Local business leader, Kirt Carstens, hosting new national retirement preparation course: Simplify Your Retirement
For many in retirement, the fear of dying seems to be replaced by the risk of outliving one’s income, and local financial industry professional Kirt Carstens aims to help educate local consumers of retirement best practices to help mitigate those concerns.
Carstens will teach a new two-day retirement income planning course, Simplify Your Retirement, at Iowa Lakes Community College in Spencer, helping attendees identify the most pertinent risks in retirement for their personal situation. Empowering baby boomers to prepare for a stable retirement income, the comprehensive personal finance course is best for those in the early stages of retirement or those about to retire, and addresses difficult retirement decisions including income planning, Social Security maximization and risks to avoid.
“For baby boomers, there’s been a shift in retirement income planning as compared to previous generations—the basic financial rules of thumb have changed since the parents of boomers retired,” Carstens said. “This course helps those concerned with their finances and wanting to prepare for market volatility.”
Participants will learn about considerations as it pertains to retirement income planning including health care, inflation, taxes and other personal concerns. Additionally, the course addresses reasons why some retirees run out of money, along with options for drawing Social Security, defining core priorities, and developing reliable retirement income. Upon completion of the course, attendees will receive a complimentary, personalized retirement income plan analysis invitation from the course instructor.
Carstens will offer the first session of the two-day retirement income planning course on Tuesday, April 3 from 6:30 p.m. - 9:00 p.m. with the second session commencing on Saturday, April 7 from 9:30 a.m. – Noon at Iowa Lakes Community College. To register, please visit: SimplifyYourRetirement.com/Spencer or call: 712.332.5960.
In addition to the two course sessions, the Simplify Your Retirement personal finance course includes: an in-class workbook, a copy of retirement planning guides: 10 Steps to a Successful Retirement, and 15 Questions to Ask about Your Social Security Benefits. Tuition is $59 and includes all course materials. Couples may attend for a single tuition cost.
One of the most difficult challenges for many retirees is developing a distribution strategy from their retirement assets. If you’re like most retirees, you’ll need some level of income from your savings and investments. You will likely have Social Security income and may even benefit from a pension. However, it’s likely that you may also need income from your savings.
It can be difficult to know just how much to take in distributions. If you take too much, you could deplete your savings and put yourself in a challenging financial situation later in life. Take too little, and you may struggle to cover your living expenses.
A common piece of financial wisdom is to withdraw 4 percent of your savings balance each year as income. The idea is that 4 percent is a modest and manageable withdrawal amount, and that it won’t deplete your savings. Many people also use this rule of thumb because it’s simple and easy to calculate.
Are you planning to retire in the coming year? If so, this is likely an exciting time. You’re probably busy wrapping up final projects at work and planning for fun and exciting ways to fill your time after you retire.
While you may have a full plate right now, this is also a good time to analyze your financial strategy and take any outstanding planning steps. Of course, you may not know what steps you need to take. Retirement can be a significant financial challenge. It can be difficult to know what risks you may face.
Turning 70 soon? If so, the IRS may have a gift for you. It’s required minimum distributions, also known as RMDs. As the name suggests, RMDs are mandated withdrawals from your retirement account. They’re required if you own a traditional IRA, 401(k) plan or similar qualified account.
As you likely know, traditional IRAs and 401(k) plans are treated as tax-deferred accounts. You don’t pay taxes on growth inside the account as long as you don’t take a withdrawal. Also, you may have made contributions to the account with pretax dollars. That means the entire amount of your IRA or 401(k) dollars may be untaxed.
Tax time is here again. If you’re recently retired, you may be surprised to learn that taxes still play a big role in retirement. Many retirees assume that because they are no longer earning income, taxes won’t be a major expense.
The truth, though, is that taxes are often a significant expense for retirees. Many common sources of retirement income are taxable. Social Security is taxable, as are distributions from traditional IRAs, 401(k) plans and other qualified plans. Pension benefits usually are also taxable.
If you don’t plan ahead, you could find that taxes take a big bite out of your retirement budget. You may have less spendable income than you’d expected, and that could limit your ability to enjoy retirement.
Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.