Ultimate Guide to Understanding the Impact of Social Security Benefits
If you are nearing retirement or are retired, congratulations on your accomplishment! It’s an exciting time as you prepare for the next stage of your life without the daily pressure of commuting to work. Assuming you are 65, you should consider when to take your Social Security benefits as you consider and plan for retirement. […]
DIY Retirement Plans: Are They Worth The Risk?
With the abundance of online advice and self-directed retirement accounts gaining popularity, many are left wondering if going solo is the right move for them. In times of economic stability, it’s easy to overlook potential risks and losses, especially when every investment seems like a winner. However, as markets fluctuate and retirement regulations evolve, the DIY approach could come with more risks than expected.
Late Start Saving? Three Ways to Save More for Your Retirement
Are you concerned you might have gotten a late start on your retirement savings? You’re not alone. Over 60% of Americans feel they are lagging in their retirement savings efforts. The good news? It’s never too late to start saving for your financial future. In our blog, we’ll look at various ways you can begin […]
How a Financial Compass Can Help Pursue Your Retirement Goals
Think of a financial compass, or roadmap, as part of a comprehensive plan that guides you through various stages of life. This roadmap should identify your current financial circumstances and your long-term financial goals. Having a roadmap is especially important as you near retirement. Why? It should serve as a guide to help you make […]
Traditional Vs Roth Accounts: Which Is Right For You?
Welcome back to Your Financial Compass! In today’s episode, we’re diving into the key distinctions between Traditional and Roth IRAs and 401(k)s. If you’ve ever wondered about the differences, pros, and cons, this episode is your guide to understanding these essential financial instruments.
Meet Marcos Lemus: From Tech Enthusiast To Financial Advisor
In today’s episode, we are excited to introduce you to a key member of the Bulman Wealth Group team- Marcos Lemus. Marcos has been with us for about 2 years now and has recently transitioned into a new role as a service advisor. He joins us today to share more about his background, his journey into finance from the education and technology sector, and his passion for problem-solving and life-long learning.
Myths Of The Retirement Number
If you’ve ever felt overwhelmed or intimidated by the idea of a fixed retirement number, advertised by some financial institutions, you’re not alone. In this episode, Scott debunks the retirement number myth, explaining that your retirement number is not just a single, daunting figure, but instead a combination of different income streams that work together.
Ep 17: Wealth Preservation vs. Income Generation in Retirement + How Much Cash Should I Have?
As we approach retirement, it’s crucial to shift focus from accumulating wealth to preserving it and creating a sustainable income. Determining the monthly income needed to cover your expenses and controlling your withdrawals is essential, but more complicated than it might sound. In this episode, Scott will break down the crucial difference between wealth preservation and income generation and then dive into the ideal amount of cash to have in your savings account.
