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You can maintain a good standard of living with a solid retirement plan. However, every retirement plan must be unique to each individual.
One of the ways to plan for retirement is to begin saving…

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New Jersey-based financial professional Richard Belott serves as the owner of Belott & Company CPAs, LLC. He started this business alongside his wife in 1992 with the aim of providing accounting and tax services to clients. In addition, Richard Belott aids in retirement planning.

When it comes to retirement, many people focus on retirement savings. However, retirement spending is an equally important consideration. For this, most professionals suggest that people follow the "4 percent rule."

According to this rule, individuals can safely make withdrawals from their retirement accounts in the amount of 4 percent of the total during the first year. Each subsequent year, the dollar amount that people withdraw from their accounts varies, as inflation is taken into account. For example, a person with $1 million in retirement savings may safely withdraw $40,000 during their first retired year. During the second year, this amount increases to $40,800, assuming the rate of inflation is 2 percent.

It's important to note that the 4 percent rule is a basic guideline, not a hard-and-fast rule. It does not work with every situation. Unexpected medical expenses impact the viability of this rule, as do personal tax rates and market fluctuations. Rather than ignoring the rule entirely, people should adapt it to take into account personal considerations.

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The 4 Percent Rule of Retirement Withdrawals

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The 4 Percent Rule of Retirement Withdrawals

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An estate plan is a document or several documents that outlines how property, money, and other assets should be handled at the time of the estate owner's death. Virtually every person has an estate, with specific components ranging from life insurance policies to individual pieces of furniture. New Jersey maintains a comprehensive set of laws that govern estate planning processes and what happens if an estate owner dies without a verified estate plan.

A legally recognizable estate plan is the only way for New Jersey residents to ensure that their assets are distributed by their wishes. Individuals, especially those with large, complex estates, should develop a living will and other aspects of an estate plan with the help of attorneys and accountants and should update the documents regularly. Without an estate plan in place, estates are declared "intestate" and move into a process known as probate.

Probate poses several challenges to family members and friends following the passing of a loved one, not the least of which is a series of legal disputes that must be addressed in place of grieving for and remembering the deceased. Probate can be a time-consuming and expensive process. The court appoints an executor who distributes assets as they fit, typically following New Jersey state law as closely as possible.

While executors ostensibly act with the best interest of the estate owner in mind, state law prohibits this from happening in several ways. For example, if a person dies with a surviving spouse, that spouse is entitled to all property that would have been included in an estate plan. However, if a person has a spouse and one or more children, New Jersey state law clearly outlines what percentages each person should receive, regardless of the decedent's wishes or intentions. Friends and other individuals with no direct family ties to the decedent generally have no rights to the estate.

Many laws and regulations describe family members and how they fit into estate planning and inheritance processes. For instance, while children from a previous marriage can complicate the distribution of intestate assets, adopted children pose no such issues. During probate, legally adopted children maintain the same rights as any biological children the decedent has parented. Children born out of marriage maintain similar rights, but grandchildren only inherit if they have no living parents.

Sometimes, a person may pass on without a spouse or living children. If such an estate passes into probate, assets would be distributed to the closest living relatives, including parents, siblings, grandparents, aunts, and uncles. Stepchildren rank last in this hierarchy, again underscoring the importance of authoring a personal will that does not necessarily follow state inheritance law.

Any person preparing an estate plan should strongly consider working with an experienced professional, as it is a long, complicated process. That said, New Jersey does maintain certain laws and regulations designed to simplify estate planning. For instance, while the state does maintain an inheritance tax, individuals do not need to worry about paying taxes on estates valued at $2 million or less.

Individuals and families in New Jersey interested in estate planning services should begin by researching relevant legal organizations, such as the New Jersey Society of Certified Public Accountants.

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An Introduction to Estate Planning Laws in New Jersey

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An Introduction to Estate Planning Laws in New Jersey An estate plan is a document or several documents that outlines how property, money, and other assets should be handled at the time of the estate...

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​According to the Physical Activity Guidelines for Americans published by the Office of the Assistant Secretary for Health (OASH), American adults should engage in a minimum of 150 minutes of moderate-intensity physical activity every week, in addition to at least two days that feature muscle strengthening work. Moderate-intensity aerobic activity can be as simple as walking at a quicker-than-normal rate.

While 150 minutes of exercise may sound daunting to some, this time can be spread over the week, resulting in five 30-minute walks per week or less than 22 minutes daily. Muscle strengthening exercises, meanwhile, should focus on all the major muscle groups, including the back, abdomen, limbs, and chest.

Exercise recommendations can vary from one individual to the next based on several factors, including age. Children, for example, have more energy and developmental concerns to manage and should receive at least 60 minutes of exercise daily, including at least three days of vigorous-intensity activities. On the other hand, Americans over the age of 65 should continue pursuing adult exercise guidelines, with three days per week dedicated to maintaining and improving balance.

The physical benefits of consistent exercise, regardless of how intense, cannot be overstated. Common benefits include improved brain functionality, a healthy weight, and a reduced risk for countless diseases and health conditions. In addition, exercise also yields a myriad of psychological and emotional benefits, including decreased anxiety and stress levels.

Despite these and many additional benefits, most Americans do not meet OASH exercise guidelines. For example, a Centers for Disease Control and Prevention (CDC) study found that only 23 percent of individuals between the ages of 18 and 64, less than one in four citizens, get 150 or more minutes of moderate-intensity physical activity. In addition, about one in three Americans met the criteria for aerobic activity or muscle strengthening, but not both. At the same time, nearly 45 percent of the nation failed to hit either standard.

Activity levels vary by gender and location, along with other factors. Roughly 27 percent of men met both exercise guidelines, compared to just under 19 percent of women. Both genders saw about a 2 percent increase when comparing the activity levels of employed and unemployed individuals.

This national disinterest in exercise, paired with unhealthy eating habits, has resulted in a severe health landscape for the United States. Approximately 41.9 percent of Americans qualify as obese, in addition to one in three adults who are overweight and one in 11 adults living with severe obesity. By comparison, the average Dutch person exercises for 12.8 hours each week, and obesity prevalence of just 14.2 percent.

Individuals interested in increasing their physical activity should speak with a medical professional, professional trainer, friends, and family who can participate and help support a new exercise routine. The most important thing to remember is that some physical activity is better than none. Whether an individual is just starting, recovering from an injury, or simply experiencing a busy week, taking one or two 30-minute walks is better than zero.

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​According to the Physical Activity Guidelines for Americans published by the Office of the Assistant Secretary for Health (OASH), American adults should engage in a minimum of 150 minutes of...