One of the most common questions pre-retiree’s have when be beginning to develop their plan for retirement is, how much is enough? Today I am going to cover a comprehensive analysis you should work through to determine what the magic number is for your retirement plan. There are a lot of numbers thrown around. Some people think they need half a million, a million, two million, three million. But what is the number? Well, that is a complicated question, the reality is that it's specific to you.

By following these five steps you will be able to get a better handle on what the funding needs are for your ideal retirement, let’s begin.

One thing most financial experts agree on is that everyone should keep three to six months of living expenses in an emergency fund. But in reality, many pre-retirees do not have that amount saved in non-retirement accounts. Instead, much of their savings is tied up inside retirement plans like a 401(k).

That creates a problem when an unexpected expense arises.

Normally, you cannot access retirement funds before age 59½ without triggering a 10% early withdrawal penalty, in addition to ordinary income taxes. However, a recent rule change now allows limited penalty-free access in certain emergency situations.

If you're nearing age 65 and trying to understand Medicare — the "alphabet soup" of Parts A, B, C, and D — this guide will help you get up to speed.

Today we’ll cover:

• The different parts of Medicare (A, B, C, and D)

• The costs associated with each

• Late enrollment penalties

• When to enroll (and when you can delay)

• Medicare Advantage vs. Medigap

• Common mistakes to avoid

As of January 1, 2026, several important changes have taken effect that impact Social Security benefits. Some of these updates affect current retirees, while others impact future retirees and those still working.

Here’s a breakdown of the six biggest Social Security changes for 2026—and how they may affect your retirement plan.

Health Savings Accounts (HSAs) are one of the most powerful financial tools available — yet many people are not using them correctly.

After reviewing client accounts and outside investments, I continue to see costly mistakes that prevent people from maximizing the full potential of their HSA.

Because HSAs are the only triple tax‑free account available, mismanaging them can mean leaving significant money on the table.

Let’s walk through the five biggest mistakes to avoid.

If you’re already contributing the maximum to your 401(k), you might be wondering: Can I still contribute to an IRA?

The short answer is: yes, potentially — but the details matter.

In this article, we’ll walk through:

• Whether you can contribute to an IRA while maxing out a 401(k)

• When a traditional IRA contribution is deductible

• What to do if your income is too high for a deduction

• Roth IRA and backdoor Roth options

Understanding these rules can help you get more tax efficiency and flexibility out of your retirement savings.

On November 14th, 2025, The Centers for Medicare & Medicaid Services (CMS) has announced the 2026 premiums, deductibles, and coinsurance amounts for Medicare Parts A and B, along with the 2026 income-related monthly adjustment amounts for Medicare Part D.

At Morrissey Wealth Management, we annually project and review our client’s modified adjusted gross income (MAGI) to avoid triggering unwanted Medicare premium increases when possible. In 2026, the standard Medicare part B premium has been increased, in addition to the income-related monthly adjustment amounts. The increase to the standard premium, as reported by the Centers for Medicare & Medicaid Services, is mostly a result of projected price changes and assumed utilization increases that are consistent when cross referenced with historical data.

If you’re married (or were married for at least 10 years), you may be eligible for spousal Social Security benefits—but the rules are more nuanced than most people realize.

In this article, we’ll break down:

• What spousal Social Security benefits are

• Who qualifies and when

• How claiming age affects the benefit

• A real-life example showing how the rules play out

• Common mistakes to avoid

Whether you’re nearing retirement or already collecting benefits, understanding spousal benefits can make a meaningful difference in your lifetime income.