Retirement

Inclusive LGBTQ Retirement Options

LGBTQ Retirement Options

We all want the same basic things in retirement: safety, affordable housing, access to healthcare, comfortable climate, and convenient amenities and entertainment. Those in the Lesbian, Gay, Bisexual, Transgender and Queer (LGBTQ) spectrum also need a community that is tolerant and welcoming of them. The challenge is that well-known LGBTQ-tolerant cities (i.e. Los Angeles, San Francisco, New York and Washington DC) are usually too expensive for most retirees. A new book offers information on inclusive LGBTQ retirement options.

Dave Hughes’ The Quest for Retirement Utopia helps readers to narrow down which retirement criteria are important to them. An excerpt from the chapter “Best Cities for LGBTQ Retirees” was recently published on PBS’ Next Avenue website. Featuring nearly 30 cities across the United States that are particularly ideal for LGBTQ retirees, the piece includes three from Arizona – Bisbee, Phoenix and Tucson.

In the article, Hughes highlights U.S. cities that are diverse and that welcome people who are part of the LGBTQ community. Whether you are someone who enjoys seeing shows, trying new restaurants, and the vibe of big-city life, or the kind of person who prefers hiking, whitewater rafting, and exploring nature, Hughes covers it all. There are even a handful of small towns (think population of 3,000 or fewer) that are inclusive and thriving with LGBTQ-run small businesses.

If you’re unsure where to begin when searching for your ideal place to retire, consider picking up a copy of Hughes’ book to start your journey.

— Tobi McCann
Photo: Bisbee, Arizona; courtesy of the Ariz. Office of Tourism
By |2020-06-15T16:00:45-07:00July 6th, 2020|Retirement|

Retirement Savings Legislation 2020

Retirement Savings Legislation SECURE Act 2020The broadest piece of U.S. retirement legislation since the 2006 Pension Protection Act took effect January 1, 2020. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed by Congress and signed by President Trump in December. The most immediate impact of this new retirement savings legislation will be felt by those nearing or in retirement.

RMD Age Increase

Prior to SECURE, retirees were required to start withdrawals at age 70½ years from traditional Individual Retirement Accounts (IRAs) or employer-sponsored retirement plans like 401(k)s. For those who haven’t reached 70½ by the end of 2019, the Required Minimum Distribution (RMD) now  must begin at age 72. That means 18 more months to grow investments before taking distributions and paying taxes.

The change also provides two additional years for Roth IRA conversions without having to worry about the impact of RMDs. Unlike a traditional IRA, Roth withdrawals are tax-free as long as you meet certain requirements and there are no RMDs during your lifetime. The general goal of a Roth conversion is to move taxable money from an IRA into a Roth at lower tax rates today than you expect to pay in the future.

Estate Planning Snag

A drawback of SECURE is removal of so-called “stretch” and “pass-through” provisions for retirement accounts beneficiaries. Formerly, if an IRA or 401(k) was left to a non-spouse or trust, the beneficiary could typically stretch out the tax benefits of the account over an extended period. With the new retirement savings legislation , however, beneficiaries will have to distribute the entire inherited account within 10 years after the owner’s death (there are a few exemptions).

Accelerated distributions mean more taxable income at potentially-higher rates. Such income may also affect means-tested Medicare premiums and Medicaid benefits of low-income retirees or individuals with special needs.

We encourage you to talk with your financial planner about reviewing your retirement accounts and estate plans to ensure they still align with your goals and that you’re taking full advantage of the new opportunities.

By |2020-01-17T09:47:35-07:00February 10th, 2020|Estate Planning, Retirement, Taxes|

Tell Me About Your Health

tell me about your healthA caring financial planner will talk with you about more than just money. Experience has taught Lupe Camargo how important it is to have discussions about health with her clients. “Tell me about your health.”

In this brief video, she shares insights about how taking care of your health is just as important to a fulfilling retirement as careful investment planning. Maintaining physical fitness, emotional strength and mental vitality will help you enjoy retirement to the fullest.

 

 

While it may feel unusal for a financial advisor to say “tell me about your health,” proactive health care planning is an important part of getting ready for retirement. Long-term care insurance is one important part of that plan. Learn one of the key reasons why in this brief article.

By |2019-08-14T15:24:34-07:00August 12th, 2019|Retirement, Video Blog|

Retirement and Required Minimum Distributions

retirement and required minimum distributions Certified Financial Planner practitioner Mike Larriva talks about your retirement and required minimum distributions (RMDs). In this short video, he offers a quick planning tip that’s worth your time. Taking his suggestion could help make settling your affairs less complicated for your loved ones when you pass away.

For a more in-depth explanation of your retirement and required minimum distributions, read our article, “Understanding RMDs,” below the video. You can also click here to visit IRS.gov for more details on RMDs.

 

By |2019-08-14T13:59:45-07:00March 21st, 2019|Retirement, Video Blog|