Retirement Planning Archives - Millstone Financial Group

Rising Costs in Retirement: Are You Prepared?

In 1960, a gallon of milk cost 36 cents, and today it costs $3.35 on average.[1] Inflation is to blame, and we could see higher inflation in the coming years. It’s important to have a sense of how much you’ll need to spend in retirement, […]

How Much Do You Need to Save for Retirement?

While $1 million is sometimes cited as the ideal number for retirement savings,[1] this assumes a one-size-fits-all approach to retirement planning. Everyone’s retirement goals are unique, and preparing for retirement might not be as simple as saving a certain amount at all. We believe it’s […]

Have You Factored Inflation into Your Retirement Plan?

We’ve seen increased government spending due to COVID and significant increases in government debt. Some economists theorize that this could lead to increased inflation, and many claim that we are already seeing the effects. Although the official inflation rate may remain low for now, you may notice […]

2021-05-10T11:18:44+00:00May 10th, 2021|Economy, Financial Planning, Retirement Planning|

Prepare for Taxes On Your Retirement Accounts

The Biden administration already plans to spend $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals. You may […]

2021-05-03T03:23:15+00:00May 3rd, 2021|Retirement Planning, Taxes and Tax Planning|

Don’t Forget About These Big Retirement Expenses

The rule of thumb says you’ll need about 80% of your pre-retirement income in retirement, but everyone is different. Many retirees want to upgrade their lifestyle in retirement or maintain their current lifestyle. In fact, a recent study shows that about one in three retirees actually spent […]

2021-04-20T22:08:25+00:00April 20th, 2021|Financial Planning, Retirement Planning|

More Time to File Taxes and Review Your Retirement Plan

Tax season is the perfect time to take stock of your overall finances and how they may have changed in the last year. And luckily for you, tax season is extended until May 17th this year, so you have even more time to […]

4 Types of Retirement Income and How They’re Taxed

Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. […]

5 Reasons to Reevaluate Your Current Company’s 401(k) Plan

Custom 401(K) ScorecodeIf you run a small business, you have a lot on your mind. When you’re not helping your clients, managing employees, or handling the usual administrative tasks of the week, you hopefully have some time to think about what’s coming next. And while you know […]

2021-06-16T20:10:05+00:00March 16th, 2021|401k Reevaluate, Retirement Planning|
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