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Strategies to Establish a Financially Secure Retirement

Steps You Can Take to Help Your Money Last Once Your Earning Years End
Wednesday, 21 September 2022

Strategies to Establish a Financially Secure Retirement

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.

High Net Worth Estate Planning Considerations

Tips for Planning Ahead for Those with Significant Assets
Wednesday, 07 September 2022

High Net Worth Estate Planning Considerations

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.

How to Create a Multigenerational Wealth Plan for Your Family

Preserving Generational Wealth Requires More Than an Estate Plan
Wednesday, 24 August 2022

How to Create a Multigenerational Wealth Plan for Your Family

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.

Three Investing Moves You Can Make in a Bear Market

How to Make the Most of a Downturn
Wednesday, 10 August 2022

Three Investing Moves You Can Make in a Bear Market

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.

Don't Make These Four Retirement Mistakes

Strengthen Your Retirement Plan by Avoiding These Common Pitfalls
Monday, 25 July 2022

Don't Make These Four Retirement Mistakes

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.

 

Six Ways to Better Protect Your Financial Information

Follow These Steps to Safeguard Your Online Data
Thursday, 07 July 2022

Six Ways to Better Protect Your Financial Information

In today’s digital age, managing and accessing your money has never been easier. You can interact with your bank accounts online, set up automatic bill payments, and use apps that allow you to track your money, investments, and budgeting – all at the touch of your fingertips. Although it’s convenient, having so much of our personal data online also opens us up to the risk of identity theft and scammers who may try to take advantage. Luckily, there are steps that you can take to strengthen your cybersecurity and better protect your financial and personal information.

Below, we’ll discuss six ways you can safeguard your personal data.

How to Talk to Your Aging Parents About Money

Use These Tips to Better Communicate About This Important Topic
Thursday, 23 June 2022

How to Talk to Your Aging Parents About Money

It’s normal for your relationship with your parents to change as they age. Perhaps you’re finding yourself helping them out more around the house or assisting them in getting to and from doctors’ appointments and staying on top of their medicine. Like many people, you may even find yourself taking a larger role in helping them manage their finances. As you step further into this caretaker role, it’s common to struggle with how to talk to your aging parents about money.

This reversal of roles in the parent-child relationship can be difficult to adjust to. Adult children may be nervous about appearing greedy or overbearing by asking too many questions about money, and aging parents might be hesitant to admit that they need help as their health declines. Despite the tension that may come along with these kinds of conversations, talking to your aging parents about their finances and helping them plan for the future can save your family time, money, and stress.

Here are a few tips to help you get the conversations started.

5 Signs You Could Benefit from a Financial Advisor

Indicators That a Financial Professional Could Help You Accomplish Your Goals
Wednesday, 08 June 2022

5 Signs You Could Benefit from a Financial Advisor

When you get sick, you go to a doctor. If you find yourself in legal trouble, you go to a lawyer. When you have car trouble, you go to a mechanic. All of these make perfect sense, right? And yet, too often when people struggle financially, they hesitate to seek out the assistance of a professional. In fact, recent research on the topic shows that nearly 65% of adults are choosing to take a self-directed approach to financial planning. However, if you want to improve your finances, chances are you could benefit from a financial advisor.

Having a professional you trust to help guide you through the complexity of the financial world can be incredibly beneficial in both the short term and the long term. If any of the five signs below describe your current financial situation, you may want to consider hiring a professional.

5 Important Benefits of Your Health Savings Account

Your HSA Can Bolster Your Savings, Your Retirement Plan, and More
Wednesday, 25 May 2022

5 Important Benefits of Your Health Savings Account

If you qualify for a health savings account (HSA), it’s a good idea to understand all the benefits it can provide. It can be a valuable tool to combat the high costs of healthcare, which are only continuing to rise. Couple this with the fact that none of us can predict when we will need care as we age, and healthcare becomes a variable that poses a significant threat to your financial security.

HSAs afford the opportunity to take control even in the face of unpredictability. Still, they are largely underutilized. So, if you have an HSA or you’re considering getting one, here are five things you should know. 

The Current Market Decline and Minimizing Your Long-Term Regret

Riding Out the Volatility Can Improve Your Portfolio Over Time
Thursday, 19 May 2022

The Current Market Decline and Minimizing Your Long-Term Regret

The primary function of financial journalism seems to be terrifying us out of ever achieving our financial goals by shrieking about the market’s volatility. We’ve been reminded of this almost hourly as the S&P 500 approached “official bear market territory,” defined as closing 20% below its January all-time high.

Every market decline of this magnitude has its own unique precipitating causes. I think it’s fair to say that the current episode is a response to two issues: severe inflation, and the extent to which the economy might be driven into a recession by the Federal Reserve’s somewhat belated efforts to root that inflation out. (Russia’s war on Ukraine, supply chain issues, and the like are surely contributing to the angst, but recession vs. inflation is the main event, in my judgment.)

Review Your Beneficiary Designations Before You Retire

Follow These Four Steps to Ensure Your Assets Stay Protected
Thursday, 12 May 2022

Review Your Beneficiary Designations Before You Retire

There’s a lot that goes into estate planning and, hopefully, you’ve got a plan in place to ensure your wishes are carried out. However, one piece of the puzzle that is missing for many people is ensuring that beneficiaries are listed for every policy and account – and that they are kept up to date. Indeed, it is critically important for you to review your beneficiary designations on any retirement accounts, annuities, or life insurance policies and make sure they each list one or more current beneficiaries. Why is this such an important step? Well, even if you have a will, it does not override your designated beneficiaries if it states something different.

Conducting a beneficiary review before you retire allows you to be sure that you have the correct beneficiaries listed and designations determined. This means reviewing your beneficiaries in light of your long-term goals and objectives while also taking into consideration tax laws and other policies regarding the distributions for each type of account or policy. Below are four steps to guide you as you review your own beneficiary designations.

Three Lessons to Teach Your Kids and Grandkids

Teaching Financial Literacy to the Next Generation Leaves a Lasting Legacy
Tuesday, 26 April 2022

Three Lessons to Teach Your Kids and Grandkids

Moments passed with children and grandchildren is always time well spent. The lessons you give them will last the rest of their lives. April is Financial Literacy Month, an ideal time to begin a conversation with your grandkids about money. 

Giving them the benefits of the lessons you’ve learned can help set them up for a happier, more financially secure life ahead. And don’t be afraid to share your successes as well as your mistakes—there’s wisdom in both. 

Here are three essential financial lessons you can teach the next generation to set them up for success:

4 Tax-Smart Charitable Giving Moves

Ways to Maximize the Benefits of Your Philanthropic Gifts
Tuesday, 19 April 2022

4 Tax-Smart Charitable Giving Moves

Practicing philanthropy is a very personal decision. More often than not, it’s about more than money – it’s about your values, passions, and vision for the future. However, even if saving money on your taxes isn’t your main reason for giving back, there are still several tax benefits that come from charitable giving that shouldn’t be overlooked.

Below we’ll discuss four tax-advantaged ways that you can make a charitable gift.

16 Things to Do When Planning Your Estate

Use This Checklist to Help Ensure Your Affairs Are in Order
Tuesday, 05 April 2022

16 Things to Do When Planning Your Estate

None of us like to think about a world that we’re no longer a part of, yet we all have limited time on Earth. Having to make decisions about who should raise your children or which of your children will best manage your assets can be uncomfortable.  But the critical aspect of estate planning is this: if you don’t make a plan, then you lose your power. Without an estate plan in place, your assets may end up in court and divvied up based on a judge’s decision rather than your own.

A strong estate plan is about more than simply having a will written down. You’ll want to be sure that you’ve thoroughly planned for all of your assets as well as put a plan in place to ensure they transfer as smoothly as possible to your heirs. Needless to say, there’s a lot that goes into estate planning. It can be intimidating to begin the process, but the following checklist can help guide you as you begin putting your own estate plan in place.

Ask Yourself These Three Questions When Creating Your Retirement Plan

Guidelines to Sharpen Your Vision of What Retirement Means to You
Wednesday, 23 March 2022

Ask Yourself These Three Questions When Creating Your Retirement Plan

It’s no secret that the key to a successful and fulfilling retirement is a well-planned, comprehensive retirement plan. While creating your retirement plan, there are three big questions that you must ask yourself in order to clarify your vision for this phase of your life and determine what you need to plan for. After all, a retirement plan can only work if you know what you want and need! So, ask yourself the three questions below and then you can use this newfound clarity to develop an intentional plan for your future.

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Advisory Services are offered through TriCapital Wealth Management, Inc Securities offered through Triad Advisors member FINRA / SIPC. TriCapital Wealth Management, Inc. is not affiliated with Triad Advisors. We are licensed to sell Insurance Products in the following states: North Carolina, and South Carolina. We are registered to sell Securities in the following states: Delaware, District of Columbia, Florida, Georgia, North Carolina, Ohio, Pennsylvania, South Carolina, and Virginia.

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