Retirement - North Light Financial Services

Avoid Making Retirement Planning Mistakes

THE MAJOR RETIREMENT PLANNING MISTAKES Much has been written about the classic financial mistakes that plague start-ups, family businesses, corporations and charities. Aside from these blunders, there are also some classic financial missteps that plague retirees. Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we plan for and enter retirement. Leaving work too early. [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:32-04:00September 27th, 2012|Personal Finance, Retirement|Comments Off

IRA Dates & Milestones to Remember

IRAs come with complex rules and regulations. As these rules and regulations are occasionally forgotten or misinterpreted by IRA owners, here is a refresher. Age 70½: Required Minimum Distributions (RMDs). Once you reach age 70½, you are required to make withdrawals from any traditional (“regular”) IRAs that you have established. (Original owners of Roth IRAs never have to take RMDs.)1 **You must take your initial RMD from a traditional IRA by April 1 of the year following the year during [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:34-04:00May 24th, 2012|IRA, Retirement|Comments Off

How Much Retirement Income Will You Really Need?

Many people underestimate lifestyle costs, medical expenses and inflation. What is enough? What is not enough? If youre considering retiring in the near future, youve probably heard or read that you need about 70% of your end salary to live comfortably in retirement. This estimate is frequently repeated but that doesnt mean it is true for everyone. It may not be true for you. You wont learn how much retirement income youll need by reading this article. Youll want [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:34-04:00May 10th, 2012|Investing, Retirement|Comments Off

Getting Off on the Right Foot in 2012: Retirement Plans

401(k), 403(b) and 457 plan annual contribution limits rise slightly to $17,000, and you can contribute an additional $5,500 to these accounts if you are 50 or older this year. IRA contribution levels are unchanged from 2011: the ceiling is $5,000, $6,000 if you will be 50 or older in 2012.1 As you strive to contribute as much as you comfortably can to these accounts this year, you will probably notice some changes with the retirement plan at your workplace. [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:35-04:00February 7th, 2012|401(k)/403(b), IRA, Retirement|Comments Off