RetireWire is dedicated to helping those nearly retired master their money and finances through webinars, tools, articles and education.
What's Better? Roth 401(k) or Pre-Tax 401(k)?
Your 401(k) at work is one of the best ways—if not THE SINGLE best way—to save for retirement! The 401(k) makes it easy, quick, relatively painless, and forces you to “dollar cost average” into your investments over time. Your 401(k) may also provide employer matching contributions and lower costs than you’d be able to get on your own due to economies of scale!
But, for all of their glory, the 401(k) can be difficult to navigate. There are rules and potential penalties. There are limits and restrictions on investments. Most importantly, most 401(k) plans today have the Roth or pre-tax option, making things even MORE confusing!
This short video explains the differences between the Roth 401(k) and the pre-tax 401(k) and will guide you towards which one is best for you and your retirement planning needs.
The Pre-Retirement Checklist Will Make Or Break Your Retirement
The pre-retirement checklist is something every nearly retired person should go through. There are tons of them out there, but my pre-retirement checklist breaks concepts down into three simple things - Learning About, Planning, and Trying Retirement.
Learning - There are so many things we've learned over our lifetimes and retirement typically isn't one of them. You need to use the resources available and familiarize yourself with retirement concepts, dates, deadlines, expenses, and more!
Planning - Retirement planning is the most important part of the process. Unfortunately, this really requires some sophisticated software and someone who knows not only how to use it, but your retirement finances as well.
Trying - You should take a trial run at retirement. See how you like it! Use your vacation pay, stop putting money into your retirement plans at work, spend some quiet time on the couch AND some fun time on the golf course. Get a handle for how retirement will be for you.
Download my FREE Retirement Mastery Toolkit for more information.
How in the WORLD does Las Vegas come back from Coronavirus?
The rest of the country and most of the rest of the world will be fine as we exit the Coronavirus catastrophe, but Las Vegas? Not so much. It's going to take Las Vegas a tremendous amount of time and ingenuity to come back from COVID-19.
How to find a financial advisor you can trust
In this quick breakdown of my recent webinar on finding a financial advisor you can trust I discuss the 5 steps you need to be highly attentive to in order to find the best financial advisor for your situation. Before the 5 steps, however, I discuss how you really should raise the bar on what you expect from a financial advisor to make sure you get the best one for your unique situation.
7 Ways to Make Money During Coronavirus
In this episode I discuss 7 ways to make money during stressful financial times like the Coronavirus epidemic has caused. Most importantly, I explain these topics to help prepare you for the next stock market meltdown.
Mark Maurer, CFP®, MBA -What you need to know about long term care insurance for late in life healthcare expenses
What You Need to Know About Late in Life Healthcare Expenses
One out of three men will end up in a nursing home, and two out of three women will require long-term care. So many people purchase health and life insurance, but why do more not prepare financially for the extended care they’ll need in their final years? Mark Maurer, President and CEO of LLiS, joins the Wealth Summit to discuss how you can reduce the financial burden of long-term care.
-What is long-term care insurance?
-How much does long-term care insurance cost?
-Who should consider buying long-term care insurance?
While health insurance doesn’t prevent you from getting sick, it does provide a funding mechanism to pay for the things designed to treat you and expedite your recovery. Long-term care insurance acts in much the same way. While medical insurance is designed to cover things that will get you better, long-term care pertains to a chronic illness—something that probably isn’t going to go away. As Social Security begins to dry up, paying less and less to retirees, we’re seeing more multigenerational households. However, eventually most elders reach the point of needing expert care beyond what relatives can provide. Contrary to popular belief, Medicare only covers 100 days of long-term care. Once that time period expires, Medicaid will be able to cover some expenses, but you most likely won’t be able to choose the specific facility.
Mark presents a chart at the 10:30 mark in the video detailing the varying expenses associated with long-term care. A long-term care insurance policy typically covers $3,000 per month, and it can be used for differing levels of care. Where that care is given depends on the significance of the condition. As previously mentioned, 2/3 of women will require long-term care, along with 1/3 of men. Insurance companies have recognized that women have a longer life expectancy so they’ve boosted the rates for female premiums.
Long-term care policies are not inexpensive. Mark recommends people who own a house and have less than a half a million in assets steer clear of long-term care policies. The premiums could wipe out your assets, drastically changing the retirement lifestyle you’ve been planning for years. A good time to start considering the policy is in your mid-50s.
While perhaps not as popular as health insurance or life insurance, long-term care insurance can prove to be just as valuable. Like most financial decisions, the choice to get a policy depends on your individual situation—health, financial status, location, family factors, etc. While the premiums can be costly, if you have a large enough portfolio of relatively liquid assets, a long-term care insurance policy could ease stress and provide comfort down the road for both you and your loved ones.
Preparing for retirement?
Greg’s podcast is filled with lessons in how to retire and create a solid income stream without missing the little details so many retirees do!