RETIREMENT

The More You Know: Reverse Mortgages & Estate Planning

By |2021-01-27T12:14:19+00:00May 21st, 2019|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP, RETIREMENT|Tags: , , |

You have likely seen several advertisements for reverse mortgages if you have spent any time watching television or surfing on the internet. The concept and sell is a simple one: as long as you own and live in your home, you can supplement your retirement income with a loan that you do not need to pay off. The trade-off when it comes to a reverse mortgage is that you are using your home’s equity to receive that extra retirement income. Even if a reverse mortgage is right for your circumstances, entering into a reverse mortgage is something that should be [...]

RETIREMENT PLANNING FOR BUSINESS OWNERS

By |2021-01-27T12:01:15+00:00August 23rd, 2018|Categories: BUSINESS PLANNING, ESTATE PLANNING, RETIREMENT|Tags: , , , |

For many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings. But, when you’re the owner of a business, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts, there’s also planning for the business itself. Who will run the business after your retirement? Additionally, your estate plan must integrate into your retirement and business transition strategy. Owners of businesses (like employees and everyone else) want to make sure they will have enough money in retirement. [...]

HOW TO LEAVE YOUR LIFE INSURANCE AND RETIREMENT PLAN TO YOUR MINOR CHILDREN

By |2021-01-27T11:09:41+00:00August 23rd, 2018|Categories: ESTATE PLANNING, RETIREMENT|Tags: , , , , , |

Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a particularly helpful financial tool to protect your loved ones, it is just as important to consider how to leave the proceeds to your minor children. Beyond [...]

RETIREMENT PLANNING FOR BUSINESS OWNERS

By |2021-01-27T12:26:16+00:00May 21st, 2018|Categories: BUSINESS PLANNING, ESTATE PLANNING|Tags: , , |

For many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings. But, when you’re the owner of a business, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts, there’s also planning for the business itself. Who will run the business after your retirement? Additionally, your estate plan must integrate into your retirement and business transition strategy. Owners of businesses (like employees and everyone else) want to make sure they will have enough money in retirement. [...]

3 THINGS YOU MUST DO ONCE YOUR DIVORCE IS FINAL

By |2021-01-27T12:12:01+00:00March 15th, 2018|Categories: ESTATE PLANNING|Tags: , , , , |

The divorce process can be long and expensive.  However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible. Change Beneficiary Designation On Life Insurance A life insurance policy is a contract between you and the insurance company.  You designate the beneficiary (the individual(s) or entity who will receive the proceeds upon your death) and the insurance company will pay them when you die. Because the beneficiary [...]

HOW TO LEAVE YOUR LIFE INSURANCE AND RETIREMENT PLAN TO YOUR MINOR CHILDREN

By |2021-01-27T12:11:45+00:00March 8th, 2018|Categories: ESTATE PLANNING|Tags: , , , , |

Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a particularly helpful financial tool to protect your loved ones, it is just as important to consider how to leave the proceeds to your minor children. Beyond this, [...]

FINANCIAL SMARTS PEAK AT 50, HERE’S HOW TO PROTECT YOUR OLDER SELF

By |2021-02-05T10:51:15+00:00November 16th, 2015|Categories: ESTATE PLANNING|Tags: , |

A recent study conducted by Texas Tech University concluded that the ability to make smart financial decisions peaks at age 50.  This decline was observed in both men and women, making both sexes equally vulnerable to financial fraud as they age. 4 Tips for Protecting Your Finances From Scams, Shams and Schemes as You Age In “4 Ways to Protect Your Retirement Money From Scammers (and Your Future Self)” (Time.com), Liz Weston points out that fraud victims age 65 and older lost an average of $30,000, and one in ten lost more than $100,000. Now that I have your attention, [...]

5 MOST EXPENSIVE STATES FOR RETIREES IN 2015

By |2021-02-05T13:17:40+00:00July 16th, 2015|Categories: ESTATE PLANNING|Tags: |

While there are many factors to consider when choosing the place where you will retire, the ones that will impact your wallet may be the most important.  Why?  Because having a low crime rate and beautiful weather will be irrelevant if high costs deplete your retirement nest egg faster than anticipated. Recently Investopedia.com compared cost-of-living and tax-rate data from Bankrate.com’s list of “Best and Worst States to Retire” and Kiplinger’s list of “10 Worst States for Retirement” to come up with their list of “The Most Expensive States to Retire In.”  We’ve added Genworth’s “2015 Cost of Care Survey” to [...]

AGING.GOV: A NEW RESOURCE FOR OLDER AMERICANS AND THEIR FAMILIES

By |2021-01-27T13:43:47+00:00March 19th, 2015|Categories: ESTATE PLANNING|Tags: , , |

More than 10,000 people turn 65 in the U.S. every day according to Aging.gov (https://www.hhs.gov/aging/), a new website recently launched by the Obama administration.  The goal of this website is to act as gateway for older Americans and their families, friends and caregivers to locate information about leading a healthy lifestyle, options for health care, preventing elder abuse, and retirement planning. Healthy Aging According to the website, healthy eating habits, physical activity, and involvement in your community help contribute to living a long, productive, and meaningful life.  This section of the website offers links to dietary guidelines for older Americans, the American [...]

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