Financial Planning Archives

Don’t Leave Your Retirement Stability Up to Chance

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 [...]

Rebecca Mack2023-12-19T22:19:53+00:00December 19, 2023|Financial Planning, Retirement Planning|

Help Boost Your Income with These 3 Strategies

Do you feel like you have enough saved for retirement? Do you have anything saved for retirement? If your answer to either of these questions is no, then our advisors may have some strategies to help you turn your retirement income strategy around. Here are some things that our advisors recommend when it comes to boosting your retirement savings: Assess Your Financial Situation Honestly This isn’t as easy as it sounds. When you were a kid [...]

Rebecca Mack2023-12-06T12:16:31+00:00December 6, 2023|Financial Planning, Retirement Income, Retirement Planning|

What to Expect When Working with a Financial Advisor

Working with a financial advisor is a big deal. In the same way a good doctor may know key aspects of your personal health, a good financial advisor will know the crucial aspects of your financial situation–all to help you improve your financial health and retirement longevity. That’s why it’s important to know what to expect when working with a financial advisor and understand where and how your advisor can improve your finances. Understanding Your Financial [...]

Rebecca Mack2023-12-01T15:18:28+00:00December 1, 2023|Financial Planning|

2 Ways to Help Take Care of Debt in Retirement

The unfortunate reality is that many Americans are now headed into retirement with some amount of debt.[1] In 2016, almost 61% of Americans were moving into the retirement stage of their life with unpaid debt.[1] And while you may think that your expenses will decrease once you retire, that isn’t always the case.[1] Sometimes, your expenses may stay the same, and other times, your expenses could go up. Unfortunately, there’s no way to predict your month-to-month [...]

2023-09-21T16:16:35+00:00September 21, 2023|Financial Planning, Retirement Planning|

How to Achieve Financial Freedom

The difficult thing about “financial freedom” as a concept is that many people define it in a vague way. Most people think of it as not having to worry about money and being able to have the things they want without having to scrimp and save for them. But there are all sorts of things that cause worry in regard to our money: mortgage payments, credit card debt, or how much money is in our retirement [...]

Rebecca Mack2023-08-07T19:48:55+00:00August 7, 2023|Financial Planning|

Inflation May Finally Be Slowing Down!

Inflation has been a hot-button issue in finance and politics lately. You may have noticed changes in inflation yourself if you went to buy something and it was much more expensive than you expected. Eggs are a great example of this. In 2022, the price of eggs went up by 59.9% due to an outbreak of avian influenza.[1] Another factor was the pandemic, which caused disruptions to supply chains across the globe, causing inflation and increasing [...]

Rebecca Mack2023-07-26T05:26:10+00:00July 26, 2023|Economy, Financial Planning|

Using Your House to Fund Your Retirement

It is possible for a person to end up in a situation where they have a lot of money in a home but don’t have a lot of money in the bank. If you have been paying off your mortgage for years, your equity in the home could amount to a lot of money. But that isn’t money you can use without making significant financial changes. And just because you have a high-value home, it doesn’t [...]

Rebecca Mack2023-07-11T19:15:10+00:00July 11, 2023|Financial Planning, Real Estate, Retirement Planning|

Creating and Maintaining Generational Wealth in Retirement

In today’s fast-paced world, ensuring financial stability for future generations can be a daunting task. However, it is a common goal for retirees to create and maintain generational wealth in retirement. What better way to leave a legacy than to provide financial security? That’s why this article will provide valuable tips and insights to help retirees build a legacy for their families and future generations. The Foundations of Financial Planning Proper financial planning is widely considered [...]

Rebecca Mack2023-06-30T15:14:21+00:00June 30, 2023|Estate Planning, Financial Planning|

Banking Sector Issues and Your Finances

In recent months there have been 3 major bank shake-ups: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank.[1] This has generally led to fears that there is a larger recession on the horizon. The financial crisis of 2008 was also precipitated by bank collapses, so this has many experts watching the market carefully. The main concern is that confidence in banks will decrease, and this will lead to more bank failures, which is what [...]

Rebecca Mack2023-06-23T15:44:00+00:00June 23, 2023|Financial Planning|

How Long Can I Keep My Money in My Retirement Account?

In most cases, you can’t actually keep your money in your retirement accounts forever. Even if you don’t need the money from your retirement accounts, many of them will require you to begin withdrawing from them when you are 73 years old.[1] This is called a required minimum distribution (often shortened to RMD). More specifically, you must start taking RMDs by April 1st following the year you turn 73.[2] The amount you are required to withdraw [...]

Rebecca Mack2023-05-15T23:12:56+00:00May 15, 2023|Financial Planning, Retirement Income|