Wood Financial Services LLC

Category Archives: Retirement

Rest in Peace, Beverly Cleary

On March 28, 2021, Posted by , In Retirement, With Comments Off on Rest in Peace, Beverly Cleary

It was announced that children’s author Beverly Cleary died on Thursday. She was 104, born in 1916, and a prolific writer. Many of her books were set in the neighborhood in which she grew up, a middle class neighborhood in Portland, Oregon, and based on her own experiences growing up…

The Fallacy of Irreplaceability

On February 12, 2021, Posted by , In Know thyself,Retirement, With Comments Off on The Fallacy of Irreplaceability

This morning I was discussing options with a colleague for a medical research study, we also discussed current work challenges including the poor ergonomics and physical pain caused by working from home. In encouragement to push back enough to take care of myself, my colleague gave me a great compliment….

What does the new COVID-19 stimulus bill mean for you?

On December 22, 2020, Posted by , In Benefits,College,COVID-19,FAFSA,Family,Open enrollment,Retirement,Taxes, With Comments Off on What does the new COVID-19 stimulus bill mean for you?

The new COVID-19 stimulus bill has passed both the House and the Senate at lightening speed, and is on to the president’s desk for his signature. Assuming he signs it, we get a 4th Trump administration major tax overhaul in his 4 years (not evenly distributed, of course; TCJA in…

December action item: look at the effects of the November pension lump sum re-calculation

On December 10, 2020, Posted by , In Benefits,Retirement, With Comments Off on December action item: look at the effects of the November pension lump sum re-calculation

Obviously, I’m a data nerd. Add to that being a money data nerd, and I’m out looking at my pension estimate every October and December. Why am I looking at my pension estimate at those two time frames? In November every year, my employer re-assesses the interest rates, and locks…

How much can I save in tax advantaged accounts in 2021?

On November 8, 2020, Posted by , In Retirement,Savings,Social Security, With Comments Off on How much can I save in tax advantaged accounts in 2021?

Recently released, the 2021 retirement accounts details! The good news – there are some income limit bumps for increased/inflation-adjusted access to traditional and Roth IRA contributions. The bad news – if you’re a super saver, maxing out all of your retirement accounts in 2020, there’s no room for growth here…

Should I cash out my pension?

On October 18, 2020, Posted by , In Benefits,Retirement, By , , With Comments Off on Should I cash out my pension?

Last time we talked about why you can’t peer into the future, to see what the value of your lump sum payout would be if you retired on a certain (post-November) date. This time we’ll talk about why you might or might not want to cash out your pension, based…

Did my employer remove the lump sum pension payout option?

On October 18, 2020, Posted by , In Benefits,COVID-19,Retirement, By ,, , With Comments Off on Did my employer remove the lump sum pension payout option?

If you’re planning to retire at the end of this year, and your pension has both an annuity and a lump sum payout option, you may be confused as to why you can’t look at the lump sum value for your planned retirement date. First, some background. A 403b or…

Can I go for a picnic today?

On October 1, 2020, Posted by , In Know thyself,Retirement, By , , With Comments Off on Can I go for a picnic today?

A rain/retirement parable Question:  It’s fall.  Can I go for a picnic today?  The forecast is great! Thought process:  The forecast is great.  There’s a 0% chance of rain.  Sure, I can go for a picnic. Reality:  It didn’t rain today, but it had rained yesterday and the ground was…