Work longer. It’s not easy to hear, but that’s probably the single thing you can do at a later age in your working years which will have the most impact on your retirement. Let’s suppose you’re 64, and you had always planned to retire at 67. If you retire at 67, perhaps your “full” SocialRead More
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How can I know if I’m ready to retire?
Do you wonder if you’re ready to retire with enough income? Many people do. They wonder if they’ll have enough income to live the life they want after retiring from their full time career. At Texas Financial and Retirement, we begin by analyzing all the income an individual or family expects to have during theirRead More
What is your retirement dream?
People have different ideas about what makes a great retirement. Some want to travel the world, some want to golf every day, some just want to live close to their grandchildren and spend all their days spoiling them. None of those are wrong answers — a great retirement is in the eye of the beholder.Read More
How can I save more for my retirement?
As we grow older and get closer to our expected retirement, we often look for ways to increase our savings to have better retirement income. There are several ways you may be able to do that. Employer Matching Contributions Obviously, if your employer offers a retirement savings plan like a 401(k) or 403(b), you shouldRead More
What is a Medicare Advantage Plan and how can it affect my retirement?
A Medicare Advantage Plan is also known as Medicare Part C. Traditional “Original Medicare” is a list of benefits provided to you by Medicare. Most people receive Part A (hospital insurance) for little or no cost and also purchase Part B (medical insurance) from Medicare. Under Part C (Medicare Advantage Plan), your Part A andRead More
Many retired seniors want to travel… to the beach!
One of the most popular ways to spend retirement is traveling. And one of the most popular types of destinations for today’s retired seniors is the beach. What’s the main reason Baby Boomers (whether retired already or still working on it) don’t travel more? Cost. And the number two reason? Health. If travel is onRead More
Even older working households with a retirement plan aren’t saving enough
Every generation seems to enjoy pointing at the newest generation coming up behind them and saying, “Those kids today! They just don’t …” Today’s aging Baby Boomers are no different. It’s common to hear those “of a certain age,” complaining about Millennials (those aged 22 to 37, currently). It may be criticism of their wardrobe,Read More
What is Medigap insurance – and do I need it after I retire and have Medicare?
We all want to cut our expenses when we retire to help us have a comfortable standard of living on our more limited income. Generally, the last thing we want is to add another new expense. And many people intentionally wait to retire after they turn 65, so they will have Medicare to cover theirRead More
I thought Medicare was free! Why would I need to pay?
For most people, Medicare Part A comes at no cost after age 65. That’s because they have worked enough time (at least 40 quarters, 10 years total) while paying Medicare taxes. Those who only paid Medicare taxes for 30-39 quarters have a monthly premium for Part A of $232. Those who paid Medicare taxes forRead More
Why saving money isn’t all you need to do to get retirement right
If you asked people approaching their planned retirement age if they wish they had saved more in their earlier working years, almost all would say “yes.” Without a time machine, we can’t go back and save more sooner. We can only make changes going forward to improve our retirement income. But even if we’ve beenRead More
Which Millennials are failing to save for retirement?
For a variety of reasons, people have been saying that younger adults (Millennials, specifically) aren’t saving enough for their retirement. Some will say it’s the crushing debt from student loans which prevents them from being able to save. Others point out that they entered the employment market at a point in time where wages wereRead More
Should you visit with a Financial Advisor 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 advisor when necessary. We serve a diverse group of clients at Texas Financial and Retirement and haveRead More
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 sameRead More
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 beRead More
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 atRead More
Can I live on my Social Security when I retire?
No, you probably cannot. Social Security is not designed to replace your full working wages. It’s intended to cover only approximately 40 percent of the income you earned while working. You may not need to fully replace your working years’ income during retirement, however. The Social Security Administration notes that many financial advisors suggest you’llRead More
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 medicalRead More
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 andRead More
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 pleasedRead More
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 duringRead More
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 to save for retirement. What age do you plan to retire?Read More
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 areRead More