Retirement Planning Blog

How to Retire Effectively at 62 (Tips for a Secure Future)

how-to-retire-at-62

Many of us consider retiring at 62 for many different reasons. Sometimes, it’s your health or maybe your spouse’s. You may have reached all your retirement savings goals and want to take advantage of the opportunity. You may just no longer enjoy working.

Whatever your reasons for considering retirement at 62, you should consider several different issues before taking any irrevocable steps. This guide will look at some of those issues and help you get to the point where you can retire at age 62 with a comfortable lifestyle. Remember, these are starting points, and it’s not a bad idea to consult with a financial professional before finalizing your plans.

In the end, the biggest problem you will face retiring at 62 is the gap between 62 and 65 when the most significant retirement benefits – like Medicare – kick in. Cover the gap and make sure you won’t run out of funds, and retirement can be fun!

Read More

Using a 72(t) Distribution for Early Retirement

rule-72t-distribution

Have you heard of Rule 72(t) at some point in your retirement planning? Sometimes you need early access to your retirement accounts; that is, you need to make withdrawals before you reach 59.5.

You can avoid the 10% early withdrawal penalty, even if you don’t meet one of the exceptions, by taking substantially equal period payments under IRS Rule 72(t). To avoid the penalty, you must:

  • Follow all the rules and use the funds for any purpose
  • Adhere to the strict IRS guidelines
  • Not adjust distributions for inflation or any other reason
  • Pay taxes on withdrawals from accounts funded with pre-tax dollars

In this article, we will go over more of how IRS Rule 72(t) works, in what situations it might be an option to consider, and what to think about if you are considering it.

Read More

How to Retire Effectively at 55 (and Enjoy a Comfortable Lifestyle)

how-to-retire-at-55

Do you want to retire at age 55? Early retirement isn’t for everyone, but it can be a great fit for those wanting a change of pace. The reality is, the many financial products and services that are now available in the marketplace are allowing more people to do this.

In this article, we will go over steps to take when you are retiring at age 55. Let’s look at how much money you might need for retirement at 55, what some optimal retirement options are, what you should know about your accounts at 55, and much more. Read on for some practical tips on how to retire efficiently at 55 or in that time bracket.

Read More

Working in Retirement: How Does It Impact Your Retirement Accounts, Social Security, and More?

working-in-retirement-img

Many people choose to continue working after retirement. For some, it’s to help with monthly income and budgeting. As for others, it’s partially to enjoy staying productive in their chosen fields.

However, earning income from work after you have retired and started receiving benefits can significantly impact your Social Security, tax liabilities, Medicare coverage, and other areas of financial concern.

Due to these critical implications, it’s wise to understand the basics of how extra income earned after retirement can affect your financial planning.

Read More

How a Secure Guaranteed Retirement Account Can Bring More Financial Peace of Mind

secure-guaranteed-retirement-account-img

If protection and growth are important for you in retirement, you may want to look at your options for a “secure guaranteed retirement account.” Fueled by retirement annuities, this sort of financial strategy can give you a guaranteed income that lasts for the rest of your life. As the defined-benefit pension has disappeared, we have all been forced to think more about alternatives for guaranteed retirement income.

A secure guaranteed retirement account can be an important part of your overall retirement strategy. It can counterbalance certain kinds of risk in other retirement investments. An annuity’s stream of income can cover periods when you need extra income, such as the period between your retirement and your eligibility for Social Security or Medicare.

The predictable nature of an annuity’s income stream can allow you to take a bit more risk or creativity in your other retirement investments. In other words, a retirement annuity can give you security and flexibility.

Read More

Spotlight Series Interview – Jon Bellman

safemoney.com spotlight series interview

The SafeMoney.com Spotlight Series highlights financial professionals who are part of our tight-knit community of financial professionals across the country. Our community of financial professionals has appeared on major outlets including CNBC, U.S. News Money, Fox Business, CNN, and others reaching 84+ million households nationally.

We celebrate them as independent business owners, friends, neighbors, educators, advocates, and people who are doing good work in their corners of the world. What stands out about financial professionals on SafeMoney.com from countless others in the industry is their commitment to financial security, wellness, and peace of mind for people from all walks of life.

Today, we have the pleasure of sitting down with Jon Bellman, an experienced financial professional from Texas. Jon has been serving clients in the financial services industry for nearly three decades. He is the president and owner of Bellman Financial Services, an independent firm. As a financial professional, Jon is a strong believer in education and in clients understanding their options for well-informed choices. 

Read More

What Is a Retirement Bridge Account?

what-is-a-retirement-bridge-account

A retirement bridge account is your strategy for bridging the gap between retiring and claiming your Social Security benefits. Claiming your benefits too early could lead to missing out on tens of thousands of dollars in lifetime benefits. And, for those retiring earlier than age 62, a retirement bridge account may be a necessity.

Whether you are retiring early or want to hold off on claiming your Social Security until later in life, a bridge account can be your financial lifeline. Here’s a quick overview explaining how you can work a bridge strategy into your retirement plan.

Read More

Guaranteed Retirement Income: How to Secure More Confidence for Your Financial Future

guaranteed-retirement-income

If retirement is looming on your horizon, you are probably wondering if you will have enough money to last you through the rest of your life. A secure guaranteed income stream can bring some peace of mind, but where exactly can you put one in place? After all, Social Security will provide some benefits, but will it be enough?

The good news is that even if you feel that you could have saved more money than what you have, there are still options for securing a guaranteed retirement income. Let’s take a deeper dive into what some of those options might look like, and what they can do for you.

Read More

Pension Alternatives – What Are Your Options for a Secure Retirement?

pension alternatives

Are you looking for alternatives to a pension plan for guaranteed income in retirement? Perhaps you have a pension plan and worry about its future ability to make good on promised payments.

Pensions are becoming increasingly rare in corporate America today. Many private-sector employers have replaced pension plans with 401(k) or other profit-sharing plans to cut costs.

But if you are lucky enough to be privy to a pension plan, it’s important for you to know how it works, what you will get from it, and effective pension alternatives. And if you won’t be getting a pension, going over your alternative options can help you make well-informed decisions about retirement.

Let’s get into a deeper dive on pension plans, alternatives that are available and will pay you guaranteed income for life, and how these options look in the full spectrum of retirement planning.

Read More

How Do Pensions Work?

how does a pension work

Are you counting on a pension when you retire? Are you familiar with how it works? In this article, we will give a quick overview of how a pension plan works, different types of pension plans, and how payments from a pension plan to retirees work.

Once you have a better understanding of how your pension works, you will be in a better position to make well-informed choices about your overall retirement. That can include whether other sources of retirement income will help you reach your goals. Read on for a deeper dive into the basics of a pension plan and how it works.

Read More

Next Steps to Consider

  • Start a Conversation About Your Retirement What-Ifs

    retirement planning services next steps

    Start a Conversation About Your Retirement What-Ifs

    Already working with someone or thinking about getting help? Ask us about what is on your mind. Learn More

  • What Independent Guidance
    Does for You

    independent vs captive advice

    What Independent Guidance
    Does for You

    See how the crucial differences between independent and captive financial professionals add up. Learn More

  • Stories from Others
    Just Like You

    safe money working with us

    Stories from Others
    Just Like You

    Hear from others who had financial challenges, were looking for answers, and how we helped them find solutions. Learn More

Proud Member