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can I retire on 500k nest egg

Can I Retire on 500k?

It is possible to retire on 500k in retirement savings, but you’ll need to do some careful planning. There aren’t many universal answers to retirement questions like this one. You need an individualized answer. I’m going to show you a simple process for answering this question. Whether you can or not depends largely on how …

tax-gain harvesting calculation

Tax-Gain Harvesting?

Tax-gain harvesting may seem counter-intuitive, but it can be an effective way to reduce your total tax burden in retirement. Mindful tax planning is one of the easiest ways to improve your finances in retirement. What makes that true is the fact that current tax rates are known, so any time you make a decision …

Woman calculating the five year rules

The Five Year Rules of Roth Distributions

Roth IRA’s are one of the most popular retirement accounts. Roth IRAs have many advantages over tax-deferred accounts, namely the ability to provide tax-free growth. The ability to provide tax-free growth is premised on making contributions with after-tax dollars. As I’m sure you are well aware, you must pay taxes on essentially each dollar you …

Required Minimum Distributions

If you save for retirement using tax-deferred accounts then you need to understand the rules surrounding required minimum distributions (RMDs) in order to avoid some pretty steep penalties. For some retirees, the required minimum distribution is less than they would withdraw anyway, and is therefore not much of a planning concern. For others who intend …

Lady thinking about the 4% rule of retirement income

The 4% Rule of Retirement Income

The most commonly cited method of withdrawing retirement income from an investment portfolio is “the 4% rule”. This rule comes from a very popular study conducted by William Bengen and published in The Journal of Financial Planning in 1994 as Determining Withdrawal Rates Using Historical Data. The short-hand version of the rule, and the basic conclusion …