Top Retirement.tips Articles of 2024 (So Far)
As we reach the midpoint of 2024, certain topics have emerged as popular reading for anyone planning their retirement. We’ve compiled the top three most impactful articles on Retirement.tips this year, providing invaluable advice on creating a sustainable retirement drawdown strategy, maintaining an emergency fund, and exploring innovative tax-saving tools. Check out the key highlights and insights from these top-performing articles.
Number 3:
Six Tips for Making a Retirement Drawdown Strategy
The article emphasizes the importance of creating a detailed retirement withdrawal strategy that balances tax efficiency, income needs, and inflation to ensure a sustainable and comfortable retirement.
Key Highlights:
- Transitioning from saving to spending in retirement requires a well-thought-out withdrawal plan that considers marital status, life expectancy, types of retirement accounts, and anticipated living expenses.
- To ensure a sustainable income, minimize taxes by leveraging various tax-advantaged accounts and strategies, such as the bucket strategy, fixed dollar withdrawals, and required minimum distributions.
- Plan for longevity and inflation by balancing guaranteed income sources like Social Security and pensions with investment growth. This will shift your savings to maintain purchasing power and cover essential and discretionary expenses.
Read more about the Drawdown Strategy
Number 2:
How Much Cash Should I Have on Hand in Retirement?
This article underscores the importance of maintaining an emergency fund in retirement despite the ability to withdraw from retirement accounts without penalties.
Key Highlights:
- Despite penalty-free access to retirement accounts, experts emphasize the need for retirees to maintain an emergency fund, recommending coverage for six to twelve months of living expenses.
- Financial prudence of keeping an emergency fund in cash to avoid potential losses from withdrawing from stock funds during market downturns.
- Keeping emergency funds in secure accounts, steer clear of investments susceptible to market fluctuations, and explore considerations for amounts exceeding FDIC insurance limits.
Read more about how much cash you should have on hand in retirement here.
Number 1:
Have You Heard About the “Rich Person’s Roth?”
A Roth IRA is an effective tax-minimization tool, but high earners may find an alternative in the “Rich Person’s Roth,” a cash-value life insurance policy offering tax-free earnings and withdrawals.
Key Highlights:
- Not a retirement account but a cash-value life insurance policy offering tax-free earnings and withdrawals.
- No annual contribution limits,
- Health considerations and interest rates on policy loans are important factors
Read more about Rich Person’s Roth here.
Honorable Mentions:
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Get StartedWelcome 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.
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