Top Three Retirement.tips Articles of the Year
Paying off a mortgage early before retirement depends on various factors, and it may not always be the best financial decision. In this article, we consider many factors.
- Factors to consider: mortgage rate, tax consequences, other outstanding debt, emergency fund, and overall retirement savings.
- Alternative options include refinancing to a shorter mortgage or making periodic extra payments toward the principal balance.
- Deciding to pay off the mortgage before retirement should be part of a comprehensive financial plan developed with the assistance of a professional financial advisor.
This article introduces the concept of the 4% rule, explains its application, and guides utilizing it effectively to prepare your retirement savings.
- The 4% rule suggests that retirees can safely withdraw 4% of their savings in the year they retire and adjust for inflation in subsequent years for a 30-year retirement period.
- The factors to consider when choosing a withdrawal strategy.
- Alternative strategies to the 4% withdrawal rule.
This article provides timely and relevant information about the changes in RMD rules, offers practical guidance on calculating RMDs and correcting mistakes, and promotes the importance of staying compliant and seeking professional advice for retirement planning.
- An increase in the RMD age from 72 to 73.
- Reduction in the penalty for not taking the required minimum distribution.
- Valuable information about the specific considerations for inherited retirement accounts.
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Welcome to our “Best of 2023” recap, highlighting some of this year’s most insightful articles. This recap will explore insightful topics such as retirement planning, mortgage payoff strategies, withdrawal rules, and required minimum distributions.