How Can You Protect Your Income From Bear Markets and Corrections?
Market volatility is an inevitable part of investing, but for retirees relying on their portfolio for income, it can be particularly unsettling. Bear markets and corrections can wreak havoc on your retirement plans if you’re not prepared. Let’s explore strategies to shield your income from market downturns and keep your retirement on track. Understanding Sequence of Returns Risk One of the biggest threats to retirement income is sequence of returns risk. This refers to the potentially devastating impact of experiencing poor market returns in the early years of retirement when you’re beginning to withdraw from your portfolio. Here’s why […]
Making the Switch to Paying Yourself
For most of your life, you’ve probably had a daily routine – from tying your tie to greeting your coworkers to loosening that tie when you get home. When thinking about retirement, not only does your daily routine change but your financial routine does too. In your working years, you made sure to have a savings and wealth accumulation plan. Your retirement goals were focused on building wealth but now, your goal is to spend it efficiently. When you’re going back to school on your retirement plan, you’ll recognize that that’s a much different question to ask of your […]
Securing Your Health: Strategies to Tackle Healthcare Costs in Retirement
Retirement is a chapter of life we all look forward to – a time to relax, enjoy hobbies, and spend quality moments with loved ones. However, lurking in the shadows are healthcare costs that can cast a dark cloud over your golden years. So, how do you secure your health and finances simultaneously? In this article, we’ll explore strategies to tackle healthcare costs in retirement without drowning in medical bills. 1. Understanding Retirement Healthcare Costs Picture this: you’re retired, sipping lemonade on the porch, and suddenly, a medical emergency strikes. The hospital bills start piling up, and you wonder, […]
Preparing for a Financial Emergency
Financial Emergencies. They can be unforeseen home repairs or major appliance replacements, major car repairs, unexpected medical expenses, or even unemployment. 6 out of 10 households in America experience at least one financial emergency in a year. However, about 1/3 of American families do not have any savings and would struggle to come up with $400 to help cover an emergency.1 Financial emergencies happen, but how can you make sure that you are prepared? What is an Emergency Fund? It is exactly what it sounds like. It is a bank account with money set aside for emergency expenses. An […]
Understanding the Four Phases of Your Retirement Budget Strategy
One way of thinking about retirement is that it happens in phases. The length of each phase and the strategies for each are going to differ from person to person, but this can be a helpful way to break down a very complex topic. We’re going to break down each one of the phases and explain some important financial moments in each. Phase 1: Pre-retirement (Approximately Ages 50-62) This is around the age when you will start to have a sense of what you have saved and what your expenses might look like. When you are 20 years old, […]
Jim Brogan joins NewsTalk 98.7 to Discuss Building Your Long-Term Wealth
Jim Brogan, President & Founder of Brogan Financial, joins Bob Yarbrough on NewsTalk 98.7 to discuss building your long-term wealth, tax restrictions surrounding retirement savings accounts, and break down why workers aren’t contributing to their 401(k)s.
Understanding Your Savings Goal – How Much Do You Really Need to Retire?
“How much do I need to retire?” This is one of the most frequently asked questions in the world of retirement finance. If you don’t have a lot of retirement planning experience it can also be a tough question to answer. This article will hopefully give you some sense of where you might want to be headed in terms of answering this question and also get you up to speed on the classic retirement savings advice. First: There is no specific retirement savings number universal to all people. This probably isn’t the answer you were looking for, but it’s […]
Jim Brogan joins NewsTalk 98.7 to Discuss Inflation and His Upcoming Class
Jim Brogan, President and founder of Brogan Financial, joins Phil Williams on NewsTalk 98.7 to discuss the impact of inflation, why you need to plan for income in retirement, and Jim's upcoming class! Click the play button below to listen!
What if 1 Million Dollars Isn’t Enough to Retire?
If you are headed toward retirement soon, or you have just retired, you may find yourself wondering, “Is my nest egg enough?” It’s a common question and one that causes a lot of people a lot of reasonable anxiety. Because retirement finances are much more about prediction than they are about facts and assurances, it can be hard to feel confident that you will have enough to carry you through your entire retirement. As you know, medical expenses, long-term care, housing repairs, and other unpredictable costs are just a part of life, so how can you prepare for those […]
How Long Can I Keep My Money in My Retirement Account?
In most cases, you can’t actually keep your money in your retirement accounts forever. Even if you don’t need the money from your retirement accounts, many of them will require you to begin withdrawing from them when you are 73 years old.[1] This is called a required minimum distribution (often shortened to RMD). More specifically, you must start taking RMDs by April 1st following the year you turn 73.[2] The amount you are required to withdraw is calculated by dividing the value of the account on December 31st of the previous year by a factor based on your life […]
