Most of us think about the lifestyle we want when we retire, even if it’s still a long way off. We make all kinds of plans—to spend more time with the grandkids, learn to paint, get more involved in charity work, or travel the world. The list is endless! But have you thought about whether or not your finances will be able to support your plans and what you need to do now to make your retirement goals a reality? If you’re not sure, you’re not alone. Whether it’s a year, 10 years, or more away, it’s never too early or too late to start planning! The following steps will help you get started.
Do you own waterfront property in Palm Beach or do you vacation at Grandma’s house every year? Whether you have a Lamborghini collection that spans every color of the rainbow or you drive an old beater, you should pay attention. Contrary to popular belief, people with all levels of wealth need an estate plan. Although the Tax Cuts and Jobs Act passed at the end of 2017 eliminated the federal gift and estate tax for the majority of people, there are several reasons why everyone should consider putting an estate plan in place.
A Health Savings Account (HSA) is like a Swiss Army knife of savings plans and can be a key retirement building block. It has many benefits and is super charged when used to cover the high cost of health care expenses.
Many people wish to have a portion of their retirement income guaranteed. For example, a man who knows that statistically he is likely to die before his wife may want to assure that a portion of her income will not fluctuate with their investment portfolio.
The expression “What a difference a day makes” means a lot if you have a son or daughter turning age 18. Before that 18th birthday, your cherub is a child, with little legal standing and few legal rights. You, as parent or guardian, are responsible instead. When he or she wakes up on the big day, everything is changed, even if everything looks the same.
Building and Understanding Your Credit You hear a lot about your credit score, which is very important when you think about making substantial financial decisions. Achieving and maintaining a high credit score will help make some of life’s major financial goals easier. This article will explain how your credit score is determined and what you should do to increase it.
Millennials are entitled. Millennials are lazy. Millennials don’t work hard. These are just a few of the stereotypes associated with millennials. Are these stereotypes true? Of course not. Millennials (generally defined as people born between 1982 and 2004) are anything but. In fact they have to work harder and smarter than previous generations to achieve financial wellbeing.
Are you a baby boomer? Are you thinking of retiring sometime in the not too distant future? If so, your friends are probably starting to talk about Social Security benefits. Do you understand the conversation? This article attempts to explain some of the basics. For such an important topic, it’s best to have accurate information rather than risk picking up incorrect information based on a friend’s mistake. You may even be able to impress your friends with your newfound knowledge.
Once the difficult decision to divorce has been made, the parties must consider whether or not to litigate or use Alternative Dispute Resolution (ADR). Deciding whether a family’s unique circumstances are best suited for litigation or ADR will determine the time expended, emotional toll taken, and financial cost of a divorce. Other factors to consider in the decision include the ability to retain more control over the process, privacy, finality, and the impact on preserving relationships.