By Bruce Helmer and Peg Webb, Financial Advisors at Wealth Enhancement and co-hosts of “Your Money” on WCCO AM 830 on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor and affiliate of Wealth Enhancement Group. 

Facing unexpected changes as a federal employee? Learn how Voluntary Early Retirement (VERA), Deferred Resignation, and Discontinued Service Retirement (DSR) could impact your pension, health benefits, and future plans. Explore your options and protect your retirement.

We commonly receive the question, “When can I withdraw money from my 401(k)?” While the answer is technically “whenever you want to,” there are penalties you’ll need to look out for if you want to withdraw from your 401(k) before retirement.

Despite concerns about inflation and overall preparedness, Americans are looking forward to retirement, according to new survey research* we conducted this year.   77% of Americans expressed positive emotions such as happiness (45%) and gratitude (37%) when asked how they feel when they think about retirement, according to the study of 1,000 U.S. adults. For those already in their golden years, 90% don’t regret retiring when they did and 33% say it’s even better than expected.  

There’s a world of opportunity beyond the borders of the United States. For decades, many Americans have looked overseas, seeking both fulfilling and cost-effective retirements.

When imagining the perfect retirement, most people dream about travel, hobbies, or time spent with loved ones. That’s certainly more fun than planning for long-term care. However, according to the U.S. Department of Health and Human Services, roughly 56% of adults aged 65 and older will need some form of long-term care during their lifetime.

As you get closer to your chosen retirement date, it’s not uncommon to feel a sense of unease. Sure, you’ve been saving and planning, but how can you be certain that you’ve done enough?

You've heard the adage, "It takes money to make money." That is very often true. Similarly, it takes income to pay income taxes. If you are in a position where you are offered deferred compensation, you may have the opportunity to pay less in income taxes and have more money when you need it the most.

There’s no one-size-fits-all approach to retirement planning because there’s no one-size-fits-all financial plan. No matter how close or far away retirement seems to you, there are decade-by-decade guidelines you can follow to make sure you’re working in the right direction. 20s — Lay the groundwork, and don’t hamstring yourself We know, you don’t want to hear it. Your 20s are about getting an education, settling into your career, and, yes, enjoying your young adulthood.

Understanding New RMD Rules for Inherited Individual Retirement Accounts For many holders of traditional individual retirement accounts, minimum distributions (RMDs) are a familiar concept. They provide a way for the government to collect taxes on tax-deferred accounts, and investors who fail to make RMDs and pay taxes on them can face IRS penalties.