The most common retirement mistake we see people making is that they put off planning or they just do nothing. Perhaps they have a lot of other urgent priorities in their lives, or maybe they’re frustrated by the complexity of devising a strategy. Procrastination is the enemy of the retirement you deserve. Here are three […]Read More
Let’s talk about what happens if you or your loved ones need long-term care. It’s a touchy topic because the results are not pretty if you failed to plan ahead. Nevertheless, it’s necessary to have the conversation sooner rather than later. Let’s start by defining long-term care. To be clear, we’re not talking about your […]Read More
If we told you that you could go to Vegas, play blackjack and never lose money, you might tell us to get fitted for a straightjacket (and that would be an apt recommendation). Now, what if you never lost your money on a losing hand but when you won, you only got half of the […]Read More
Contribute. Contribute. Contribute. For those with limited knowledge of retirement planning, this is the conventional wisdom. And it is, in fact, wise to contribute early and often to your retirement account (or multiple accounts, if you possess a bit of financial savvy). For most people, though, too much of the emphasis is on accumulating capital […]Read More
When thinking about saving for retirement, you may think that your 401(k) coupled with Social Security will provide the regular income you’ll need to fund your retirement. Unfortunately, that scenario has become less and less realistic over the past decades. If you’re like most folks, you probably haven’t had the means to contribute sufficiently to […]Read More
In the previous blog, we discussed the “Rule of 100” to calculate the acceptable level of risk at any given age when investing to accumulate income for your retirement. Risk versus return is one of the key tradeoffs with regard to your retirement income. If you have an excessive amount of market risk in your […]Read More
Over the years, we’ve worked with hundreds of people to plan their retirement income strategies. A comprehensive strategy has many moving pieces, and each piece can have a significant impact on the others. In planning retirement strategies for our clients, we often see them making the same mistakes. In fact, we’ve identified seven retirement mistakes […]Read More
“Whether ’tis Nobler in the mind to suffer the slings and arrows of deferred taxation or to take arms against a tax bomb and, by paying up front, diffuse it…” Gimmicky, I admit, but it addresses a question that we hear nearly every day from people concerned about building an optimal retirement strategy, “is it […]Read More
“Happiness is not something ready-made. It comes from your own actions”. I wish we could attribute that quote to ourselves, but it came from someone far wiser than us. Instead, we like to say, “Life is short. Plan to enjoy it,” same sentiment, right? The point is this: we often dedicate so much of our […]Read More
While Social Security shouldn’t be relied upon to be the sole source of income during retirement, it can play an important role in your overall retirement income strategy. But making sense of the basic ins and outs of Social Security can be overwhelming. Here are three questions people commonly ask as they approach retirement age: […]Read More
In the early days of childhood, we start picking up communication skills that are continually developed throughout our lives. We make close friends, stay in touch with them and make sure we’re there for the people we care about. But during retirement, it may take more effort to maintain those friendships. It’s important to remember […]Read More
A lack of savings among many U.S. households could mean a change in the perception of retirement. It used to be a foregone conclusion that once you were too old to work, you retired. That’s not always the case anymore. More than a third of U.S. households in prime earning years or later have no […]Read More
“You don’t stop laughing when you grow old, you grow old when you stop laughing.” ~George Bernard Shaw While some people accept getting older as a natural part of life, many others are on a mission to fight the aging process and maintain a youthful attitude and appearance. Although we are often reminded to “age […]Read More
According to the Bureau of Economic Analysis, Americans’ personal savings rates are about half of the amount they once were. For the past few years, the personal savings rate has hovered around 5 percent, but that’s still significantly lower than the savings rate from 1950-2000, which averaged 9.8 percent. For many retirees, a big concern […]Read More
The American College of Financial Services recently posted some surprising results from its Retirement Income Literacy Quiz. Nearly three-quarters of respondents ages 60 to 75 failed the test with a score of 60 percent or less. The quiz included topics such as which expenses are covered by Medicare and long-term care insurance and what age […]Read More
The White House recently introduced what it billed the “biggest tax cut” in U.S. history. While a presidential tax proposal is not likely to get passed without significant changes, the fact that Republicans dominate both chambers of Congress suggests 2017 may well be a year in which significant tax reform is engineered. One thing should […]Read More
How old do you have to be before you’re considered “old”? This number may change depending on the age of the person making the assessment. For example, a child or a teenager might think someone age 40 is old. That view is less likely to be held by a 39-year-old. History indicates you have to […]Read More
For many of us, retirement means living on a fixed income, and that often means making a budget and watching expenses. One way to help stay on budget is to shop for the best prices on items that fall within our discretionary income budget. According to Consumer Reports, even though consumers can now buy just […]Read More
Even people who have spent a lot of time planning for retirement may encounter unexpected challenges once they’re in those golden years. They focus on retirement income planning, which is, of course, important and appropriate — and we can help you there. They also focus on things they want to do while they’re still in […]Read More
Retirement is another chapter in your life; one that requires not only planning but day-to-day maintenance once you get there. And if you have a partner in life, it’s important to remember that your retirement, like a tandem bike, is built for two. Planning for your own retirement is complicated enough, but doing so at […]Read More
The first things that come to mind when thinking about retirement may be rest and relaxation, but before you reach that point, you need a financial strategy that can support your post-career plans. A recent study found many current retirees are worried about just making day-to-day expenses: The median annual income for married retirees is […]Read More
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Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Any references to guarantees or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.
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