Posts about creating and keeping retirement income from Mike Branch, certified financial planner in Minneapolis, Minnesota.
Photo by rawpixel on Unsplash
Many of my clients use dividends as part of their long-term retirement income plan. Dividends provide consistent, recurring income that often rises with inflation.
Even clients who are still in the “accumulation phase” of their investment plan can benefit from owning stocks and mutual funds that pay dividends.
The adage “It’s not what you make, but what you keep” applies to your Social Security benefits in retirement as much as to your paycheck when you were working. How much of your Social Security benefit you actually put in your pocket depends on your income, when you start taking benefits and other factors.
The best way for many people to put more Social Security money in their pocket may be to delay benefits up to age 70. However, that may not be possible or even the best choice for everyone.
If that describes you, consider these 7 strategies to get more retirement income from Social Security.
Photo by rawpixel on Unsplash
For the past 40 years or more you have paid into the Social Security system with the promise that someday when you retire, you will receive a guaranteed monthly income for the rest of your life. Along the way, your employer has kicked in a matching contribution equal to 100% of your contribution.
At the end of your working life there should be a giant pile of cash with your name on it. And there is (figuratively speaking anyway). But it comes with a giant string attached.
In this case, the catch is that up to 85% of your monthly benefit is considered taxable income once it’s paid out to you. What’s more, depending on the state you live in, you may owe state income tax on those benefits as well. (Bad news fellow Minnesotans. We live in one of those states).
The following post will explain how much of your benefit is taxable and what, if anything, you can do about it.
Last week I wrote about what it means to be an Ed Slott trained IRA advisor. Since then, I have learned that Ed Slott’s program “Retire Safe and Secure” will air on our local, Twin Cities Public Television stations this weekend!
If you want to learn how to avoid the most common tax mistakes people make with their retirement accounts, or why a Roth IRA is so important, or how to take your IRA from “forever taxed to never taxed” you will want to watch or record Ed’s show this weekend.
Ed Slott has been a huge supporter of Public Television for many years and is one of PBS’ all-time largest fundraisers. His programs have raised over $50 million in donations supporting PBS stations across the country. This weekend you can watch him on your local station.
Times and dates are listed below. Check with Twin Cities PBS for more information or click here.
Now this is must see TV.
Looking for an Ed Slott trained “Elite IRA Advisor”? Call me at 651.379.3935 or email me directly at mpbranch@focusfinancial.com
Ed Slott’s Elite IRA Advisor Group is solely an indication that the financial advisor has attended training provided by Ed Slott and Company. Ed Slott is not affiliated with Royal Alliance Associates, Inc.
Photo by Mathieu Turle on Unsplash
Retired clients often wonder how they will generate income in retirement. Beyond Social Security, pension payments, and other forms of guaranteed income how does their investment portfolio actually produce the money they will need to keep up with inflation and pay the bills?
Two ways in which your investments can support you in retirement are “yield” and “total return”. In this post I will share how they are different and what role they play in your long-term retirement income plan.