Every year, millions of Americans receive an inheritance—from their parents, a spouse or other loved ones. An inheritance can include many different assets, from investment accounts to real estate to individual retirement accounts (IRAs). 

Over the course of a career, it’s not uncommon for a person to accrue a variety of retirement accounts: 401(k)s from one or multiple employers, IRA(s) with different companies, etc. But having multiple accounts with different companies can get complicated, making it difficult for you to keep an eye on fees, diversification and your overall financial picture.  

High inflation levels have eroded many Americans’ confidence in their retirement preparedness. According to the 2023 Northwestern Mutual Planning and Progress Study, U.S. adults aged 18 or older expect they will need $1.27 million to retire comfortably, a 20 percent rise since 2021.  Luckily, Americans’ average retirement savings increased a bit to $89,300.

It's not January 1st, but who says you can't make a resolution at any time of year? Now is a great time to review your saving, investment, insurance, and tax strategies for retirement. Not sure where to start? Use this guide to make sure you don't forget anything!

A recent survey reveals that over half of retirees in the United States would have planned their retirement differently if given the chance.

The most significant regret among older Americans is not starting to save for retirement earlier. Retirees also want investments that provide a steady income stream and automatic paychecks from their retirement assets. Additionally, many retirees feel they should have prepared better for unexpected events like inflation and market volatility by investing in solutions that protect them from losses. Annuities are a great option to address these concerns.

Inflation has caused the cost of travel to rise, making it more difficult for retirees on a fixed income to afford their summer plans. The overall cost of travel has increased by 18% since before the pandemic, and the demand for travel is high, especially for international trips by Americans.

Once the kids move out and the house is paid off, it may seem like you don’t really have a need for life insurance anymore—after all, some of the main things you would want a death benefit for are now behind you (phew!). But as you approach retirement, life insurance—specifically permanent life insurance—can still fulfill many different roles in your financial plan.

Americans think they’ll need $1.27 million dollars for retirement. They report having less than $90,000 on average in retirement savings. Those are the results of the 2023 Northwestern Mutual Planning & Progress study. 

“Should I buy an annuity with my 401(k) or roll my 401(k) into an IRA?” Many people struggle with the annuity vs. an IRA question as they approach retirement.

Before we delve into the pros and cons, it’s important to understand the nature of each type of retirement plan. Below are brief descriptions.

A dividend is a return on your investment paid out at intervals throughout the year, typically on a quarterly cycle, by the company in which you purchased shares.

Established, financially secure companies are more likely to issue dividends, an indication that funds are plentiful and that the company is able to both reinvest in its operations and reward shareholders.

Many investors put their money into dividend-paying stocks because they offer a significantly better return than bonds, and they are typically not high-risk investments.