Having enough money for all your needs in retirement is crucial. In order to identify and avoid shortfalls, proper retirement planning is absolutely essential. Just like planning for a long vacation, planning for retirement takes time and careful consideration of where you want to go.

A good retirement income is going to be different for everyone’s specific needs. We’re going to focus on optimizing retirement income to achieve your dreams – not just how to end up with more money. We want you to be happy and fulfilled.

This post was last updated on July 16, 2023, to reflect all updated information and best serve your needs.

Just because you’re retired, doesn't mean you can’t still have a little side hustle or create new goals. Passive income is a great way to generate a little extra income without feeling like you’re “coming out of retirement” so to speak.

Kansas City is full of activities for virtually anyone – especially retirees. There’s so much to do, you might even have a hard time fitting everything into your schedule!

From professional sports teams to outdoor activities to fine arts, there’s truly something for everyone. Kansas City also has a rich history worth exploring as well. We’re a little biased, but Kansas City is a great place to retire!

Retirement is supposed to be a time of relaxation, personal growth, and fulfillment. However, it can also bring unexpected challenges and uncertainties which can lead to stress and anxiety. It's crucial to prioritize your mental and financial well-being during retirement, as it directly impacts your overall happiness and quality of life.

We’ll explore some effective strategies to help you reduce stress and anxiety, allowing you to embrace your golden years with tranquility and peace of mind. One note, we’re not doctors or licensed therapists, so seek professional counseling or therapy if you’re feeling stress and anxiety.

This post was last updated on June 24, 2023, to reflect all updated information and best serve your needs.

Whether you’re retiring early or your financial circumstances shift unexpectedly, a “72t” withdrawal strategy might be useful. Knowing the full arsenal of penalty-free withdrawal options can help you make your money work for you regardless of what life throws at you.

This post was originally published during the COVID-19 pandemic and was last updated on June 21, 2023, to reflect all updated information and best serve your needs.

Recent outbreaks of the coronavirus (a.k.a., COVID-19) outside of China raised concerns about health and safety. These increased concerns have sent stocks quickly lower over the last few trading days.

This post was last updated on June 16, 2023, to reflect all updated information and best serve your needs.

Check out Clint’s interview on the Crushing Debt podcast! In the episode Clint and Shawn talk about the Financial Freedom Blueprint course and the financial planning process NextGen Wealth uses to help clients. You can listen to the episode on your favorite podcast player or just click the play button below.

One of the key functions of retirement accounts is they “lock up” your money until you’re ready to retire. What happens if you need to access your money sooner? There are several reasons, and options, to gain access to your retirement funds early.

As with anything, you need to understand the consequences of pulling money out of your retirement accounts – early or otherwise. There may be options which may be better suited to your situation. Just make sure you know what you’re getting yourself into.

Retirement is an exciting phase of life where you can finally relax and enjoy the fruits of your labor. However, it's essential to maintain good health in retirement to make the most of it. As we age, our bodies undergo various changes, making it crucial to take extra care of our health.

In this article, we'll explore some tips for maintaining good health in retirement, including staying socially engaged, pursuing hobbies and interests, practicing mindfulness and relaxation techniques, regular check-ups with healthcare providers, and staying up to date on preventative health measures such as vaccines and screenings.

This post was last updated on May 26, 2023, to reflect all updated information and best serve your needs.

Retirement doesn’t mean you’ll no longer need or want to bring in any additional income. This is far from the truth for many people who’ve found ways to generate additional income after reaching retirement.

Do you know how much you should have saved to retire? What if you want to retire by 60 or 65 – maybe even sooner like 50? The answer depends on many variables in your life and potential income sources.

There’s not really a “magic number” like, “If you have __, you can retire at __ years old.” We first need to figure out what your anticipated income needs will be in retirement – we can call this educated guessing. Once we have our best estimate (guess) of your expenses, we can start to uncover how much you might need for retirement.

Retiring early might sound nice, but not if you’re forced into it!  If you are forced to retire sooner than you planned, you’ll need to prepare yourself for your next chapter a bit abruptly.  You may not have saved as much money as you had hoped, or this may mean smaller dreams for you.

Regardless of what forced you to retire early, there are steps you can take to improve your financial position. Let’s talk about what you need to consider if you find yourself in this situation.

Deciding on when to draw Social Security based on only one or two factors could be a huge mistake.  As you approach retirement, your financial life doesn’t necessarily become less complicated.  In some ways it gets even more complex.

It may seem like making the right decision is pretty straightforward.  However, once you include all the different income, tax, and lifestyle variables, it isn’t that easy.  At NextGen Wealth, we help guide you through these decisions in a deliberate and methodical approach.

The safety of your money is important when working with a financial planner for the first time. You worked hard to save for retirement. Protecting your assets may be why you’re hiring a financial planner in the first place.

The type of financial planning professional, compensation models, business structures, and legal protections are all important considerations. Not all firms manage investments the same - some don’t manage investments at all.

Setting your date to retire can be one of the most stressful decisions you’ll ever make. Maybe you’ve been anticipating this day for a long time - or dreading it. Retirement means different things to different people, but no matter what, you still need to prepare.

Let’s talk about the five things that you need to consider: what you are retiring to, current income versus retirement income, current expenses versus retirement expenses, having enough resources (money), and changes to your plan.

Earning a pension is a feat all to itself. Maintaining the security of your pension becomes even more important once you enter retirement. Luckily, there are programs like the Pension Benefit Guaranty Corporation (PBGC) looking out for your pension as well.

Although the name can be misleading, the PBGC is ran by the federal government to ensure retirement security for pensioners. There are laws governing what benefits you might receive if your covered pension fails. This could be another consideration for whether you should take a lump sum instead of a pension.

Kansas City is one of the most interesting and fulfilling places to live in the country. There are three big reasons why you should consider staying in Kansas City for retirement – the people, lifestyle, and affordable health care. Sure, there are many other places in the country to retire to, but there really is something special about Kansas City.

Where you stay or move in retirement is critical to many aspects in retirement planning. Actually, many important decisions in retirement revolve around physical location. You and your financial advisor need to plan out taxes, housing rates, medical care, and so many other variables tied to where you live.

Inflation can really eat into your retirement if you’re not careful. However, with proactive planning, you can effectively combat inflation. You don’t have to let inflation slowly erode your lifestyle over time.

To be clear, there’s little we can do to eliminate inflation completely. However, you can avoid losing purchasing power over time. A properly constructed portfolio can withstand the damage of inflation.

Deciding how to spend down your life savings can be stressful. Working hard for decades to accumulate a nest egg is no easy feat. Spending money in retirement can be challenging because you don’t want to accidentally spend too much and mess things up.

Fortunately, you’re not the only one going through this, and you don’t have to do it alone. There are a multitude of options for what to do with the money you’ve worked hard for.

This post was last updated on April 28th, 2023, to reflect all updated information and best serve your needs. 

If you have a retirement account like a 401(k) or IRA, Required Minimum Distributions (RMDs) can be a real drag in retirement. Knowing if RMDs will affect your retirement is critical so you can make the right adjustments now and moving forward.