Data Breach From – What Retirees Need To Know Today

Equifax data breach

As a sign of the times, there is another data breach, this time it is Equifax, affecting millions of people. There are numerous sources for what do do as a consumer in response to this latest breach, but what about retirees? Is there anything additional that you need to know to protect yourself?

Check out this article from MaketWatch.com for a couple of good suggestions. There are a couple of suggestions you should consider regarding your Social Security and Medicare numbers.

 

Final Installment – Important Retirement Savings – Age 70 1/2

Last but not least – age 70 1/2

We’ve reached the end of our series sharing important information you need to know for your retirement milestones. Here we are at age 70 1/2 – what’s left to know?

Required distributions? Yep! After age 70 1/2, your traditional IRA, ROTH 401(k) and traditional 401(k) require distributions each year with large tax penalties for missing those deadlines. What are those deadlines? How can you avoid taxes on IRA withdrawals? Can you delay withdrawals from your 401(k)? When are you no longer eligible for tax deductions on new IRA contributions? All important questions!

Check out this minute and a half video from US News and World Reports for more details.

If you missed any of the milestones in this series, you can link to those below

Age 50

Age 59 1/2

Age 65

Age 66

MORE Important Retirement Savings – Age 66

Continuing our series: Age 66 – What you need to know now.

This is the next to the last installment in our series. I hope you’ve learned a lot! Maybe it hasn’t applied to you to this point so you’re just joining us now. In either case, what do you need to know about your retirement planning at age 66?

Social Security! We all have been waiting – hoping it will be there when we finally are eligible to collect. Those of you who are baby boomers are indeed eligible to receive full benefits at age 66, however, there are increases in monthly benefits if you wait until age 70 to start claiming them. Claiming Social Security before age 66 can mean significant reductions in your monthly pay outs. The opposite is also true – if you wait – you will see a significant increase in those same monthly benefits.

What if you aren’t a baby boomer, but you are looking ahead – as a wise person should? The requirements are different for you! Check out this full video from US News and World Reports for all the details.

Missed one in the series? Just click below. Want to be sure you catch the last installment regarding important information for your retirement by age?  Watch for it on Thursday September 28th.

Age 50

Age 59 1/2

Age 60

MORE Important Retirement Savings – Age 65

What? Age 65 and I can still make a difference in my retirement savings?

With yet another installment in our series: if you have 90 seconds to spare, I found some awesome more important information that can enhance your retirement savings if you are turning age 65!

We’ve covered age 50 and 59 1/2 in previous posts. Now, what if you’ve reached the golden age of 65?  Yes, there are still important things you need to know regarding your retirement savings with this new birthday. Who said aging stinks? The benefits keep piling up!

Let’s talk Medicare: there is a window where you first become eligible for signup beginning 3 months before your 65th birthday and until 4 months after your 65th birthday. Signing up after that can mean permanent cost penalties can be added to your plan. There are a host of other deadlines you need to keep on your radar for the next few years.

Check out all the details in this short video from US News and World Reports.

10 Steps You Can Take Right Now

10 stepsDaunting Task

Are you concerned about having enough savings and assets to retire? Does it feel like the bills just keep coming in like the tide? Do you feel like you don’t really understand what it is you need to do to prepare in the first place? Do you wish that someone would give you 10 steps to success?

10 Steps

Well, look no further! If you aren’t sure where to begin, here’s a great list of steps from bankerate.com. First of all, step one says, to begin with an assessment. What should you evaluate, you ask? Read all about it here.

Is Retirement Possible Without $1 Million?

Retirement$1 Million Retirement

Of course entering retirement with a million dollars makes things easier, but you can absolutely live well without having met that magical goal. Preparing ahead of time and making small changes – or big ones – can pay off big in the long run.

5 Strategies

There are a few things you can try to help meet your goals like boosting your Social Security payments. Here are 5 strategies, from our friends at USNews.com that  you can employ to make your (less than $1K 401(k)) retirement a joy!

We would love to know if any of these suggestions have worked for you or if you think any of these strategies might help. We would also love to hear what else might have made your less than $1K savings work for you.

 

Are you confident and ready for retirement?

Most people don’t know. Take our quiz to find out.

June Newsletter

June Newsletter

Take a look at our June newsletter for 2017.

A few features in this issue

Check out this follow up article in our June Newsletter on Cutting Trees, why small business optimism is heightened, in addition to a report the the retirement planning status of young Americans. This issue of our newsletter also includes our usual games, puzzles, comics and more.

Just click here for the full June newsletter:  June17

Also, please be aware that we have released an update (2017.4b) If you are not running that edition then you may update from the links below. To determine which version you are currently operating, open your software and look in the upper right side of your splash screen. What new features do you love? Share  some features that might be added to make this software more valuable to you.

Download Mac version

Download Windows version

 

Economic Growth – Optimism Heightened

Optimism Heightened

Small business owners continue to be very optimistic about future economic growth, according to a recent survey. It shows that optimism heightened but with some mixed reviews.

The National Federation of Independent Business (NFIB) released its February Small Business Optimism Index in March. The reading was the highest it has been in 43 years. The NFIB, however, noted that evidence on the economy is mixed. The New York Federal Reserve puts first quarter growth at 3.1% while the Atlanta Federal Reserve is looking at only 1.8%. Both can look to the same data.

The gulf between liberals and conservatives, however is large. The University of Michigan/Reuters poll in February illustrated this, with the Expectations Index at 55 among Democrats, 120 for Republicans and 89 for Independents. The Democrats expect the worst, the Republicans the best. Spontaneous positive references to economic policy were made by a record 28% of consumers, 26% made negative references. Reality will resolve the gap.

Small businesses are optimism heightened in hopes that there will be a new health care law, tax reform, and relief from regulations.

“It is clear from our data that optimism skyrocketed after the election because small business owners anticipated a change in policy”, said NFIB President and CEO Juanita Duggan. “The sustainability of this surge and whether it will lead to actual economic growth depends on Washington’s ability to deliver on the agenda that small business voted for in November. If the health care and tax policy discussions continue without action, optimism will fade”.

The index fell in February, but still is considered very high.

The NFIB noted that the slight decline follows the largest month-over-month increase in the survey’s history in December. It showed another rise in January.  Despite a small decrease, nearly half of owners expect better business conditions in the coming months.

The elephant in the room remains to be whether the Trump administration will be able to deliver on the many policies small business owners are counting on. The health care legislation stalled in March. Tax reform may not be dealt with until the end of the year. It remains to be seen what other major regulations will be dismantled.

We are feeling optimism heightened here at Torrid! You are reporting to us that business is picking up for many of our customers and that their clients are feeling more hopeful overall. Check out our June newsletter here.

Cutting Trees

What does cutting trees have to do with RetirementView?

Well, it’s an analogy really. If you read my previous post (and April newsletter article), you would have seen the saga of cutting trees down in my yard. The cycle we’ve seen seems to represent the cycle of business – Torrid’s to be specific. Maybe it sounds familiar to your business as well.

Problems: Limited Growth

Scorched Earth: Cutting Trees

In case you missed it, the tree in my yard had been struck by lightening. While it had survived, it looked sort of deformed with a chunk blown out of it in the hit PLUS it had gotten so big that no grass could grow around and/or under it. It just really needed to go.

Actions: Cutting Trees

Cutting trees is an expensive endeavor! We asked all our friends if they had anyone they would recommend who was licensed, bonded and reasonably priced. Well, we found just the right guy and he brought out his crew to do the job. They had that thing down, chopped up and hauled away in no time at all. Now that the tree was down, it amplified how truly awful the yard looked.

Discomforts: Not So Pretty

Our yard was really more dirt than grass and with the tree gone, that was never more obvious. This giant ugly bald spot in the yard was horrifying. On top of that, it’s been raining here all summer. The good – things are growing and it hasn’t been so hot – the down side – the dogs come in muddy every time they have to go out. Since we’re hoping to grow new grass, the rain was welcome and Resolve Carpet Cleaner has never been happier! Ha!

Due to all the rain, they were unable to get the stump grinder in here for a couple of weeks and once they ground it down, all the rain kept us from getting the shavings cleaned up as quickly as we would have liked.

Results: Getting Better

New Growth: Cutting TreesIt’s been almost 2 months now since the cutting of the tree. Things are looking much better and it’s difficult to believe this is even the same yard! The grass is spreading rapidly across the bald spots now that the sun can reach the ground. We still need to do a little clean up and some more growth is needed but things are definitely on the upturn!

So what about Torrid?

We’ve done some cutting trees through growing and changing this year. Technology changes quickly these days – I’m sure you know. Some of the elements in our program, while they worked fine, weren’t as aesthetically pleasing as we would like. There were some elements that needed to change PLUS we’re experimenting with a web based version as well.

It’s taken some pruning and “tree cutting” of the software and some of the backend programming and working with you to fix some small bugs and inconveniences . We appreciate your assistance and patience as we work through those! Our programmers have spent some LONG hours fine tuning countless details and figures as well as millions of lines of programming. BUT, in the end, we believe we’ve made strides to a better product. A product that, after some of the difficulties in the building process, you will notice to be better and make your user experience better – which makes a better experience for your clients as well.

Since technology is ever changing, so are we – always looking for what could make a better software. Our earnest desire is that you notice that too…and please let us know when you encounter something that would be helpful to you. The best way to submit suggestions is by emailing us at support@torrid-tech.com.

What about your business?

Are their places that you need to prune? Do you need to dig out some decaying roots? Does the soil need tending – fertilizing or watering? Once you make the decision to change and go through the discomfort that inevitably comes with that, ideally you see growth and THEN you can sit back and reap the benefits of all your hard work.

How we can help!

You will notice that one of the biggest changes we’ve made this year is that now you can open all files on both Mac and Windows computers.  Some of our advisors purchase the Couples Edition ($249) and the Personal Editions ($149) and sell that back to their clients. Then their clients can keep up with some of the changes in their financial picture during the year. Then, when they are due for an annual review, they can email you the file prior to that meeting. You can then both come to the meeting better prepared and informed to make some decisions. If that is of interest to you, please give us a call and we can give you more details on the discounted prices available to advisors for the Personal and Couples Edition packages.

We hope you have a wonderful summer and if your plans include a vacation, we wish you safe travel!

 

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