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When You Have Enough Savings but Still Worry About Retirement Security

How much will be enough? It’s a common enough question to ask when saving for retirement. How much will I need? Is, unfortunately, a complex question without an easy answer as each person asking it will have a totally different backstory and portfolios.

Andersen Wins in Metropolitan Magazine 2019 Best Of Awards

We are thrilled to announce that Metropolitan Magazine has named Andersen Wealth Management the Best Investment Company and Best Financial Advisor in the Cambridge and Easton area for 2019! This is the fourth year Andersen has received the best Best Investment Company and the second time we have gotten the coveted Best Financial Advisor Award!

Financial Checklist for Baby Boomers

You’ve probably been hearing a lot about Baby Boomers lately. Not surprising considering this huge generation is reaching retirement age in a very different economic climate than their parents. In fact, 10,000 Boomers are turning 65 every day. Boomers, as a group, will be retiring with more debt than their parents, be it credit card, education, or a mortgage. On top of that, the cost of living has jumped significantly in the last few decades, with housing up 21% in the last three years alone, food up 26% in the last ten years. Medical costs even for those over 65 who qualify for Medicare have increased as well. What that means for retiring Boomers, as this is a population who has the potential, through lifestyle and advances in medicine, to live well into their eighties, nineties, and hundreds, is that they should go over the following checklist of financial goals.

The Biggest Hurdle of Retirement: Healthcare

For a lot of us working and saving and planning for retirement, how we will pay for our healthcare, is probably not at the top of our list. This may be in part because of Medicare. Medicare is a social program started in 1965 to insure the American population over the age of 65, who found it difficult to impossible to secure health insurance in their later years. In 1965 the life expectancy was 70 years old. Since then, people have started living a lot longer, and one of the main reasons for that is the use of medications, technology, and surgeries to prolong life and health. A longer life with more medical intervention also costs a lot more which is why Medicare is about 14% of the total federal budget and in 2018, ran up a $583 billion-dollar bill.

How to Avoid Retirement Tax Surprises

Retiring can come with some expensive surprises. To avoid getting hit with unexpected expenses when you retire, financial advisors suggest planning as far in advance. Even if you are just about to retire, there are a few tips that can save you a lot of money and headaches when you file your taxes. Since nearly half of retirees wish they had been better prepared for the jump in taxes in retirement. 1 in 4 says they paid thousands more than they anticipated, getting educated can be a real wallet saver. This is truer than ever for the upcoming retirees, as they are more likely to use tax-deferred options, like 401(k)s, as a main source of income.