For business owners looking to build the ideal retirement plan for your employees, there can be a lot to consider. But when it comes to retirement plans and investment lineup development, one thing that should be a no-brainer is including a target date series.

With the economy in recession, we are sometimes asked whether it makes sense to take an early 401(k) withdrawal. The answer is “no.”Thank you for reading this week’s column.Okay, we’ll elaborate. When it comes to taking an early 401(k) withdrawal, meaning withdrawing funds before the age of 59 ½ and incurring a 10% penalty on top of applicable taxes, there are bad reasons to do it, and worse reasons.

You spent years–even decades–contributing to your company’s 401(k) retirement plan. Now, it’s time to withdraw those funds so you can use them. Typically, money taken from your employer’s retirement plan is transferred directly into a rollover IRA to avoid being immediately taxed. Sure, when the time comes, it’ll be taxed as ordinary income, but that can be tomorrow’s problem.

Getting laid off is almost never welcome news. When you have bills to pay, a family to support, and goals on the horizon, it can be devastating to find out you’ve suddenly lost your job. But in the wake of the COVID-19 pandemic, that’s a reality that many Americans have had to deal with.

According to a recent AICPA study, the number one concern for their clients with respect to retirement planning is running out of money. In fact, 30% of their clients listed it as their top concern.

In order to receive the services you need, rather than a one-size-fits all solution, it’s important to be honest and upfront about your situation. This is especially true when it comes to financial matters, whether you're talking with a lawyer, insurance agent or financial advisor. In order for financial planning to work to its maximum effect, you can’t section off your life; you have to consider your entire life. What are your goals, dreams and aspirations?

While some people dream of an early retirement at age 60, and others are determined to work well into their 70s, the fact of the matter is that turning 65 is a watershed moment for most Americans. Regardless of when you retire, age 65 is the year when you are first eligible for Medicare. You’re also approaching what the government considers to be your “full retirement age,” that is, the age when you’re eligible to receive your full Social Security benefits.

As a single person, it’s critically important to be sure that you’re on top of your financial plan for retirement. Your financial responsibility rests squarely on your shoulders–and that can undoubtedly be a big burden to bear. Here’s what to look out for when you’re single and planning for retirement.

At least once a year you’ve been meeting with your financial advisor to make sure you’re on track for retirement. But this year it’s different. This is the year you’re planning to retire, and your idea of retirement might not line up with the reality. That’s why your annual meeting may be more important now than ever.

Life’s major milestones—graduations, births, weddings and cross-country moves—all require a certain amount of preparation. Retirement is no different. That’s why it’s important to meet with a financial advisor several years before you retire so you can jump right into the retired life once you’re ready.If you’re thinking about retiring sometime in the next three years, you should consider these three things: