As we end one year and begin another, there are things you need to think about doing to maximize your retirement assets, gain any available tax benefit, and/or avoid any tax penalty that may be linked to your investments.
Retirement planning does not end at retirement. The need to continue to grow assets to produce more cash flow remains important for most.
A report released in 2020 by the National Institute on Retirement Security (NIRS) finds that across all age groups women have substantially less income in retirement than men (National Institute on Retirement Security, NIRS 2020). By age 65, 80% of women are more likely than men to live in poverty. Women age 75 to 79 were three times more likely to fall below the poverty level than men.
It’s back, and it’s something frequently overlooked in retirement planning.
Time is money—literally. For a recent graduate, time might also seem like an abundant resource, with many thinking they have plenty of time to save for their future – later.
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