How Women Can Prepare For Retirement

Posted by Creekmur Wealth Advisors on 11:45 AM on May 14, 2020

A practical financial checklist for the future.

When our parents retired, living to 75 amounted to a nice long life, and Social Security was often supplemented by a pension. The Social Security Administration estimates that today’s average 65-year-old woman will live to age 86½. Given these projections, it appears that a retirement of 20 years or longer might be in your future.1,2 

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Topics: Working Women, Financial Planning, Retirement, Retirement Income

Where $100k will last the longest in Retirement

Posted by Creekmur Staff on 8:30 AM on March 26, 2020

How much should you really be saving for the retirement future you envision?

Making sure you have enough money saved for retirement is one of the top concerns for those of us not independently wealthy. In a perfect world, we will figure out how much we need to live on by calculating our monthly and yearly retirement expenses, factoring in inflation, and computing any additional income like Social Security.

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Topics: Wealth Management, Financial Planning, Investments and risk, market risks, Retirement

Who Is Creekmur Wealth Advisors?

Posted by Creekmur Wealth Advisors on 9:54 AM on March 19, 2020

Founded 25 years ago by John Creekmur, CFP® Creekmur Wealth Advisors is a full-service financial planning firm. Our primary purpose is to help provide goal-based financial planning to our clients. We strive to partner with our clients to maximize their finances in pursuit of their goals and dreams.

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Topics: Financial Planning, Retirement

Rules of Thumb In Times Like These

Posted by Drew Creekmur, MSPFP on 12:24 PM on March 18, 2020

When did you first notice that something unprecedented was occurring with the Covid-19 virus?

I currently live in Washington D.C. and up until last week there were no noticeable differences in day to day life. However, I recognized the unusual nature of this situation last week when I headed down to Trader Joe’s to stock up on groceries for the next few weeks. Millennial that I am, I thought that if I got to Trader Joe’s 5 minutes before the doors opened at 8:00 AM that I would have the place to myself – I couldn’t have been more wrong.

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Topics: Financial Planning, market volatility, Planning, Retirement, Saving

Coronavirus & More

Posted by Creekmur Wealth Advisors on 11:00 AM on February 28, 2020

The 24-Hour News Cycle moves from Impeachment to COVID-19 to the Primaries – What’s next?

In recent weeks, we’ve seen several major stories in the news. On the political front, in addition to the arrival of the presidential election through the 2020 caucuses and primaries, we have just experienced the third presidential impeachment in American history. In international news, the latest coronavirus outbreak has hit China, now referred to as COVID-19, leading to closed borders and heightened screening at hospitals worldwide.1

 

It’s not so much the facts of what’s going on that are unusual – none of these matters are unprecedented – but the way that they are reported in the media can be alarming. Even frightening.

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Topics: Financial Planning, Market turbulence, market volatility, Planning, Retirement

When A Windfall Comes Your Way

Posted by Creekmur Wealth Advisors on 11:15 AM on February 27, 2020

What do you do with big money?

Getting rich quick can be liberating, but it can also be frustrating. Sudden wealth can help you address retirement saving or college funding anxieties, and it may also allow you to live and work on your terms. On the other hand, you’ll pay more taxes, attract more attention, and maybe even contend with jealousy or envy. You may also deal with grief or stress, as a lump sum may be linked to a death, a divorce, or a pension payout decision.


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Topics: Financial Planning, Planning, Retirement, Saving

The Major Retirement Planning Mistakes

Posted by Creekmur Wealth Advisors on 11:45 AM on February 6, 2020

Why are they made again and again?

Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees.   

Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we plan for and enter retirement.        

Leaving work too early. As Social Security benefits rise about 8% for every year you delay receiving them, waiting a few years to apply for benefits can position you for higher retirement income. Filing for your monthly benefits before you reach Social Security’s Full Retirement Age (FRA) can mean comparatively smaller monthly payments. Meanwhile, if you can delay claiming Social Security, that positions you for more significant monthly benefits.1       

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Topics: Wealth Management, Financial Planning, Investments and risk, market risks, Retirement

A Retirement Fact Sheet

Posted by Creekmur Staff on 11:45 AM on January 30, 2020

Some specifics about the "second act."

Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you. 

Up to 85% of a retiree’s Social Security income can be taxed. Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states currently levy taxes on some or all Social Security retirement benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. (West Virginia, incidentally, is phasing out such taxation.)1

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Topics: Wealth Management, Financial Planning, IRA, Retirement, Saving, Social Security, Tax on Social Security Income, Taxes in Retirment

2019 IRA Deadlines Are Approaching

Posted by Creekmur Wealth Advisors on 7:45 AM on January 23, 2020

Here is what you need to know.

Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines.

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Topics: Wealth Management, Financial Planning, Investments and risk, market risks, Retirement

Your Changing Definition of Risk in Retirement

Posted by Creekmur Wealth Advisors on 5:45 AM on January 16, 2020

Some things to consider.

During your accumulation years, you may have categorized your risk as “conservative,” “moderate,” or “aggressive,” and that guided how your portfolio was built. Maybe you concerned yourself with finding the “best-performing funds,” even though you knew past performance does not guarantee future results.

 

What occurs with many retirees is a change in mindset – it’s less about finding the “best-performing fund” and more about consistent performance. It may be less about a risk continuum – that stretches from conservative to aggressive – and more about balancing the objectives of maximizing your income and sustaining it for a lifetime.

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Topics: Wealth Management, Financial Planning, Investments and risk, market risks, Retirement

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