Often when we ask ourselves ‘Have I saved enough for retirement?” we’re really just asking if we can afford to give financial gifts or assistance to our children or grandchildren. The difficult part in answering this question is due to the uncertainty of planning for long-term care. Not to mention, you really don’t know what your own needs or life span may be. Call us for some ideas on navigating this difficult question. We may know of some options you haven’t thought of that can contribute to finding a solution. We’re always here to help.

We are often asked about “financial literacy.” The phrase refers to the ability to understand and use various financial skills, and is the foundation of your relationship with money. A strong foundation of financial literacy will generally make you less vulnerable to financial fraud, and can help support you in deciding what goals are the best for you. This encompasses saving for retirement, treating debt responsibly, and deciding how to allocate your savings. Call us if you’d like to learn more. We’re always here to help. 

We’ve received some inquiries this past month about a few topics. “What if” you end up having to go into a nursing home? “What if” you’re living in an independent living facility and need to move over to assisted living? Are your financial products going to pay you in a different manner, or will they even pay you more? These are all good questions, and we’re happy to review your situation with you, because sometimes the answer is yes! Take a look at the chart in this article to understand the different living situations that might come into play as

Even if you’re able to add up what you spend today, trying to determine what you will need when you retire is difficult because your spending is sure to change. While perhaps you won’t have a mortgage payment anymore, you may be asked to contribute to your grandchildren’s education, or perhaps you will want to add in a travel budget.  So then, how do you determine when you have enough? Many suggest that a good rule of thumb is to save around 25 times the amount you’ll spend in a year. That sounds like a hurdle you can’t meet, but

As we’ve seen from the news over this past week, many were caught up in the hurricane, and many did not have insurance that suited their needs. This is the case for many people because a natural tendency when purchasing something that pays money for a future event is to weigh the cost against the perceived risk of the event occurring. It may be time to assess if your life policy suits your needs. Whether you are using the policy to save funds for your beneficiaries, or as a product against which you can access funds should the need arise,

Someone asked us this past week if we would explain what the “Four Percent” rule is and how it came about. The Four Percent rule is based on a study by a financial advisor named William Bengen. His study suggested that one could safely withdraw 4% of their starting portfolio value for 30 years without running out of money. The rule was later popularized by a 1998 study based on the same data and a similar analysis. Both studies conclude what “the maximum ‘safe’ historical withdrawal rate” is. Call us if you have any questions about how to apply this

There was an interesting article the other day in the Wall Street Journal. The article discussed a recent survey of workers in their 60’s who were asked about their retirement preferences. The author found that the assumptions that are usually embedded in retirement income calculators–for example, good health, not wanting to make a bequest, and claiming social security as soon as you retire–fit only 4% of people. This is important to think about because it highlights that it’s going to be up to you as an individual to factor in your own preferences and needs as you think about the

“Money can’t buy happiness” is an adage that some people live by, and others ignore. According to a recent Purdue study: “income can correlate with emotional well-being and life satisfaction.” But, as a recent GoBankingRates article tells us, the price of happiness differs (apparently) depending on the State you live in. We may have some ideas on how to continue to have an income you can’t outlive post-retirement, which might just contribute to your happiness. Reach out to us. We’re always here to help. Read the GoBankingRates article.

We continue to read articles confirming that, while it certainly is an arduous task to work for decades and plan ahead to afford a comfortable retirement, what continues to unsettle many is the actual transition into a life post-workforce. For example, concerns about losing one’s routine, the fading away of workplace friends, and confronting the fact that you don’t always know what you’ll actually do in retirement. Rest assured, we can talk to you and try to help put your mind at ease. Additionally, we can get you in touch with other clients of ours, so you can discuss this

How much would you consider to be “enough money to retire?” Yes, you want to have enough money to ensure that you don’t go broke, and can afford basic expenses like food, housing, and medical care, but is that really “enough?” What goals do you want to reach in retirement, and what kind of budget will you need to reach them? If you’d like some ideas on how to obtain a source of income you can’t outlive, which may help you reach your goals, reach out to us. We’re always here to help.