Our Future Selves

Remember to think about yourself in future terms. Many of us feel little connection to the person we’ll become years from now, and that can lead to shortsighted behavior that can actually hurt us in the long run. It’s certainly food for thought. Are you holding back on retirement savings because you haven’t yet identified with who you will be in retirement? Get in contact with us. We can help you brainstorm about things that can be done to increase your retirement savings, and even provide you with an income you can’t outlive.

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What Does it Actually Mean?

We often hear that the market is “up” or “down” and think that we’ve either made money (or lost out on making money) or that we’ve lost money. But “up” and “down” don’t have much tangible meaning to us, personally. When a stock broker tells you us “You’re doing great, the market is up” is he telling us we’ve made money, or that we’ve made up some of the losses we previously incurred? It’s important that you really understand what’s meant by phrases that imply positivity.  Reach out to us. We can help you understand what your financial situation really

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At Your Most Vulnerable

There has been an uptick in what regulators call “romance fraud.” This refers to a type of online deception where individuals create fake identities and develop fraudulent romantic or otherwise close relationships with unsuspecting people to exploit money out of them. Studies have been done to try to pinpoint when seniors are most vulnerable: Unsurprisingly, it’s between twelve and twenty-four months after losing a loved one, moving, or becoming less mobile, and therefore less able to get out and about to visit friends.  We all need to pay attention to these situations, especially as society promotes a greater use of

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risk taker

Risk Taking 

“You can’t have your cake and eat it too.” Perhaps there’s more truth to this saying than we want to admit. This year has been tumultuous, with markets declining and interest rates increasing. Were we all soothsayers, we would be rich beyond our dreams. But we aren’t. And it’s disingenuous to think about the money we could have made when interest rates increase, forgetting what we could have potentially lost if we’d taken more risks.  If we’re honest with ourselves, the idea of “risk vs. reward” necessitates an examination of both sides of that equation. As a senior, you must

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Did you forget and leave it behind?

We’ve spoken in the past about the benefits of saving money for retirement by having automatic transfers from your checking account into a savings account. But, what is often forgotten is that workplace retirement account when you leave one job and move on to another. If you leave a job, consider “rolling” the money from the former employer’s plan into a different retirement account or other product. There are some options out there that can enable your money to grow tax-deferred, coupled with the ability to acquire an income you can’t outlive.  Call us, we can help walk you through

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Recycling RMDs

One potential way to save money consistently is to arrange automatic transfers from your checking to your savings account on paydays. This idea can be also applied to RMDs as we get older. While we may be forced to take required minimum distributions out of qualified accounts, there are no restrictions on how you choose to use that money. One idea we’ve discussed with clients is re-saving those funds by depositing them into non-qualified accounts. Call us. We’d be happy to explain how this play can increase your savings. We’re always here to help.

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emergency fund

Follow the Steps

Sometimes it’s best to start with the basic steps when planning for retirement. Are you contributing enough to your 401(k) to get your company’s full employee match? Have you paid off any high-interest-rate debt you may be carrying? Eliminating a monthly credit card or auto loan with a high-interest payment may enable you to save more money than you think. Do you have an “emergency fund” of extra money? This is important, as with this money set aside, you won’t have to dip into your retirement savings if you need cash in a hurry. Once you’ve handled debts and created

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A Dangerous Decade 

The five years before you retire and the next five after retirement are among the most important and vulnerable for a retiree’s savings. The reasoning is that, as you approach retirement, there are far fewer years left to correct or recover from a mistake. The consequence of a misstep during this time can affect your quality of life in retirement, and the likelihood that you’ll have enough to last the rest of your lifetime. If retirement is fast approaching for you, or even already here, you want to make sure you have everything figured out. Reach out to us, we

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fair-meaning-equal

“Fair” Meaning “Equal”

We frequently receive inquiries regarding who the beneficiaries should be for the financial products we recommend. And, if the division among multiple beneficiaries should be equal. This brings up an interesting point.  When making this decision, people sometimes place descriptions on their offspring that relate to their current needs or proclivities. What we sometimes forget to think about is that time often changes people and their circumstances. Your son or daughter that is currently employed and financially stable may in the future not be. Meanwhile, the one that historically hasn’t been on the same fiscal page as we are may

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life insurance policies

How Are You Looking at It?

Typically, you put a lot of thought towards paying off loans for insurance, on, for example, your house and car. However, life insurance is just as important as other types, and should be thought of in the same way.  Life insurance is often ignored, because we look at it simply as something costing us while alive, for benefits that will only matter when we’ve passed away. However, there are life insurance policies that work differently than you’d expect from them. You can use a life insurance policy to benefit yourself, while you’re still alive. Call us, so we can talk to

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