If you're a college football fan, perhaps you've thought about retiring to Alabama, once fans can once again congregate past COVID restrictions. But there are also non-football reasons to spend your golden years in the Yellowhammer State — like relatively low taxes for retirees. While most people end up paying the highest income tax rate, it's not too bad at only 5%. Plus, Social Security benefits and payments from traditional [...]

When you're planning for retirement, it's fun to contemplate all the travel, rounds of golf and restaurant meals you have ahead of you. You've earned it! However, many retirees don't take into consideration the cumulative impact of federal and state income taxes on withdrawals from their nest eggs. Most forms of retirement income — including Social Security benefits, as well as withdrawals from your 401(k)s and traditional IRAs — are taxed [...]

After years of long work hours, responsibilities at home with the kids and busy schedules, retirement can be a great time to reconnect with a spouse — so long as they’re aware of each other’s goals for this next chapter. Retirement Tip of the Week: Before you even think about leaving the workforce, talk to your husband or wife about your ideas for the future, and ask to hear about [...]

The COVID-19 pandemic and shutdown upended our lives on multiple fronts. While enduring widespread unemployment and the economic downturn, many Americans leaned on their retirement accounts to help make ends meet. If you experienced retirement savings setbacks, consider using these strategies to refill your retirement bucket in 2021 and beyond. Reassess your situation “If you had to take a 401(k) loan or withdrawal, empty an IRA out or dig into [...]

QUESTION: I’m living on just my retirement during this pandemic. How can I stretch my dollars? ANSWER: Making ends meet on what normally is a limited monthly income can be challenging for many retirees and that’s particularly true during a pandemic. COVID-19 mandated restrictions have reduced some routine expenditures, such as eating out in restaurants, going to entertainment venues and sporting events. Likewise, other costs likely have increased, such as [...]

It's scary to stop earning income when you stop working, but everyone dreams of a comfortable retirement, so it's a bridge you'll have to cross eventually. Popular sources of retirement income, such as Social Security and retirement accounts, might be enough to cover bills for most investors, but there are several alternative cash flow opportunities that are often overlooked or underused. These four surprising sources of retirement income are less common for [...]