisors & Professionals
Few of us enjoy thinking about life’s worst-case scenarios, but taking the time to put an estate plan in place can make things much easier for you and your loved ones if the unexpected happens.
Unfortunately, misconceptions about estate planning can make the process of creating a plan more confusing than it needs to be.
Here are…
It may sound like common sense, or even cliché, but many who were born in the 1930’s or 1940’s grew up listening to parents discuss the “stock market” as a source of destruction and loss. As a result, those retirees may seek to “fix” their income in a world where the cost of lifestyle sustaining goods increases year after year. The problem is exacerbated in traditional systematic withdrawal programs when retiring at a market…
Go to page: What are the benefits of doing your taxes early?
From: REAP, LLC. | Retirement & Estate Advisors & Professionals
Taking care of your taxes early is a great way to skip the stress, hassle and embarrassment of waiting until — or even past — this year’s April deadline. That said, there are some pros and cons to consider.
Prepare Accordingly
First, tell anyone who might be helping you that you want to get a head…
From: www.foxbusiness.com
Monica wants to rest her tired, swollen feet. The 86-year-old retiree walks slowly to her old loveseat and sits down carefully. The purple paisley-patterned furniture has provided her with comfort for many decades. The loveseat is in fair condition but is showing its age. Once a part of a luxurious three-piece living room set; cardboard panels have since been placed under the seat cushions…
Go to page: Watch out for these wasteful habits
From: REAP, LLC. | Retirement & Estate Advisors & Professionals
It can be tough to stick to your ideal spending plan this time of year. That means it’s extra important to identify wasteful habits and make sure you’re not creating unnecessary barriers for yourself.
Here are a few common ways people accidentally overspend along with some ideas for how to avoid making the same mistakes.
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