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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![[Senior Planet] Life Insurance: Forgotten Financial Tool Thumbnail](https://static.twentyoverten.com/5e9707abce710223d53221db/iwjy3E7Oj/LIFE-INSURANCE-SENIOR-PLANET.png)
Life insurance should be a key component of your financial plan, especially for retirees and pre-retirees. For very specific goals and needs, it can be the best tool to use. It can provide tax-free income for your children and grandchildren, replacement income in the event of the death of a spouse, be an additional source of retirement income for high-net worth individuals and even help your heirs pay estate taxes.
![[Barron's] 5 Things to Know Before Retiring Outside the U.S. Thumbnail](https://static.twentyoverten.com/5e9707abce710223d53221db/czLQiRK7t/BARRONS-5-THINGS-RETIRING-ABROAD.png)
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?
There are two pieces of legislation -- SECURE 2.0 and Build Back Better -- we will be watching closely over the coming months and providing updates because they will impact retirement planning in the future.
Right now is a great time to review your year-end financial planning strategies. It's imperative to get things in order and identify areas you'd like to discuss with your financial professional. That way, you will be ready for 2022 and beyond.
![[Forbes Advisor] Retirement Planning: How To Retire At Any Age Thumbnail](https://static.twentyoverten.com/5e9707abce710223d53221db/GiU1gtiUo6r/when_to_retirejpeg.jpg)
Lots of people make a BIG planning mistake when they begin to look at retiring before they turn 65. They forget that they still need health insurance coverage. And, that can end up looking like another mortgage payment if they have to purchase it before Medicare kicks in for them at age 65. In this Forbes Advisor article, I'm sharing the actual numbers we see every day in the office and a couple of solutions to ensure you don't go broke paying for health insurance before you turn 65.
2021 is coming to a rapid close, and historically low tax rates are quite likely to increase in the near future. Now is an excellent time to consider a Roth conversion. However, they can be complicated, so it's crucial to understand what’s entailed.