One of the most common financial planning goals is retirement. “When can I retire?”, “How much can I spend in retirement?”, etc. It is easy to forget that the entire concept of “retirement” is a modern invention, created by industrialization. Before the 20th century,...
Retirement Planning
WBIR: Generations on Retirement
It probably comes as no surprise but different generations have different perspectives about retirement planning. What about you? How does your age impact your plan decisions? HOW ARE THE AGE GENERATIONS DEFINED? Millennials (Gen Y): Born 1980 to 1994 Gen X (Baby...
WBIR: Best Cities for Retirement
On Sunday, August 27th, Paul Fain, CFP®, president of Asset Planning Corporation, visited WBIR-TV in the 7 a.m. broadcast to discuss the best cities for retirement. It may seem that all retirees go to Florida, but not necessarily. Financial website WalletHub recently...
WBIR: Aging Baby Boomers: Costs in Retirement
You’ve been busy raising your children and saving for college and now you are helping your aging parents! It may be difficult to set aside money for your own future -- planning for retirement is tough but figuring out how much money you'll need for health care is...
Knoxville News Sentinel: Old Age is Not for Sissies
On a typical Easter weekend, we travel to the Tri-Cities to visit relatives. One particularly sweet soul that we enjoy seeing is Aunt Naomi. She is almost 90 years old and living independently. “All I do is pay bills and check stuff,” she said last weekend: Is the...
There’s Still Time to Contribute to an IRA for 2016
There's still time to make a regular IRA contribution for 2016! You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2016 ($6,500 if you were age 50 by December 31, 2016). For most taxpayers, the contribution deadline for...
The When, Where, & How of Required Minimum Distributions (RMDs)
Almost every single client we meet with over the age of 65 asks “what about the required minimum distributions from my IRA?” and with good reason! Even if the specifics are not understood, what most do know is that this is very important to get right. The first...
WBIR: Saving for Retirement
If you are thinking about saving for retirement, you probably know that an Individual Retirement Account (IRA) is one of your options. But what exactly is an IRA, and is it right for you? Certified Financial Planner Paul Fain recently answered retirement account...
Your Retirement Security
When it comes to planning for retirement, perhaps we should pay heed to an old saying, “If it’s going to be, it’s up to me!” Now more than ever, the responsibility for building a retirement nest egg is on the worker’s shoulders. So where do you begin? Paul Fain,...
Think Twice (At Least!) Before Claiming Social Security Benefits Early
Social Security benefits are often confusing. You might say that “understanding Social Security” is an oxymoron! We recently received a client question regarding the complicated topic of a spouse’s Social Security claiming strategy before Full Retirement Age...