Key Takeaway: Tim Duncan is keeping busy in retirement: Although he retired from basketball, Tim Duncan has not slowed down. He is actively involved in business ventures, charity work, coaching, and spending time with his family. Business ventures: Duncan has invested in several businesses including an auto dealership and restaurant. He is also co-owner of…
Key Takeaways: Choosing a financial planner for retirement is crucial to ensure a stable financial future. It’s important to take time to research and find the right fit for your individual needs. When choosing a financial planner, look for accreditation and licenses to ensure they meet the necessary qualifications. Additionally, expertise and experience in retirement…
##Key Takeaways: Key Takeaway: Living on a cruise ship for retirement offers numerous advantages, including considerable cost savings compared to traditional retirement options, access to a wide range of amenities and activities on board, and the opportunity to explore different destinations without the stress of planning and logistics. Preparing for living on a cruise ship…
Key Takeaway: Assess your current retirement savings: Before making any changes, it’s important to take stock of your current situation, including your retirement saving goals, current balance, and expected income. This will help you identify any gaps and determine how much you need to save. Increase your contributions: The easiest way to catch up on…
Key Takeaway: Retirement SCD and Leave SCD are two types of service computation dates used to calculate federal employee benefits such as retirement and leave. SCD refers to the amount of creditable service an employee has accumulated, which determines their eligibility and payout for retirement and leave benefits. The differences between Retirement SCD and Leave…
Key Takeaway: Social Security Benefits is one of the primary sources of retirement income. Eligibility for Social Security Benefits is determined by factors such as age, work history, and marital status. Understanding how these factors affect your benefits can help you maximize your Social Security income. Pension Plans, both Defined Benefit Plans and Defined Contribution…
Key Takeaway: Understanding retirement expenses is crucial to estimating how long $15 million will last. It’s important to take into account both necessities and lifestyle expenses to have a realistic estimate. One of the biggest expenses in retirement is healthcare costs. By factoring in medical expenses and insurance, you can better predict how much money…
Key Takeaways: A PEP Retirement Plan is a personal pension scheme that allows individuals to save for their retirement while enjoying tax benefits. To be eligible for a PEP Retirement Plan, individuals must be self-employed or have income from a trade or profession and be below the age of 75. The advantages of a PEP…
Key takeaway: Understanding inflation is essential for retirement planning: Inflation is the rise in the general price level of goods and services over time, which can erode the purchasing power of retirement savings. It is important to consider inflation while planning for retirement to ensure that the funds last throughout retirement. Calculating inflation rate for…
Key Takeaway: Low interest rates: Traditional savings accounts offer low interest rates, which means your retirement savings won’t grow as quickly as they would in other investment vehicles. No tax benefits: Unlike retirement accounts such as 401(k)s or IRAs, traditional savings accounts do not offer tax benefits, which means you will have to pay taxes…
Key Takeaway: A TPA, or Third-Party Administrator, is a company that provides administrative services for retirement plans, including recordkeeping, compliance testing, and tax reporting. The role of a TPA in retirement plans is to ensure that the plan is compliant with IRS regulations, calculate employer contributions and plan benefits, and provide support to plan sponsors…
Key Takeaway: Delayed gratification involves sacrificing short-term desires for long-term goals, and it is an important aspect of retirement planning. By being willing to save and invest money over time, individuals can develop financial security and achieve a comfortable retirement. Delayed gratification can have lifestyle benefits as well. By practicing self-control and mindfulness, individuals can…