News and Press

RichLife Advisors is dedicated to being your go-to resource for information needed to make informed decisions about all aspects of retirement. Founder and visionary, Beau Henderson, has dedicated his life to helping others plan for theirs through his many bestselling books, serving as a local and national media resource, hosting educational events, writing regular blogs, and hosting weekly radio and podcast shows.

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[Barron's] 5 Things to Know Before Retiring Outside the U.S.

The number of Americans considering retiring outside the U.S. is growing daily. Retiring abroad is far more complicated than you'd imagine. We've been working with a client for an entire year now who plans on retiring to Mexico. And, she is just beginning to feel ready to make the move. Without proper planning, retiring abroad can easily be derailed by financial, emotional, and health-care-related issues. Here are five tips to help soon-to-be retirees and their financial advisors plan ahead: 1. Do your homework. It’s important to map out a process. This is a major life transition. 2. Understand the banking options. Things work differently abroad. You need to know how you will bank and access your money. 3. Take a test drive. Before settling there permanently, take an extended vacation in the location you are considering. 4. Consult with an international tax expert. If you’re an American citizen or resident alien, you most likely will still have to pay taxes in the U.S. regardless of where you live. And, the tax rules are different for every country. 5. Think long-term. Many couples retire to a foreign country when they are healthy. What will happen if one or both end up needing medical or long-term care?

[US News & World Report] 7 Top Money Lessons From the Pandemic

News & Press Income Planning

Life was turned upside down for practically everyone in March 2020 when the world locked down in response to the COVID-19 pandemic. I contributed to this article from the US News & World Report highlighting seven key lessons that every American can take away from the financial uncertainty of the past two years… ⚫ You need an emergency fund ⚫ Retirees need money set aside for market upheaval ⚫ It’s easier to ride out an emergency if you’re debt free ⚫ You don’t need to spend so much ⚫ You can’t time the market ⚫ You need to have a financial plan that provides peace of mind ⚫ Expect the unexpected. Always. Do you have anything you'd add to the "lessons learned" list? Feel free to leave a comment below!

[Barron's] It’s Complicated to Retire Abroad. Here Are 4 Considerations Before Diving In.

News & Press

One of our retirement planning clients is hoping to retire to Mexico. Her process was recently featured in Barron's. Retiring abroad is more complicated than you'd imagine. We've been working on her plan for about a year now. While she has been researching the social aspects of living in Mexico -- finding a community she likes, consulting with other expatriates, and renting a place for an extended stay, we are looking into factors that a retirement advisor normally wouldn’t have to consider: the country’s income-tax rates, property taxes, and currency conversions. And, there is a myriad of other considerations that need to be taken into account before the big move happens. The article gives some helpful tips that will help you get a good idea of the process and what to look for if moving abroad is something you're considering.

[US NEWS AND WORLD REPORT] How ERISA Impacts Your Retirement

News & Press

Do you know how ERISA impacts your retirement? Most people don't. It's an important Federal law that's helping to protect the retirement assets of more than 141 million American workers and their beneficiaries. One of the really important things ERISA does is help to ensure that employees who are contributing to a plan are protected. It requires employers and plan administrators to provide specific information to plan participants and act in the best interest of employees at all times. You can learn more about the other important things ERISA does to protect your retirement savings in this US News and World Report article I recently contributed to...

[SoundDollar.com] How to Handle a Bear Market

News & Press

Nerve-wracking is a good description of the stock market lately. We seem to be going through a period of pretty wild swings. Not surprisingly, most people are completely stressed out by seeing their 401(k) and IRA balances falling lower and lower. And, that's causing them to make fear-based investing decisions. In this recent Sound Dollar article, I'm sharing some of my thoughts about why that's the exact opposite of what investors should be doing right now and what folks can do to get on the other side of their fear.

[Senior Planet by AARP] New Rules in Estate Planning

News & Press Estate Planning

The Secure Act changed the rules for non-spousal inherited retirement accounts. Prior to its passage, beneficiaries of a non-spousal inherited retirement account could stretch out distributions from that account based on their own life expectancy. Now, non-spouse beneficiaries have 10 years to take the distributions after the original owner’s death. And, this change has created a lot of unintentional tax complications for the beneficiary. Recently I shared some of my ideas with Senior Planet about creating a distribution strategy to effectively navigate the tax brackets and avoid paying unnecessary taxes. You can learn more right here...

News and Press

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