Retirement Considerations for Government Contractors

Government contractors face additional retirement challenges when compared to their Federal Employee counterparts. Contractors have no pension, have to plan for health insurance in retirement, can’t necessarily control their own retirement date, and may have access to more complex savings vehicles. This can make planning for your retirement more challenging.
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Your Mortgage, Tax Strategies and Retirement

I get the question a lot – should I pay off my mortgage. The answer is that depends.

If I told you that I had a vehicle that allowed you to pay $10 in interest to save $3 in taxes, would you do it? The answer is probably no. Assuming that you are in a 30% tax bracket to keep the numbers easy, that’s what a mortgage is – and that math doesn’t always go in your favor. Please be sure to consult your tax advisor with regards to the tax strategies discussed in this article.

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Should You Relocate in Retirement?

As many people approach retirement, they start thinking about moving. Before you move, make sure that you think it through.

Do you have family considerations that will keep you in your current area? Is it important to you to stay close to your children, your grandchildren or even your parents? As people are living longer, those in their sixties and seventies are finding themselves more and more responsible for the care of their parents or other older relatives. If this describes your family, you may want to come up with an alternative game plan before heading south.

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Purchasing a Second Home

Do you envision a home at the beach with the sun shinning over crystal blue waters and miles of sand just waiting for you to spend time relaxing on? Perhaps you see yourself walking into your ski house armed for the coming week with the ability to work out of your home office during the day and ski in the evenings. You see friends and family gathering at your house to enjoy all that the second location has to offer. Maybe you see an investment property that you spend one to two weeks a year enjoying and then rent out the house for the remainder of the year to pay for it all.

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Too Much Cash in Your Bank Account

It happens. You open your bank statement and realize that over the past couple of years your bank account has crept up to $50,000, $100,000 or even $200,000. It feels good to open that statement and see that cash sitting there. It means that you won’t have to worry about paying your bills. You are covered. Unfortunately, you may be hurting yourself in the long run.

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