When someone you love passes away and they leave you an inheritance, there are a few things you may want to keep in mind as you move through the grieving process. We understand it can be a very difficult time, so we have some recommendations and explanations to hopefully help make the financial side of things a little easier for you. The definition of wealth transfer: Wealth transfer is the process of moving money and assets [...]
You’ve worked for your entire career to set up the life that you’ve always wanted, but that doesn’t always mean that the money and assets you’ve gained over the years will last. A part of retirement planning that people often overlook is wealth protection planning. Without a proper wealth protection plan in place, your savings may dwindle as you move into retirement, and there will be less available for your beneficiaries to inherit. The definition of [...]
There’s a hack to retirement that you may not know about: passive income strategy. The usual tried and true plan for retirement, where you save money in a tax-advantaged account and claim Social Security, is a great backbone for your plan. But people often don’t think about what passive income can do for their savings. So, what is passive income? Passive income tends to come from investments that provide regular payouts. Here are some options for [...]
In the complex and ever-evolving landscape of financial planning, the ultimate goal for many individuals extends beyond personal wealth accumulation. It encompasses a profound desire to ensure that their legacy endures through their descendants, manifesting as generational wealth. This ambition, while noble, is fraught with potential legal and financial hurdles, particularly in the realms of estate planning, including wills and trusts. However, a meticulously crafted strategy can help enable individuals to circumvent these challenges, paving the [...]
You may think that Medicare covers all of your medical expenses when you retire…but it doesn’t. We often see clients who have a really solid retirement plan that takes almost everything into account except for medical expenses. They often think, “Well, I’m healthy now, so I’ll be healthy in the future.” But that isn’t always the case. Here are a few areas that some Medicare plans and option configurations may not cover. If you’re aware of [...]
Chances are you haven’t factored long-term medical care into your financial plan. Two out of every three baby boomers don’t have any plan in place for needing long-term care.[1] Long-term care is medical care that goes beyond just normal doctor’s visits. It is medical care where someone helps you with the functions of everyday living, like eating and bathing. It can look different from person to person and situation to situation, but no matter what you [...]
There has been a lot of chaos in the market over the last few years, and you may find yourself worried that you’re retiring at the wrong time. You may be worried that you could retire right before the markets and economy potentially turn sour. These are both legitimate concerns, but there are strategies that you can employ to help protect yourself against retiring during a bad market. Why can it be bad to retire while [...]
The holidays are a time when everyone is surrounded by family members and having a great time, but it may also remind you that your life is intertwined with that of your family’s, including when it comes to finances. If you are unsure about how your financial goals connect to your family’s, now might be a great time to discuss it with them! During the holidays, your family may be receptive to understanding how their future [...]
The holiday season is a time of joy, celebration, and giving. However, amidst the excitement, it's essential to make sound financial decisions to help prevent regret in the New Year. Here are some common financial mistakes that people often make during the holiday season and why you should avoid them. Excessive Spending The season is characterized by gift-giving, decorating, and feasting, which can easily lead to overspending. The allure of discounts and special offers can also [...]
One crucial aspect that you should financially monitor is the common financial stumbling block encountered when shifting to a retirement lifestyle. Here are some valuable insights from our professionals for those on the verge of retirement: Stick to a Well-Constructed Plan Having a well-defined blueprint for your retirement plan, which considers your budget and expected expenditures, is crucial. If your plan is working, then you probably want to stick with it. However, there may be times [...]