4 Ways to Prepare No Matter What the Future Brings

Nobody has a crystal ball to tell us exactly what the future holds, but don’t let uncertainty be the reason you’re unprepared for retirement. As someone who has worked hard for what they’ve earned and is likely invested in America’s future, you may be concerned about what the future could bring. But, it’s important to remember that no matter what’s happening in Washington, you have the opportunity to be in control of your personal financial wellbeing. Here are 4 ways you can help prepare yourself and your retirement for the unexpected. Decide on a Social Security Maximization Strategy Social […]

What You Need to Know about Index Funds and Mutual Funds

On their surfaces, index funds and mutual funds may seem interchangeable. Both offer diversification of assets and are commonly invested in a basket of stocks that aim to meet a certain investment goal. However, there are many key distinctions that separate an index fund from a mutual fund – distinctions that may be crucial to your portfolio of retirement investments. The Breakdown of Index Funds Index funds invest in a specific list of securities, such as a Dow Jones Industrial Average or S&P 500 index, which track stocks based on certain factors. The Dow Jones is a qualitative index […]

3 Birthdays You Need to Know for Your Retirement Accounts

Optimizing your retirement savings takes more than just making sure your IRA is properly invested in this market. There are rules and regulations that can help you avoid higher taxes and penalty fees and help you structure your income to minimize taxes. Knowing these three ages can help you get the most out of your retirement accounts.  Take Catch-up Contributions at 50 At age 50, workers with certain qualified retirement plans can make annual “catch-up” contributions in addition to their normal contributions. In 2022, you can contribute up to $6,000 to an IRA if you are under 50 and […]

Thinking About Retirement? The Basics of Financial Literacy Are Your North Star

Working towards retirement, you may have a detailed plan on how to manage your finances so that you have enough saved by the time you leave the workforce. With no external income coming in, there will be a new rulebook on how to manage your retirement earnings, expenses, and investments – not just so that you can keep growing your portfolio – but so you can live comfortably. Financial literacy in retirement is therefore crucial to achieving the retirement you dream of and can be understood through the following basics. Earning In retirement, you start to pay yourself with […]

Does the 4% Rule Really Work?

During your saving years, your main goal is to accumulate wealth so that you have the resources to achieve a comfortable retirement. But that is just half the battle. How you use your savings to cover your living costs is the real key to living the retirement of your dreams. You may have done some research on what strategies you can use to provide yourself with the income and liquid cash you need to cover your expenses in retirement and come across a few general, cookie-cutter strategies, such as the 4% rule. What is the 4% Rule? The 4% […]

3 Strikes to Avoid When Tax Planning

Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. A comprehensive tax strategy can help to avoid these three common mistakes. Taking Too Much Income When you start to approach retirement, you’ll have to start thinking about transitioning from the wealth accumulation stage to the income stage of your life. The whole point of saving for retirement is to live comfortably off your savings in retirement. But asking your money to provide you income is […]

A Financial Advisor Can Prepare You for A Wintery Market

When the winter season comes around, you’ll likely have to adjust your routines and prepare for the cold. If you’re in colder states, you may be looking to purchase a new winter coat or snow boots, or skiing equipment for your winter holidays. Or you may be restocking your snow salt for what are soon-to-be icy sidewalks and driveways. If you live in warmer states, maybe you’ve closed your windows and patios and put your fans and AC units away. The same way you prepare for the winter, you might have to prepare your retirement finances for a potential […]

What Volatility Truly Means

It is very common lately to hear the word “volatility”. Usually, when it comes to financial talk, “volatility” is used to describe a downward trend. But that’s not what volatility really means. Volatility is technically referring to large up and down swings in the market over short periods of time. It doesn’t just mean a downward trend. The Ups and the Downs It’s important to make sure your financial plan is protected against downward trends. When markets are smoothly climbing, it can seem as if there is little danger involved in holding risky assets in your retirement portfolio. But […]

Inflation and a Gallon of Milk

In 1960, a gallon of conventional whole milk was 31 cents, and today it’s $4.21, on average.[1] A few dollars might not seem like much, but that’s a 1,258% increase! Now that we’re seeing high inflation, the buying power of your money – including your retirement savings – could be seriously impacted. When calculating how much money you need to retire, consider what you’re left with after inflation. The Value of Money Over Time When you think about the fact that almost everything you buy is increasing in price, inflation is a major concern. The value of your money […]

For Richer or Poorer – A Married Couple’s Guide to Money Management

Most people marry for love. You want companionship, someone to share life experiences with, and maybe you have a family and want to grow old together. According to the Current Population Survey, 2021 ASEC Supplement, there are some 131.4M married adults in the U.S.1 Marriage has many blessings. But it’s not all roses and rainbows. Challenges happen in marriages. And finances tend to be the number one stressor and leading argument topic between spouses. About 70% of married couples have already or will have arguments about money.2 The good news, though, is that discussing finances doesn’t have to be […]