Everyone is working longer before retirement – particularly women

Men and women are different, in case you weren’t aware. And not just physically – the differences extend into many aspects of life, including retirement. Our gender affects the predicted average length of our lives and the age at which we will likely choose to begin retirement. According to the Center for Retirement Research at…

How long will you live in your retirement years?

According to The Center for Retirement Research at Boston College, a person who retired at age 65 in 1970 could expect to live another 13 years during their retirement. They likely had a pension to add to their Social Security to cover expenses during those retirement years. Someone who retires in 2020, at the same…

Should you visit with a Financial Adviser or Planner?

Smart people know that sometimes they need to seek out expert opinions – because none of us is an expert in everything. As the person in charge of your finances, you should be willing to consult a financial planner when necessary. We serve a diverse group of clients at Texas Financial and Retirement and have…

What happens to my 401(k) or 403(b) when my employer changes?

When you leave an employer, or your employer is bought or merges with another company – or goes out of business, you typically need to decide what to do with your old 401(k) or 403(b) retirement account. That’s not terribly uncommon. Recently, right here in East Texas, we have seen major changes within the medical…

When should I start receiving my Social Security benefits?

The amount you can expect to receive from Social Security varies quite a bit. As we at Texas Financial & Retirement like to point out, Social Security should only account for about ⅓ of your income during retirement (the other ⅔ coming from retirement plans and personal savings). For many people, it will actually be…

How to choose a financial advisor

Effective financial planning is a lifetime effort. Financial advisors work with families to get a grasp on their finances and manage them across all phases of earning and into retirement. When you look to recruit a financial advisor, it’s important to select a professional capable of guiding you across the many milestones in life and…

Are you overdue for a Financial Stress Test?

Speaking of a physical stress test, the Mayo Clinic says “A stress test, also called an exercise stress test, shows how your heart works during physical activity. Because exercise makes your heart pump harder and faster, an exercise stress test can reveal problems with blood flow within your heart.” We may not always be pleased…

Do you need more certainty in retirement?

When we’re in the workforce during our accumulation years, the last thing we want to see with our finances is too much stability. We want growth, and lots of it! The chance for that growth is balanced against the risk of some losses. The goal, of course, being to see more gains than losses during…

How much do I need to save for retirement?

How much is “enough” for retirement is a very personal question – it varies greatly from one person or family to another. Here are just a few of the things you ought to consider when trying to determine how much is enough for you. What age do you plan to retire? This will probably be…

How soon do I need to start saving for retirement?

Retirement today is very different than it was half a century ago. In the past, many received pensions from their lifelong employers after they retired. Combining that pension with Social Security and the confidence that their largest purchase (a house) would certainly be worth more every year helped create a stable retirement. Now, pensions are…