Debunking Common Retirement Assumptions
Dec 6, 2019
Financial generalizations are as old as time. Some have been around for decades, while others have only recently joined their ranks. Let’s examine a few common retirement assumptions.
Retirement means I can stop investing. In the past, retirement was viewed as an “end” in many ways. These days though, retirement is often seen as an opportunity to return to one’s passions or just another of life’s many chapters. That doesn’t mean you should stop investing, however. (more…)
Tags: retirement, Retirement Planning
Insurance Needs for Empty Nesters and Retirees
Nov 13, 2019
With the children now out of the house, financial priorities become more focused on preparing for retirement. At this stage, you may very likely be at the height of your earning power and fast approaching peak savings as you lay the groundwork for retirement. During this final leg to retirement – and throughout your retirement period – wealth protection is critical.
The preservation of your assets will not be solely a function of your investment strategy, but will include a comprehensive insurance approach to protect you against an array of financial risks, most especially health care. (more…)
Tags: Insurance, retirement, Retirement Planning
Reducing the Risk of Outliving Your Money
Nov 11, 2019
“What is your greatest retirement fear?” If you ask any group of retirees and pre-retireesthis question, “outliving my money” will likely be one of the top answers. In fact, 51% of investors surveyed for a 2019 AIG retirement study ranked outliving their money as their top anxiety.
Retirees face greater “longevity risk” today. The Census Bureau says that Americans typically retire around age 63. Social Security projects that today’s 63-year-olds will live into their mid-eighties, on average. This is a mean life expectancy, so while some of these seniors may pass away earlier, others may live past 90 or 100. (more…)
Tags: financial advisor charlotte nc, Retirement Planning
Systematic Withdrawal Strategies
Oct 25, 2019
Some retirees wish they could simplify money management.Estimating investment income, annual retirement plan distributions, and quarterly taxes can be a chore.
This is why some retirees choose to make systematic withdrawals. Just as they contributed a set amount per month to their retirement accounts while working, they now withdraw a set amount from their accounts each month, quarter, or year.
The simplicity of this may appeal to you. The potential drawback is that a systematic withdrawal strategy can risk oversimplifying the complex matter of retirement income distribution. (more…)
Tags: charlotte NC, retirement, Retirement Planning
Retirement Wellness
Oct 2, 2019
How healthy a retirement do you think you will have?If you can stay active as a senior and curb or avoid certain habits, you could potentially reduce one type of retirement expense.
Each year, Fidelity Investments presents an analysis of retiree health care costs. In 2019, Fidelity projected that the average 65-year-old couple would spend around $285,000 on health care during retirement, including about $11,000 in the first year. Both projections took Medicare benefits into account. (more…)
Tags: charlotte NC, financial advisor, Retirement Planning
Your Changing Definition of Risk in Retirement
Sep 13, 2019
During your accumulation years, you may have categorized your risk as “conservative,” “moderate,” or “aggressive,” and that guided how your portfolio was built. Maybe you concerned yourself with finding the “best-performing funds,” even though you knew past performance does not guarantee future results.
What occurs with many retirees is a change in mindset – it’s less about finding the “best-performing fund” and more about consistent performance. It may be less about a risk continuum – that stretches from conservative to aggressive – and more about balancing the objectives of maximizing your income and sustaining it for a lifetime.
You may even find yourself willing to forgo return potential for steady income. (more…)
Tags: Retirement Planning
A Bucket Plan to Go with Your Bucket List
Aug 19, 2019
The baby boomers redefined everything they touched, from music to marriage to parenting and even what “old” means – 60 is the new 50! Longer, healthier living, however, can put greater stress on the sustainability of retirement assets.
There is no easy answer to this challenge, but let’s begin by discussing one idea – a bucket approach to building your retirement income plan.
The Bucket Strategy can take two forms. (more…)
Tags: financial advisor charlotte nc, Retirement Planning
The Cost of Procrastination
Aug 16, 2019
Some of us share a common experience. You’re driving along when a police cruiser pulls up behind you with its lights flashing. You pull over, the officer gets out, and your heart drops.
“Are you aware the registration on your car has expired?”
You’d been meaning to take care of it for some time. For weeks, you had told yourself that you’d go to renew your registration tomorrow, and then, when the morning comes, you repeat it again.
Procrastination is avoiding a task that needs to be done – postponing until tomorrow what could be done, today. Procrastinators can sabotage themselves. They often put obstacles in their own path. They may choose paths that hurt their performance. (more…)
Tags: retirement, Retirement Planning
Roth IRA Conversions
Aug 5, 2019
If you own an Individual Retirement Account (IRA), perhaps you have heard about Roth IRA conversions. Converting your traditional IRA to a Roth IRA can make a lot of sense depending on your situation. But remember, consulting with your financial advisor before making financial decisions is never a bad idea. Ready to learn more? Read on. (more…)
Tags: financial advisor charlotte nc, Retirement Planning
An Estate Strategy for Your Digital Assets
Jul 24, 2019
When you think about your estate, you may think about your personal property, real estate, or investments. You also have other, less-tangible assets – and they deserve your attention as well.
Your digital assets should not disappear into a void when you die. Nor should they be stolen by thieves. You can direct that they be transferred, preserved, or destroyed per your instructions. Your digital assets may include information on your phone and computer, content that you uploaded to Facebook, Instagram, or other websites, your intellectual/creative stake in certain digital property, and records stemming from online communications. (That last category includes your emails and text messages.)
Think of it this way: each password-protected account that you have signifies a digital asset. You may feel that some of these accounts have little (more…)
Tags: charlotte NC, financial advisor, Retirement Planning
More Insights
Dec 9, 2019
Good credit may open doors. It is vital to securing a loan, a business loan, or buying a home. When you establish and maintain good credit in college, you create a financial profile for yourself that can influence lenders, landlords, and potential employers. Unfortunately, some college students do not have good credit. In fact, Credit … Continue reading “Establishing Good Credit in College”
Dec 6, 2019
Financial generalizations are as old as time. Some have been around for decades, while others have only recently joined their ranks. Let’s examine a few common retirement assumptions. Retirement means I can stop investing. In the past, retirement was viewed as an “end” in many ways. These days though, retirement is often seen as an opportunity … Continue reading “Debunking Common Retirement Assumptions”
Dec 4, 2019
What is a relationship with a financial advisor worth to an investor? A 2019 study by Vanguard, one of the world’s largest money managers, attempts to answer that question. Vanguard’s whitepaper concludes that when an investor works with an advisor and receives professional investment advice, they may see a net portfolio return about 3% higher … Continue reading “Measuring the Value of a Financial Advisor”
Dec 2, 2019
Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA. The trust would inherit the IRA upon your passing, and your beneficiaries would then have access to … Continue reading “Can You Put Your IRA into a Trust?”
Nov 29, 2019
We all know the value of a good credit score. We all try to maintain one. Sometimes, though, life throws us a financial curveball and that score declines. What steps can we take to repair it? Reduce your credit utilization ratio. Your credit utilization ratio (CUR) is the percentage of a credit card’s debt limit … Continue reading “Ways to Repair Your Credit Score”
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