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Category: Retirement

29 posts categorized as "Retirement"

Required Minimum Distributions

Jan 13, 2022

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Scary Financial Mistakes: Retirement Planning Errors Could Lead to Frightful Outcomes

Oct 8, 2021

By Edward “Ed” V. O’Neal, Senior Vice President and Manager, Retirement Plans

As we enter the bewitching month of October, it’s natural for thoughts to shift to the beautiful fall foliage and the enjoyment of Halloween, when it’s fun to indulge in scary activities. However, for those that are planning for and nearing retirement, making key mistakes in the retirement planning process can lead to some negative and scary outcomes – and not the fun kind!

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National 401(k) Day Highlights the Importance of Retirement Planning

Sep 10, 2021

By Edward “Ed” V. O’Neal, Senior Vice President and Manager, Retirement Plans

Most people have a mental picture of what their retirement years will look like. For some it might include exciting travel destinations or daily golfing excursions, and for others it might include volunteering or starting a long-overdue business venture. National 401(k) Day, celebrated every year on the Friday after Labor Day, serves as a great reminder that participation in a 401(k) can be a great tool for helping fulfill those retirement goals.

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If You Retire Early, Watch Out for IRS Penalities

Aug 25, 2021

By Theresa Fry, Senior Vice President and Manager, IRA’s, Retirement & Education Planning

If there is one thing that this past year and a half has taught us, it’s that life doesn’t always go according to plan. If you find yourself in a situation where you are retiring early – whether by choice or by circumstance – and you need to access the money in your retirement accounts earlier than you expected,

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Planning for Sustainable Retirement Income

Aug 18, 2021

By Eric Estelle, Manager, Financial Planning & Marketing

Retirement can be both a joyous occasion and a scary proposition. For many, the thought of no longer having a steady paycheck causes enough anxiety to overshadow the accomplishment of reaching retirement. There are several common questions that come with the prospect of retirement. When can I afford to retire? Will I be able to fund my living needs? Can I afford to travel,

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Annuity Lifetime Guaranteed Income Gives Confidence

Aug 11, 2021

By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance

There is little argument that equities have produced impressive returns over a long period of time, but retirees and pre-retirees often begin to ask themselves questions such as, “How much risk am I still willing to take?” and “How afraid am I that I may run out of money?” Most companies no longer offer a pension, leaving social security as the only form of “guaranteed” income in retirement.

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Is Your Three-Legged Stool Wobbly?

Aug 9, 2021

By Theresa Fry, Senior Vice President, Manager of IRA’s, Retirement & Education Planning

The description of the three-legged stool for retirement income has been a staple in planning for a long time. The three components or “legs” of the stool are: pensions, Social Security, and personal savings. The idea is that you need all three legs, providing equal resources for your retirement income, to keep your retirement stable.

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Tax Tip Tuesday: SEP IRAs and Some New Retirement Plan Reminders

Mar 16, 2021

By Edward “Ed” V. O’Neal, Senior Vice President and Manager, Retirement Plans

Now that we’re deep into the “dog days” of tax season, this is a time when many business owners are intently seeking ways to limit their tax burden and/or searching for opportunities to increase retirement savings. Employer-sponsored retirement plans represent a great way to accomplish both of those goals simultaneously. Additionally, the Setting Every Community Up for Retirement Enhancement (SECURE) Act,

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Scary Financial Mistakes: Failing to Update Your Beneficiary Designations

Oct 22, 2020

By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning

Having the details of your personal and financial life made public would be horrifying for most people. Yet, I see it all the time with IRAs, 401(k)s and other retirement account assets. Two common situations that can cause your private financial matters to be made public are not naming a beneficiary and forgetting to update your beneficiary designations after divorce.

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Scary Financial Mistakes: Entering Retirement Without Enough Guaranteed Income

Oct 15, 2020

By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance

In addition to the usual financial risks we have such as inflation risk, market risk, and economic risk; there is another risk to confront in retirement: longevity risk, which is the risk of outliving your retirement assets. When planning for retirement, living too long can be a scary proposition, especially for those with a projected long-life expectancy.

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