Retirement

Preparing for Lifetime Income in Retirement

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on August 12th, 2022

There was a time when old retirement planning models like “the 70 percent rule” were more common. This rule stated that a retiree only needed 70% of their pre-retirement income to live comfortably in retirement. These “rules” may have worked for some retirees several decades ago but can be dangerously flawed in today’s new normal retirement.

Should You Prioritize Retirement Savings over College Savings?

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on May 31st, 2022

As a young parent looking to the future, you may be faced with a daunting choice: do you save earnestly to secure your retirement, or save to fund your children’s education?

The New Normal Retirement

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on April 12th, 2022

It’s believed that retirement planning as we currently know it didn’t really exist until a few decades ago. Up to that point, people worked until 65 and then sailed into retirement on a pension plan.

How do I Start Planning for Retirement?

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on March 25th, 2022

If you’ve just begun your career and started collecting a decent paycheck, retirement probably feels like it’s lightyears away. But it will get here quicker than you expect, and when it does, you’ll want to be prepared.

Social Security Facts for 2022

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on January 4th, 2022

Approximately 70 million retired Americans collect Social Security benefits. Of those retirees, 8 million also collect Supplemental Security Income (SSI). But Social Security is more than retirement income. It also provides life insurance and survivor benefits.

Why Should I Think About Retirement Planning?

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on December 14th, 2021

If you’ve only just begun your career and are starting to collect a decent paycheck, the last thing on your mind is probably retirement planning. When you’re in your twenties and thirties, retirement can feel light years away, but it will get here much quicker than you can imagine. And when it does, you’ll want to be prepared.

What are the Benefits of Saving Early?

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on November 16th, 2021

For many Americans, the art of saving is something that they have yet to master. This is especially true for those who have just entered the workforce or have gotten their first good-paying job. The mantra of these young professional men and women is often to want to spend instead of saving, and it might be time that changed.

IRS Woes: Don't Let Taxes Derail Your Retirement Plans

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on November 2nd, 2021

All United States citizens are subject to income tax from the federal government, even those who are retired. Living on a fixed income in retirement can be difficult, so it’s important to plan accordingly for how you will be taxed to get an accurate picture of your financial health.

Here’s what you need to know about taxable income in retirement.

Paying for Long-Term Care: Your Options Explained

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on October 26th, 2021

It’s not always pleasant to think about who will take care of you when you’re no longer able to take care of yourself, but planning ahead is a necessary part of getting older. The more prepared you are—emotionally, logistically, and financially—the easier it will be for you to transition into long-term care if and when it’s needed.

Small Business Owner Retirement: Dealing with an Unexpected Exit

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on October 14th, 2021

You’ve spent many years building your business from the ground up, working through the highs and lows of entrepreneurship. Now, as you’re nearing retirement age, it’s time to think about what will happen to your business when you’re no longer working.