Retirement Savings
The Ballast Atheneum is a collection of our thoughts on the twelve most important topics in financial planning. Today, the focus is on Insurance. A fundamental job of a financial planner is to assist clients with retirement savings. How much do you need to save? Which account types should you use? Given multiple options, where […]
Taxes in Retirement – Case Studies
Key Takeaways: When you’ve spent your adult life working and saving, retirement is a big change. One item that will both change and remain the same is taxes. Your income sources will be different, each with their own intricacies in the tax code, but at the end of the day, you will still likely be […]
Social Security: Whether to Wait to Start Taking Retirement Benefits
Key Takeaways: You could be facing up to a 30% reduction in your PIA by taking Social Security retirement benefits at age 62. By waiting until age 70, your retirement benefits will be roughly 32% higher than your PIA. The breakeven for taking Social Security retirement benefits at age 70 compared to age 66 is […]
Taxes in Retirement – Case Studies
Key Takeaways: Your sources of income will change, but you will still owe taxes in retirement. In general, your principal (or “cost basis”) will be returned to you tax-free. A diversified portfolio protects in down markets and provides flexibility when planning for taxes. When you’ve spent your adult life working and saving, retirement […]
Paying Down Debt vs. Saving for Retirement
Here is one we hear all the time – “How can I save for retirement with all of these monthly debt payments?” For what is seemingly a simple question, the answer can actually be somewhat complicated. Striking the right balance between debt payments and savings contributions will vary with each household and the solution is […]
Social Security: Whether to Wait to Start Taking Retirement Benefits
Key Takeaways: There is a debate over when a person should begin to take their Social Security retirement income benefits. On one side, proponents might argue that you should take your Social Security benefits as early as you can, while the other side argues that you should wait until age 70. An important phrase to […]
Retirement Saving Myths and Misconceptions
We are fortunate to have a very educated and knowledgeable client base, but we are consistently surprised by the myths and misconceptions clients and prospects bring to the conversation. Below I have listed my Top 7 Myths and Misconceptions About Retirement Savings; it is by no means a complete list but highlights the most common […]
Finding the Best Order for Funding Retirement
With a task as important as funding your retirement, determining which accounts to fund and in what order should not be taken lightly. Whether it’s a company plan, individual retirement account or taxable account, there are a lot of ways to save for retirement. So how do you decide where to put each dollar you […]
Determining a Retirement Savings Rate
As we meet with new families, we continually hear the same two questions: 1) are we making good decisions with the money we earn and 2) are we saving enough for retirement? These questions are typical whether a person is 35 years old or 55 years old. According to the Federal Reserve Bank of St. […]
Five Steps to Retire with Confidence
Retirement should feel exciting, not unsettling. Yet for many physicians, the idea of stepping away from clinical work, a paycheck, and a familiar routine can feel overwhelming. After decades focused on patients, family, and saving, how do you make the transition with clarity and confidence? These five steps provide a clear roadmap for a secure, […]
NIL Gives a Lesson in Time Value of Money
Most of the families we serve are not NCAA athletes at power conference schools, but many are fans and season ticket holders. They are more likely to be athletic boosters than athletic legends, starting with yours truly! But we all inhabit the same financial landscape and use the same tools to make decisions. I hope our families with […]
Top 5 Considerations When Making a Career Change
1. Fit Check Making a switch should not be solely about salary. Think about intangibles- resources, training, mentorship, flexibility, advancement track. Run your career like a business and ask: Will this opportunity make me better off in five and ten years? Is this opportunity a better fit for me and my family? 2. Relationship Continuity […]