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"Sean" is 60, and he wants to retire by the end of this year. His wife, "Mary," is also 60, and she wants to retire in two-to-three years. Maybe. Sean has an IRA worth $1,000,000 and a health savings account with $5,000 in it. Mary has a 401(k) worth $800,000, an IRA worth $700,000, and company stock worth $100,000. They also have cash savings of about $600,000. They want to be able to spend $120,000 per year in retirement.
When you hit your 60s, you're going to pass some milestones on your financial plan that might make you feel a little ... Well ... old. Once you're past age 59 1/2, you can start taking withdrawals from your retirement accounts without a penalty.
We often caution folks against treating their retirement accounts like a windfall. But how should you manage an ACTUAL windfall, such as a large inheritance, a bonus or buyout from your employer, profit from selling a business, or winning the lottery?
We're only a few days into 2023, but the stats tell us that plenty of folks are already struggling with their New Year's resolutions. In 2019, Strava, a social network for athletes, determined that 80% of people who made New Year's resolutions abandoned them by the second week of January. A 2021 CBS News poll found that 4% of individuals who make resolutions actually accomplish everything; 8% meet most of their goals; 16% meet some.
In 2022, we regularly addressed two connected topics that caused some worry for retirement-age seniors this year: the up-and-down economy, and how its fluctuations were affecting retirement planning. Not surprisingly, our Top 5 Podcasts and Blogs all touched on one or both of those topics.
Even for those of us who are looking forward to big celebrations with our loved ones, the holidays can be full of conflicting emotions. You might be feeling pressure to plan and host the "perfect" holiday party. Baking and shopping for everyone on your Nice List can be stressful. You might be worried about making it through just one family gathering without an argument. And if you are spending your holidays away from loved ones, loneliness could have you feeling less-than festive. One of these activities might help you beat those holiday blues, experience the joy of the season, and spread that goodwill to other people.