“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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Do You Have a Gap?

There may be a gap between how much you spend and how much you think you spend. This gap should be factored in when trying to determine how much you’ll need in retirement: Probably more than you think. It’s natural to not want to think about this: It can be disconcerting to see what you spend on those one-off purchases that you rationalize in the moment, but don’t factor into future consequences. Call us. We can help you navigate your options to fill this gap and have enough to retire comfortably. 

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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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Assumptions About Expenses

Have you ever reflected on the fact that frequently, the final years of your full-time career often coincide with your peak income? However, as your earnings increase, so can your expenses. And if you’re not saving at the same rate, it could be difficult to sustain your lifestyle in retirement.  The reason for this is that many individuals who are not yet retired assume they will need less income in retirement, because the ‘expense’ of saving will no longer be there. They neglect to realize that not only will some expenses increase in retirement, for example, healthcare, but so will

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What won’t work

Will Your Strategy Work?

Heading into retirement, It is essential to understand your options, and what will work best for you. It is similarly important, however, to understand what won’t work. Are you aware of every factor you need to take into consideration going into retirement? If not, your current strategy may not be successful. You can reach out to us to learn more about this.  Read this Washington Post article to learn more about factors that could get in your way.

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Extend Savings While Balancing Risk

Retirement means more than a change in your employment status. It’s the point where the use of your savings changes. During retirement, a retiree’s focus turns from accumulating savings, to how they’re going to live off those savings, potentially for decades to come. That’s why it is important to focus on where and how your savings are stored and used to generate an income you will not outlive. Call us for some ideas on planning ahead to get a head start on the situation. We’re always here to help.

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The importance of saving up enough for retirement cannot be emphasized enough. Seniors who retire mostly or solely on social security often end up strapped for cash. So, it’s essential to have additional income sources to tap into that can provide additional income. While we know retirement savings should be your main priority, sometimes economic circumstances force us to put aside long-term goals. When that happens, it’s all the more important to determine how that money you’ve saved up can help you now. It’s vital that you find a way to stay protected, regardless of what the market does. Call

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We’ve written about several of the increases that are happening in 2023 and thereafter, and it is important to keep them all in mind as you plan for your retirement. Since hitting a 40-year high of 9.1% in June, inflation has cooled somewhat. If that trend continues, the Cost of Living Adjustment in Social Security payments will provide an especially strong buffer against higher prices, since the benefit increase is fixed at 8.7% through 2023. Call us if you’d like assistance in reviewing your income and expenses. We may have some ideas to help increase your income that you haven’t

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When Only One Spouse Retires 

Clients are coming to us more and more frequently with questions regarding this retirement situation: Let’s say one of a couple retires, and the other continues to work. This often presents a need for rebalancing in order to better ensure that the remaining spouse is sufficiently taken care of. Call us if you are in this situation. We may have ideas you haven’t been presented with.

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fill in that gap

Women Live Longer Than Men… What Does This Mean? 

We often mention in passing that life expectancy shows that women typically live longer than men. What does that mean to you? Well, you should think about the impact it could have on your retirement savings. When one individual passes before another, but both are using the same retirement savings pool of funds, a gap is created. The individual who lived longer must then consider the impact of their reduced savings. Sometimes, you can fill in that gap by carefully deciding who owns what and who the beneficiary is to one policy or another. Call us! We can help you

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