Tag: retirement

Health Insurance in Retirement

Aug 21, 2024

At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever before. Staying healthy is your goal, and this can mean more visits to the doctor for preventive tests and routine checkups. There’s also a chance that your health will decline as you grow older, increasing your need for costly prescription drugs or medical treatments. That’s why having health insurance is extremely important.

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Tags: Certified Financial Planner Charlotte NC, Insurance, Medicare, Personal Finance, retirement

What Happens When There Are No Beneficiaries

Aug 2, 2024

Some accounts have no designated beneficiary. Rarely, the same thing occurs with insurance policies. This is usually an oversight. In exceptional circumstances, it is a choice. Without beneficiaries what happens to these accounts and policies when the original owner dies? (more…)

Tags: Certified Financial Planner Charlotte NC, Financial Planning, Legacy, retirement, Retirement Planning

Retirement Plans for Small Businesses

Jul 17, 2024

As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed certain tax benefits for establishing an employer-sponsored retirement plan, including a tax credit for establishing the plan and a deduction for contributions you make. In return, however, you’re required to include certain employees in the plan, and to give a portion of the contributions you make to those participating employees. Nevertheless, a retirement plan can provide you with a tax-advantaged method to save funds for your own retirement, while providing your employees with a powerful and appreciated benefit.

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Tags: financial advisor charlotte nc, Financial Planning, Personal Finance, retirement, tax guide, Wealth Building

Are You Retiring Within the Next 5 Years

Jul 10, 2024

You can prepare for the transition years in advance. In doing so, you may be better equipped to manage anything unexpected that may come your way. (more…)

Tags: Certified Financial Planner Charlotte NC, Personal Finance, retirement, Retirement Planning, Retirement Tax Savings

The Need for Power of Attorney

Jul 3, 2024

The point of the POA. A power of attorney (POA) is a legal instrument that delegates an individual’s legal authority to another person. If an individual is incapacitated, the POA assigns a trusted party to make decisions on his or her behalf. (more…)

Tags: Estate Planning, financial advisor charlotte nc, retirement

Couples Retiring on the Same Page

Jun 24, 2024

What does a good retirement look like to you? Does it resemble the retirement that your spouse or partner has in mind? It is at least roughly similar?

The Social Security Administration currently projects an average of 18 years for a retiring man and 21 years for a woman (assuming retirement at age 65). So, sharing the same vision of retirement (or at least respecting the difference in each other’s visions) seems crucial to retirement happiness. (more…)

Tags: financial advisor charlotte nc, Financial Planning, Personal Finance, retirement, Retirement Planning, Retirement Tax Savings

How To Rollover Your 401(k)?

May 29, 2024

When leaving your job or retiring, you have several options available for managing your retirement plan assets. You may be able to leave the money in your current plan, if your employer allows. Or you can take a lump-sum cash distribution, which will be subject to income tax and a 10% penalty if you’re under age 59½ (unless an exception applies), resulting in a potentially significant tax bill. Finally, you can roll the money into another tax-deferred account, preserving the primary tax advantages. (more…)

Tags: Certified Financial Advisor Charlotte NC, Certified Financial Planner Charlotte NC, financial advisor charlotte nc, Financial Help, Financial Planning, retirement, Retirement Planning, Wealth Building

Retirement and Adult Children

May 8, 2024

Families are one of the great joys in life, and part of the love you show to your family is making sure that their basic needs are met. While that’s only to be expected from birth through the high school years, many households are helping their adult children well into their twenties and beyond at the cost of their own retirement savings. (more…)

Tags: Family Wealth, Financial Planner Charlotte NC, Financial Planning, retirement, Retirement Planning

Tax Efficiency in Retirement

Mar 1, 2024

Will you pay higher taxes in retirement? Do you have a 401(k) or a traditional IRA? If so, you will receive income from both after age 73. However, if you have saved and invested much of your life, you may also end up retiring at a higher marginal tax rate than your current one. Tax efficiency in retirement is paramount and many people forget it. In fact, the income alone resulting from a Required Minimum Distribution could push you into a higher tax bracket. (more…)

Tags: Certified Financial Planner Charlotte NC, Investing, retirement, Retirement Planning, Tax Planning, taxes

Do Our Emotion or Biases Affect Our Financial Choice

Feb 16, 2024

Investors are routinely warned about allowing emotion to influence their decisions. However, they are less routinely cautioned about their preconceptions and biases that may color their financial choices.

In a battle between the facts & biases, our biases may win. If we acknowledge this tendency, we may be able to avoid some unexamined choices when it comes to personal finance. It may actually “pay” to recognize blind spots and biases with investing. Here are some common examples of bias creeping into our financial lives. (more…)

Tags: Family Wealth, Personal Finance, retirement, Wealth Building