MOVES BEYOND TODAY’S MONEY SECURE STEPS TO A SAFE RETIREMENT
There’s often more to retirement planning than meets the eye, especially regarding taxes. Although many people believe saving money for their golden years is the primary path to a secure retirement, tax planning and health care considerations play significant roles in the strength of one's later years and subsequent legacy. Here are two essential aspects of proper retirement The most significant risk to successful estate and retirement planning is not starting the process early enough. To ensure the smoothest transition possible, experts recommend engaging in tax planning no later than five years before you intend to retire. Getting a lengthy headstart will enable you to determine ways to make pretax funds work for you in tax- advantaged accounts. If you anticipate reaching a higher tax bracket in retirement, converting to a Roth IRA — in which you can grow post-tax funds toward your retirement and withdraw them tax-free after you reach 59.5 years old and have had and estate planning that many often overlook. The Right Financial Tune-Up Time Frame Chart-Dropping Cash Crashes Although selling millions of albums would be a dream come true for most working musicians in 2025, it could be seen as a colossal failure for some of the world’s most successful performers, particularly when a music icon follows up their greatest success with their biggest bomb. Here are two tales from the music world that prove lightning rarely strikes twice for even the biggest stars. GARTH GOES WRONG There was a time when anything country superstar Garth Brooks touched turned to platinum. The most successful recording artist since The Beatles, he has sold more than 150 million albums worldwide. By 1999, he was on top of the world … but got bored. Looking for a new form of creative expression, he took on the persona of a fictional rocker, Chris Gaines. Brooks believed in his alter ego enough to spend a whopping $5 million to record an album called “The Life of Chris Gaines.” Although he was easily the most popular country artist on the planet at the time, his legions of fans weren’t willing to accept their hero pretending to be someone else. Ultimately, the Chris Gaines album sold only around 2 million copies, prompting Brooks to remove his rocker wig and replace it with his cowboy hat. Sour Notes
the account for five years — may be a viable option to protect yourself and what you intend to provide to your heirs. However, prepare for the likelihood that putting too much money into a Roth conversion may lead you toward a higher tax bracket once retirement comes, so careful planning with professional assistance is advised. With taxes expected to rise in 2026 and beyond, it’s also prudent to work with a financial planner to implement strategies to reduce your financial obligations in retirement, including the amount taxed on your Social Security benefits. A Plan for Health Care Hurdles Unfortunately, reaching retirement age often means experiencing new health issues that could substantially impact your income. It is critical to consider how any changes to your retirement income may affect Medicare premiums or increase the chance of incurring penalties. Charting a financially secure future takes skill, focus, and tremendous care. What may work for someone else financially may not be the best solution for you. Consult a financial professional before implementing any plan that could drastically alter your comfort and security.
THE MAC FALLS FLAT Fewer bands have embraced the stereotypical excesses of rock ‘n’ roll more than Fleetwood Mac. When the group’s classic 1977 album “Rumours” sold 20 million copies, its members suddenly found themselves living large with plenty of riches — and, in some cases, reckless lifestyle choices — that often come with chart-topping success. When it came time to record their next album, the band spent more than $1 million to create “Tusk,” a double album that immediately turned off casual fans with its higher-than-average retail price. Ultimately, it sold only 20% of its predecessor, proving that bigger isn’t necessarily better.
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