RETIREMENT
PLANNING
Just as careful planning and anticipation enhance the enjoyment of an outing with friends, meticulous retirement planning ensures a more secure and fulfilling future. MATTHEW JAMES Tax & Wealth Management is your guide throughout this retirement adventure.
DREAM IT. PLAN IT. DO IT.
MAKE SMARTER MOVES
And your future self will thank you.
Getting On Path
We’re all about setting you up for long-term growth and making sure your retirement income flows smoothly—no surprises, just steady progress.
Our expert planners dive deep into your finances, both now and in the future, to create a budget that fits your family’s lifestyle like a glove. Then, we design a custom plan that matches your comfort with risk and your investment goals.
From Here On Out
We map out everything from today to your retirement day—and then break it down, year by year. It’s all about giving you an added peace of mind with a clear, easy-to-follow path.
Once your plan is rolling, we’ll catch up with you quarterly to review and tweak things as needed, keeping you on course the whole way through. It’s time to accomplish your retirement goals and cross things off your bucket list.
STEADY INCOME, SECURE FUTURE
Retirement is an exciting new chapter, but it can also come with a bit of uncertainty.
With only 20% of people nearing retirement having pension plans, creating an income plan has become more crucial than ever. As traditional pensions fade away, it’s all about finding new ways to generate income that lasts. That’s where Matthew James Tax & Wealth Management steps in—we’re here to help craft an income plan you won’t outlive.
We provide full-service income planning to remove the guesswork from your retirement income strategy. Our expertise helps you see how your decisions impact everything from pensions and Social Security to qualified plans, asset portfolios, real estate investments, and annuities.
WHERE YOU ARE ALONG YOUR RETIREMENT JOURNEY:
STILL
WORKING
And looking for investment guidance.
NEARING
RETIREMENT
And need to plan my next life stage.
IN
RETIREMENT
And want to optimize my income.
ADDITIONAL RETIREMENT PLANNING INFO:
Many people worry about running out of money or not having enough saved to enjoy their retirement to the fullest. This is where having savings comes in handy.
LIVE A COMFY RETIREMENT
Having savings is one of the most important things you can do to ensure a comfortable retirement. Not only does it provide a safety net in case of emergencies, but it also allows you to enjoy your retirement without worrying about money. Here are some ways in which having savings can help in retirement, and a little bit of humor to make the subject a bit more palatable.
First and foremost, having savings provides a safety net. Emergencies can happen at any time, and having money saved up can make all the difference. Whether it’s a sudden medical expense or unexpected home repair, having savings means you can handle these expenses without dipping into your retirement funds. Plus, it means you won’t have to sell off any assets or borrow money, which can be a real headache.
But let’s be honest, emergency savings isn’t the most exciting thing to talk about. It’s not like you can go out and buy a fancy new car or go on an extravagant vacation with it. However, having emergency savings means that you won’t have to rely on a credit card or personal loan when an unexpected expense pops up. And that means you won’t have to explain to your grandkids why you’re eating cat food for dinner every night.
TRAVEL MORE OFTEN
Now, let’s move on to the more fun aspects of having savings in retirement. For starters, having savings means you can travel more. Retirement is the perfect time to see the world and experience new things. But traveling can be expensive, and having savings means you can afford to go on that dream vacation without worrying about breaking the bank.
Plus, having savings means you can indulge in your hobbies and interests. Maybe you’ve always wanted to take up golf or start painting, but never had the time or money to do so. Retirement is the perfect time to pursue these passions, and having savings means you can afford to invest in the equipment and supplies you need. And who knows, maybe you’ll even sell some of your artwork and become a millionaire.
SPOIL YOUR GRANDCHILDREN
Speaking of millionaires, having savings means you can spoil your grandkids. Let’s be honest, grandkids are the best thing about retirement. They’re cute, they’re funny, and they’re a great excuse to eat ice cream for breakfast. But they can also be expensive. Between birthday presents, Christmas gifts, and college funds, the cost can add up. Having savings means you can spoil your grandkids without feeling guilty or going into debt.
Of course, having savings also means you can live comfortably in retirement. You don’t have to worry about pinching pennies or counting your change. You can enjoy a nice meal out or splurge on a new outfit without feeling guilty. And let’s be real, being able to treat yourself is one of the best things about retirement.
In conclusion, having savings is crucial for a comfortable and enjoyable retirement. It provides a safety net in case of emergencies and allows you to indulge in your passions and interests.
We need to make sure that we have enough money saved up to support us for the rest of our lives. This is where investments and diversification come in.
DIVERSIFIED RETIREMENT PORTFOLIO
Investing your money wisely and diversifying your portfolio can be incredibly beneficial to your retirement savings. Not only can it help you grow your wealth over time, but it can also protect you from market fluctuations and provide a steady stream of income throughout your retirement. And, as always, a little humor can make the topic a bit more enjoyable to discuss.
So, what exactly are investments and diversification, and how can they benefit your retirement? Let’s start with investments.
INVESTMENTS
Investments are a way to grow your money over time by putting it into various assets, such as stocks, bonds, real estate, and mutual funds. The idea is to invest your money in assets that have the potential to increase in value over time, so that you can earn a return on your investment. Of course, with any investment, there is always the risk of losing money, but with careful research and planning, you can minimize that risk.
Now, I know what you’re thinking. “Investing? That sounds complicated and risky. I’d rather just keep my money in a savings account.” But here’s the thing: if you keep your money in a savings account, you’re actually losing money. With inflation, the value of your money decreases over time, so you’re actually losing purchasing power. By investing your money, you have the potential to earn a return that exceeds inflation, which means your money is actually growing.
Plus, investing can be a lot of fun. You can research different companies and industries, learn about market trends, and make informed decisions about where to put your money. And who knows, maybe you’ll even become the next Warren Buffett.
PORTFOLIO DIVERSIFICATION
Now, let’s talk about diversification. Diversification is the idea of spreading your money across different types of assets, so that if one asset performs poorly, you won’t lose all your money. For example, if you invest all your money in a single stock and that stock plummets, you could lose everything. But if you diversify your portfolio by investing in multiple stocks, bonds, and other assets, the risk is spread out, and you’re less likely to lose all your money.
Diversification is kind of like the old saying, “don’t put all your eggs in one basket.” You wouldn’t carry all your eggs in one basket because if you drop the basket, all your eggs would break. Instead, you’d spread them out across multiple baskets so that if one basket falls, you still have some eggs left.
So, how does diversification benefit your retirement savings? Well, by diversifying your portfolio, you’re reducing your overall risk. Instead of relying on one asset to provide all your returns, you’re spreading out your investments across multiple assets. This means that if one asset performs poorly, you won’t lose all your money. And if one asset performs really well, it can offset the poor performance of other assets.
Plus, diversification can provide a steady stream of income throughout your retirement. By investing in assets that pay dividends, such as stocks and bonds, you can earn a regular income without having to sell your assets. This means you can enjoy your retirement without worrying about running out of money.
Of course, investing and diversification aren’t foolproof. There is always the risk of losing money, and it’s important to do your research and make informed decisions about where to invest your money. But with the right strategy and a bit of luck, investments and diversification can be incredibly beneficial to your retirement savings.
BE EDUCATED
So, how do you get started with investing and diversification? The first step is to educate yourself about different types of assets and investment strategies. There are plenty of resources available online and at your local library to help you learn the basics.
Once you feel comfortable with the basics, consider working with a financial advisor to develop a personalized investment strategy that fits your goals and risk tolerance. A good financial advisor can help you navigate the sometimes-confusing world of investing and provide valuable guidance along the way.
And remember, investing and diversification can be a lot of fun. It’s a chance to learn about new industries and companies, and to potentially earn some extra money along the way. So, don’t be afraid to take a chance and start investing today.
In conclusion, investing and diversification can be incredibly beneficial to your retirement savings. By putting your money into various assets and spreading out your investments, you can grow your wealth over time, protect yourself from market fluctuations, and earn a steady stream of income throughout your retirement. And, as always, a little humor can make the topic a bit more enjoyable to discuss. So, get out there and start investing – who knows, maybe you’ll become the next Warren Buffett.
If you’re not careful with your finances, your retirement could turn into a never-ending cycle of worrying about money.
That’s where proper retirement budgeting comes in. By creating a realistic budget and sticking to it, you can enjoy your retirement without constantly stressing about your finances. And, as with any topic, a little bit of humor can make it all the more enjoyable to talk about.
So, let’s dive into why proper retirement budgeting is beneficial.
AVOID RUNNING OUT OF MONEY
First and foremost, budgeting can help you avoid running out of money. No one wants to be that retiree who has to choose between groceries and electricity. By creating a budget and sticking to it, you can ensure that your expenses are in check and that you’re not overspending.
Now, I know what you’re thinking. “But budgeting is no fun! I want to enjoy my retirement!” Trust me, I get it. That’s why it’s important to remember that budgeting doesn’t have to be boring. Think of it as a game – how much can you save this month? Can you find a cheaper alternative to your usual grocery store? By approaching budgeting with a lighthearted attitude, it can become a fun challenge instead of a chore.
BE READY FOR THE UNEXPECTED
Budgeting also allows you to plan for unexpected expenses. We all know that life can throw us curveballs – car repairs, medical bills, or a last-minute wedding invitation. By budgeting for these unexpected expenses, you won’t have to dip into your retirement savings or rely on credit cards to cover the costs.
And speaking of retirement savings, budgeting can help you maximize your savings and ensure that you’re on track for your retirement goals. By setting aside a certain amount each month for your retirement accounts, you can watch your savings grow over time. And who doesn’t love watching their money grow?
AVOID TAX SURPRISES
Now, let’s talk about everyone’s favorite topic – taxes. By properly budgeting for taxes in retirement, you can avoid any surprises come tax season. Make sure to take into account any taxes on your retirement account withdrawals or any other sources of income you may have. Trust me, you don’t want to be hit with a big tax bill in April.
But let’s not forget the most important reason why proper retirement budgeting is beneficial – it allows you to enjoy your retirement without constantly worrying about money. By creating a budget and sticking to it, you can plan for your expenses and know that your finances are in check. This allows you to focus on the fun things in retirement – spending time with loved ones, pursuing hobbies, and traveling.
Now, I know that budgeting isn’t always easy. It can be tough to stick to a budget when you’re tempted to splurge on a fancy dinner or a new outfit. But remember, it’s all about balance. You don’t have to give up all of the things you enjoy – just make sure to budget for them.
In fact, budgeting can even allow you to treat yourself in retirement. By setting aside a certain amount each month for “fun” expenses, you can enjoy a night out or a weekend getaway without feeling guilty. And who doesn’t love a little bit of guilt-free spending?
BE REALISTIC
So, how do you get started with proper retirement budgeting? The first step is to create a realistic budget that takes into account your expenses and your retirement goals. Make sure to include all of your monthly expenses, such as rent, utilities, and groceries, as well as any other expenses you may have, such as travel or hobbies.
Once you have your budget in place, make sure to stick to it. Use a budgeting app or a spreadsheet to track your expenses and make adjustments as needed. And don’t forget to review your budget regularly to ensure that it still aligns with your retirement goals and lifestyle.
So, to sum it up – proper retirement budgeting is beneficial because it allows you to avoid running out of money, plan for unexpected expenses, maximize your retirement savings, and enjoy your retirement without constantly worrying about money.
So, what are you waiting for? Start budgeting for your retirement today and enjoy the golden years of your life with peace of mind and financial stability. And remember, a little bit of humor can go a long way in making the process enjoyable.
Happy budgeting!
Retirement planning can be a daunting task, but it doesn’t have to be boring. In fact, there are plenty of retirement accounts that can add some excitement to your financial planning. From Traditional IRAs to 401(k)s, Roth IRAs to SEP plans, the world of retirement accounts is vast and varied. So, let’s dive in and explore the different types of retirement accounts and how they can benefit you in retirement.
TRADITIONAL IRA
First up, we have the Traditional IRA. This account allows you to make pre-tax contributions, which can lower your taxable income for the year. The money grows tax-deferred until you withdraw it in retirement, at which point it is taxed as ordinary income. So, if you’re looking to save on taxes now and have a lower income in retirement, a Traditional IRA could be a great option for you.
ROTH IRA
Next, we have the Roth IRA. This account is similar to the Traditional IRA, except that you make after-tax contributions. The money grows tax-free, and you can withdraw it tax-free in retirement. So, if you expect to be in a higher tax bracket in retirement or just prefer the idea of tax-free withdrawals, a Roth IRA might be the way to go.
401[k]
If you’re employed, you may also have access to a 401[k] through your employer. This is a great way to save for retirement because contributions are taken directly from your paycheck and invested in the account. Many employers also offer a matching contribution, which is essentially free money that you can put towards your retirement savings. Just be aware that 401[k] contributions are subject to annual limits and early withdrawal penalties.
SEP
If you’re self-employed, you can still save for retirement with a SEP plan. This is a tax-deferred account that allows you to contribute up to 25% of your net self-employment income (up to a certain limit). Contributions are tax-deductible, and the money grows tax-deferred until you withdraw it in retirement.
HSA
Another retirement account that you may not have heard of is the HSA, or Health Savings Account. This account is designed to help you save for medical expenses, but it can also be a powerful retirement tool. Contributions are tax-deductible, and the money grows tax-free. Plus, withdrawals are tax-free as long as you use the money for qualified medical expenses. If you don’t end up using the money for medical expenses, you can withdraw it penalty-free after age 65 (although you will still have to pay taxes on the withdrawals).
ANNUITY
An annuity is essentially an insurance product that provides guaranteed income in retirement. You make a lump sum payment (or a series of payments), and the insurance company promises to pay you a certain amount of money for the rest of your life (or a certain period of time). Annuities can be a great way to ensure that you have a steady stream of income in retirement, but they can also be complex and come with high fees.
So, there you have it – the different retirement accounts that are part of retirement financial planning. Whether you’re looking to save on taxes now, have tax-free withdrawals in retirement, or ensure a steady stream of income in retirement, there’s a retirement account that’s right for you.
Insurance is one of those things that nobody really wants to think about. It’s like going to the dentist or doing your taxes – you know it’s important, but you’d really rather be doing something else. But when it comes to retirement financial planning, insurance is a crucial piece of the puzzle. So, let’s dive in and explore why insurance is so important and how you can incorporate it into your retirement plan with a touch of humor.
HEALTH INSURANCE
First of all, let’s talk about health insurance. As we age, our healthcare needs tend to increase. We may need more frequent doctor visits, prescription medications, and even long-term care. Without health insurance, these costs can quickly add up and wreak havoc on our retirement savings. That’s why it’s important to have a solid health insurance plan in place, whether that’s through Medicare or a private insurer. And if you’re really feeling lucky, you can always try to stay healthy and avoid the doctor altogether (but we wouldn’t recommend it).
LIFE INSURANCE
Next, we have life insurance. This is often thought of as something you only need when you’re young and have dependents to take care of. But even in retirement, life insurance can be an important part of your financial plan. If you have a spouse or loved ones who depend on your income or assets, life insurance can provide them with financial security in the event of your passing. And who knows – maybe you’ll even live to be 100 and cash in on that sweet life insurance policy yourself.
LONG-TERM HEALTHCARE
Long-term care insurance is another type of insurance that can be beneficial in retirement. This type of insurance covers the costs of in-home care or nursing home care if you become unable to care for yourself due to illness or disability. It’s not something that everyone needs, but if you have a family history of certain illnesses or just want to be extra prepared, it’s worth considering. And who knows – maybe you’ll end up being one of those cool old folks who skydive and ride motorcycles into their 90s and never need long-term care (but again, we wouldn’t recommend it).
DISABILITY INSURANCE
Finally, we have disability insurance. This type of insurance provides a source of income if you become unable to work due to injury or illness. While disability insurance may seem more relevant to the working years of your life, it can still be important in retirement. After all, if you’re not able to work, you may still have expenses that need to be covered. And who knows – maybe you’ll end up starting a new career as a world-renowned knitter or crossword puzzle maker and need disability insurance to protect your income stream (hey, stranger things have happened).
So, there you have it – the different types of insurance that can be a part of your retirement financial plan. While insurance may not be the most exciting topic, it’s an important one to consider. So, take a deep breath, embrace the world of insurance, and who knows – maybe you’ll even end up finding it a little bit amusing.
WHY NOW IS A GREAT TIME
Proper and timely retirement planing is crucial because let’s face it, very few people want to work past the average retirement age.
But fear not, my dear friend, with a retirement financial plan in place, you’ll be able to enjoy your golden years with an added peace of mind and enough money to continue spoiling your grandchildren.
So, don’t procrastinate, start planning your retirement finances today! Your future self [and your grandkids] will be grateful you made the move now.
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Diverse gear to have in your retirement financial backpack:
