According to Nationwide Retirement Institute, nearly half of retirees wish they had been better prepared for the taxes they would pay in their retirement years. In fact, a full 25 percent reported paying thousands more than expected. These surprise expenses can be frustrating at best and downright painful at worst, and they’re getting more and more common as retirees rely on tax-deferred options like 401(k) accounts.Read More
If you’ve ever had a retirement conversation with your spouse that left you both frustrated or confused, it may not surprise you to learn that the majority of married couples find themselves misaligned when it comes to financial values and money management. In fact, 43% of couples are not even on the same page about when to retire.
At first glance, it may seem strange that two people living together – possibly for decades – are saving toward divergent timelines. However, money topics, in general, are common sources of frustration in relationships and are often cited as the main factor in divorce. Today, boomers are divorcing at higher numbers than their parents – often called gray divorce – meaning that the money saved for retirement will have to do double duty in order to serve both spouses when they part ways.Read More
Family Gatherings are Prime Opportunities for Discussions About the Future
Do you subscribe to the belief that family gatherings aren’t an appropriate place to discuss things like politics, religion or money? Many people feel this way, causing them to put off financial discussions about the future for another time. However, when your family is gathered together celebrating Thanksgiving and you’re feeling gratitude for the loved ones around you, it can open the door for important money conversations that impact your family’s future.
Why You Should Never Neglect Estate Planning
Topics such as where your assets will go when you die can be uncomfortable to broach, but estate planning is integral to your family’s financial future. Establishing a thoughtful succession plan using a document like a will or a living trust can benefit your whole family and ensure your wishes will be met. Ideally, you should have these plans in place before an emergency occurs, and while the oldest members of the family are still in good health, both physically and mentally.Read More
There’s More to it Than You May Think
Imagine this: you plant a beautiful flower garden and tend it faithfully for forty years. You protect it from stormy weather and pests, you never pick its beautiful blooms and you don’t traipse through it for fun. You never even get close enough to smell the fragrant flowers or run your hands through them because you’re focused solely on growing them taller and stronger without hindering their progress.Read More
Retiring rich is something we all dream of, but it requires dedication and planning to make this dream a reality. For many Generation X-ers, it’s a dream that could be beyond reach without intervention. A new study from the Transamerica Center for Retirement Studies showed that only 14 percent feel they will have saved up enough to live comfortably in retirement. This stunning statistic illustrates the importance of using your forties to examine your financial preparation for your retirement years.Read More
Did you know that over 60 million Americans are living in a home with either grandparent, grandchildren, or with two or more adult generations? That’s nearly 20% of America.
Whether it was planned or not, you may at one time be living in a multi-generational household. Kids may need to move back in after college. In fact, over 36% of 18-31year olds are living at home. Forty-seven percent of adults aged 40-50 have a parent 65 or older and are still raising or have adult children with financial needs. Whether it’s the cost of living increases, childcare needs, health issues, or a job loss, the trend of moving into a multi-generational family home has been on the rise since 1980, hitting a high point during the 2007-9 recession. Whatever the case, living in a multi-family household can be an enriching and positive experience. This article will go over some ways to streamline the process so that it is beneficial to everyone.Read More
All signs are pointing to higher taxes in the future. The middle class, especially those diligently saving for retirement in their 401(k)s and IRAs, need to be ready for that.
There’s so much political news these days. I can’t turn on any news channel and not hear a constant drumbeat of Trump, Trump, Trump.
But he’s not the only story.Read More
Did you know only 52% of Americans invest in the stock market? The reasons for this are varied, from fear after the market crash of 2007-2008, the current market unpredictability, to a lack of understanding/fear. Since 1995 though, the S&P 500 has risen 7.8% a year on average. At that rate, someone starting with $1,000 and putting just $100 a month into a fund indexed to the S&P would after 35 years have $227,078 — enough to generate an added $17,000 a year of income in retirement.Read More
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.Read More