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.
Inflation is something frequently overlooked in retirement planning. Inflation can be defined as an overall upward price movement of goods and services in our economy as measured by the Consumer Price Index (CPI), and it is what makes most things cost more today than they did in prior years.
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