Articles – Page 3 – Thorne Financial Partners

When’s the Right Time to Retire?

This article discusses the factors you should look into when deciding when to retire. Retirement is inevitable, but knowing exactly when to do so is often unclear. No matter when you actually begin your retirement, you’ll benefit from planning your post-work life as early as possible. According to Gallup, the percentage of Americans who expect to retire at age 66 or older has risen dramatically, from 21% in 2002 to 41% in 2018. People expect to live and work longer …

Indefinitely Working from Home? Use This Opportunity to Save Money

The pandemic caused many people to work from home, and some companies do not plan to return to office-based work until this summer, if ever. While you may view this as a mixed blessing, you can capitalize on the situation to save money for your short- and long-term goals. Your savings might not stem from tax breaks, but rather from other financial benefits. You won’t be spending money on commuting, restaurant lunches, after-work happy hours, etc. Now is a great …

Common Retirement Investment Mistakes

There are a few common retirement investment mistakes to keep in mind as you seek to maximize your savings and investments. Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report.⁠11 While the number is up slightly from the 2018 survey (23%), it underscores a pervasive sense of uncertainty among those approaching retirement age. While there is no single action that can …

Women, Money, and Today’s Retirement

Despite all of the other advances made in our society in recent generations, women continue to face unique challenges when it comes to preparing for their financial futures.

Leaving the Company? Know Your Retirement Plan Options

Your retirement plan may offer you several options for managing your retirement plan assets when you change jobs or retire. Understanding these choices will help you narrow down your choices.

Is Long-Term Care Insurance a Good Idea?

There is a good possibility that you or your spouse will eventually require some form of long-term care (LTC). According to the Centers for Medicare & Medicaid Services, at least 70% of people aged 65 or older will require some form of long-term care services and support during their lives.1

Retiree Challenge: Making Your Money Last

The ultimate goal for most retirees is making sure their assets last as long as they live. And because of increased longevity, managing cash flow is more critical than ever. While many variables come into play, there are a number of planning moves that can help retirees live within their means and make appropriate adjustments in response to changes in income and expenses. Tools for the Task If you are retired or about to retire, you will need to clarify …

Understanding Minimum Distribution Rules

If you’re approaching retirement, you’ll eventually need to make serious decisions about when to begin taking withdrawals (known as distributions) from your retirement accounts, how to receive the money and how to calculate the taxes you’ll owe.* Fortunately, the rules governing required minimum distributions (RMDs) have been simplified in recent years. Still you should exercise caution to ensure that you’re following the rules correctly. The Basics Many people begin withdrawing funds from their IRA and 401(k) soon after they retire. …

Now That You’re Retired, Maximize Your Retirement Income

Although much of the last decade has been an exception, historically, stock returns have outpaced inflation by the widest margin and have provided the strongest returns over the long term. Those long-awaited golden years have arrived, and you’re enjoying a well-deserved retirement. You’ve saved and invested wisely to provide a financial cushion. Where do you go from here? Factor in Inflation You may want to start by considering the impact of inflation. With longer life expectancies, the need to finance …

Lifestage Investing: Strategies for the Ages

Investing is a lifelong process. And regardless of what financial stage of life you’re in, you’ll have to decide what your needs are and how comfortable you are with risk. From there, however, the actual investment strategies that you decide to implement probably should reflect your current lifestage. Why? Because as your investment goals change over time, your asset allocation will likely need to change as well. Time and Risk Tolerance All investing involves a certain amount of risk. But …

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