Strategies for Preserving Your Finances During Inflationary Times
Monday, 20 March 2023
Inflation is a reality that affects everyone, but it can have an outsized impact on retirees who are living on fixed incomes. As everyday costs rise, it can become increasingly difficult to feel financially secure. However, there are strategies that retirees can use to preserve their finances and make their money go further. In this article, we'll explore some inflation tips that can help you mitigate the impact of the financial bite you may be feeling.
These Approaches to Retirement Are Unique – Which One Will You Take?
Monday, 13 February 2023
One of the wonderful things about retirement is that it doesn’t look exactly the same for any two people; you can make it completely your own. For some, an ideal retirement is full of travel and adventure, while for others, a retirement filled with relaxation and family is a dream come true. It’s a special season of life in that you are free to build and shape it however you’d like. And just as there are various ways to define a dream retirement, there are also various types of retirees.
Inspired by work done by Nancy K. Schlossberg, an author, speaker, and former counseling professor at the University of Maryland, here are the six main types of retirees. Read on to find out more and to determine which resonates most with you.
How to Avoid Pitfalls When Selecting a Financial Professional
Wednesday, 25 January 2023
The decision to hire a financial advisor is a significant one. It’s a recognition that you’re ready to take control of your financial future, and it’s a decision that will dictate much of your financial strategy for years to come. In short, it’s a consequential move that you should never make lightly.
Below, I’ll review six common pitfalls to avoid when selecting your financial advisor.
How You Can Avoid Costly Surprises and Enjoy More Peace of Mind
Wednesday, 11 January 2023
When you’ve planned properly, retirement is an exciting and rewarding phase of life. If you’ve been strategic and disciplined, your financial plan likely includes a strategy for covering your healthcare needs, but did you know that a healthy adult retiring at age 65 will spend an average of $315,000 on medical costs in retirement? With such a hefty price tag, it’s common to underestimate the amount you will need to save for medical costs in retirement. In this article, I’ll discuss six strategies you can use to bolster your savings and gain more peace of mind.
The Key Lies in Breaking Your Aspirations into Small, Tangible Steps
Monday, 19 December 2022
This is the time of year when many people think about setting new financial goals. Of course, it can feel daunting to tackle large-scale aspirations like saving for retirement, saving for your child’s college education, or paying off a mortgage loan, and even our smaller financial goals can leave us feeling anxious or confused about how to move forward.
If you feel overwhelmed by the task of setting financial goals and planning strategies to achieve them, it may help to take a different approach than you have in the past. Think about the big picture and take some time to visualize what financial success looks like to you and what you want your future to look like. Once you have clarity on what you’re aiming for, you can begin setting goals that align with what you value. Read through the steps below for more guidance.
A Guide for Improving Your Finances in the Near-Term and Beyond
Monday, 12 December 2022
Would you like to be more intentional about your financial health? You may find it helpful to implement a financial checklist that you can refer to as you’re setting goals and tracking your progress. The start of the New Year is a good time to assess and evaluate where you are and where you’d like to be in the coming year and beyond. Use the following guide as a framework for closing out this year and beginning the next with an eye toward strengthened finances, clarity on your goals, and a refined strategy for achieving them.
Strategies to Maximize Your Income and Achieve Your Financial Goals
Monday, 05 December 2022
If you and your spouse or partner are both employed and neither of you have children, your household is considered Dual-Income, No Kids – commonly abbreviated as “DINK.” Often, DINK couples split their living and lifestyle expenses while working together to achieve their joint financial goals, which can be easier to reach on two incomes with none of the financial responsibilities that come with having children.
If this sounds like you, and you want to be smart about utilizing your disposable income, read on for the wealth-building tips below meant to help DINK couples achieve long-lasting financial security.
Combat This Common Concern by Following Your Passions and Staying Involved
Monday, 28 November 2022
As you leave the workforce and enter retirement, you’re forced to navigate many changes. Your financial situation is an obvious and expected change, but there are a few changes that take many retirees by surprise. It can be difficult to fill the large amount of free time you now have, and there’s also a decrease in social outlets. It’s these changes that can make you feel isolated or lonely. Luckily, with time and effort, you can combat these feelings. Below you’ll find tips to help you get started.
When You Get Remarried, the Financial Stakes Are Often Higher
Thursday, 27 October 2022
Although American divorce rates have been falling slightly over the past few years, researchers still estimate that 41% of first marriages will end in divorce. This means that many people will get married more than once during their lifetimes. And while getting remarried offers a fresh start in many ways, it can be significantly more complex from a financial perspective.
Before you walk down the aisle for the second time, consider taking the important financial steps below.
Having a Cash Reserve on Hand as Backup Provides More Than Just Peace of Mind
Wednesday, 12 October 2022
There seems to be a split in the financial planning industry surrounding whether or not high-income earners should have an emergency fund or not. Some experts remain committed to the prevailing wisdom that it’s smart to have at least three months’ salary set aside, should something unexpected happen. Others, however, argue that having an emergency fund doesn’t necessarily serve high-income earners.
While it’s true that everyone has their own unique financial situation and needs, I believe it’s still important that everyone have a financial safety net in place regardless of how much income they’re earning or how much they have in assets. In the article below, we’ll look at both sides of the issue.
Steps You Can Take to Help Your Money Last Once Your Earning Years End
Wednesday, 21 September 2022
It can be a difficult and stressful task to accumulate the required funds for a financially secure retirement – especially when none of us can know how long we will get to enjoy this phase of life. While your cost of living may be less than it was when you were working, chances are your income is lower, too. This means you’ll need to have the proper savings and investments in place to support the difference and provide you with a reliable retirement income. When determining how much you should save to achieve your retirement income goals, you’re going to want to take into consideration your expected expenses, your Social Security benefits, any other income sources you have, as well as any money you want to avoid spending so that you can leave it to your heirs.
Whatever your financial situation, you’re most likely going to need a significant retirement nest egg to support yourself. Here are some helpful strategies you can use to build your retirement savings and lay the foundation for a financially secure retirement.
Tips for Planning Ahead for Those with Significant Assets
Wednesday, 07 September 2022
Estate planning can be complex and uncomfortable to navigate on its own, but it can be even more challenging when it comes to high net worth estate planning. Add in the fact that things are constantly changing within the industry, such as tax laws, and it becomes an even more difficult task.
When estate planning, high net worth individuals (HNWIs) typically prioritize minimizing estate taxes, protecting the inheritance they’re leaving, circumventing the probate process, and choosing the right trustee. If you’re a high-net-worth individual and share these priorities, here are some things to keep in mind as you build your estate plans.
Preserving Generational Wealth Requires More Than an Estate Plan
Wednesday, 24 August 2022
If you’re hoping to put a multigenerational wealth plan in place, you’ll want to keep this old adage in mind: “rags to riches in three generations.” It refers to the phenomenon of it taking only three generations for most families to lose their wealth entirely. The first generation builds the wealth, the second generation spends it, and then the third generation doesn’t see any of it. It’s not that families plan for this to happen. In fact, most people hope that their legacy will last and continue to grow for many generations to come. However, building long-lasting wealth that will be preserved and grown over multiple generations takes more than hope – it requires a special kind of planning and dedication. Below we’ll discuss a few helpful guidelines for you to keep in mind for your multigenerational wealth plan.
How to Make the Most of a Downturn
Wednesday, 10 August 2022
After a tumultuous couple of years in the markets since the beginning of the pandemic, it’s official – we’ve entered into a bear market. When COVID-19 first hit the U.S., the market plummeted. However, it quickly bounced back with the S&P 500 rising up 100% from that low by August of 2021. Now that the days of government stimulus checks and near-zero interest rates are over, the market is again finding itself struggling to cope. As the Federal Reserve continues to raise interest rates in order to fight inflation, we’re seeing the effects play out in the downward market trends we’re witnessing today.
Below, we’ll discuss what it means to be in a bear market, and how savvy investors can weather the downturn.
Strengthen Your Retirement Plan by Avoiding These Common Pitfalls
Monday, 25 July 2022
Creating a strong retirement plan – and avoiding retirement mistakes – are critical steps in planning for your future. Of course, unless you’re a financial professional, there may be a lot you don’t know. After 30 +years of working personally with retirees, I want to share four common errors to avoid so you can feel confident about the plan you’ve got in place.