Showing posts with label Financial Planning. Show all posts
Showing posts with label Financial Planning. Show all posts

Tuesday, October 5, 2021

Top 4 Places To Retire When You Have A Lot Of Life Left In You

Now that you have finally retired after decades of working, some people might think you are ready for a rocking chair on the front porch. However, you know better. 

Since you are only as old as you feel, you realize you've still got plenty of life left in that body of yours. With so many places to go and people to see, it's important to pick a retirement destination that lets you do that and much more. 

To make your retirement one that is fantastic day after day, here are four great places to enjoy your retirement.

Sarasota, Florida

If you want white-sand beaches, a walkable downtown, and plenty of things to do near your home, Sarasota may be the place for you. A major tourism spot in Florida, the city is filled with museums, art galleries, and restaurants that serve every kind of food you can imagine. 

When combined with low property taxes, almost nonexistent crime, and a large retiree community where you can make plenty of friends, Sarasota is hard to beat.

Myrtle Beach, SC

While many places may not be able to compete with Sarasota, Myrtle Beach is an exception. Home to about 30,000 permanent residents, this South Carolina paradise has golf courses galore, lots of festivals, and much more. 

Best of all, when you are exploring Myrtle Beach Premier Properties, you'll find out property taxes are low, the state offers a homestead exemption for residents over age 65, and plenty of other financial benefits.

Manchester, New Hampshire

Should you want to retire to the northeastern part of the U.S., Manchester is a New Hampshire city you may want to consider. Surrounded by mountains and forests, the fall foliage is spectacular. 

If you love wintertime and perhaps want to do some skiing or other winter activities, Manchester gets about 60 inches of snow annually. When it's not snowing, plan on visiting local farmers’ markets and retail shops on Main Street.

Nashville, TN

Finally, you can spend your retirement hanging out at the Grand Ole Opry and other spots in Nashville. Long known for being the country music capital of the world, Nashville also features over 100 public parks, museums and restaurants, and pro football and hockey teams you can cheer on when attending their home games.

Since you have no plans to sit in that rocking chair and count cars as they go by your home, consider any of these great retirement destinations. Whichever one you choose, your days and nights will be filled with plenty of fun activities.

Sunday, October 3, 2021

How to Make Sure You're on the Right Financial Path to Retirement

Planning for retirement doesn’t happen overnight. It takes careful planning and budgeting. The earlier you can get started the better position you’ll be on the right financial path to retirement. Here are some tips to help you get started!

Get Paid to Save With Your Employer

Many employers today offer a retirement savings plan like a 401k or a 403b where you may contribute a portion of your paycheck to go towards your retirement savings. 

This not only helps you start saving for the future, but employers may even match a percentage of your contribution. It’s literally free money for investing towards your future. Take advantage of this benefit if your employer offers it. It also uses pre-tax dollars.

Review Your Investments

In addition to a 401k plan with your employer, you can contribute to retirement through a traditional IRA and Roth IRA. There is a limit on how much may be contributed towards these plans each year depending on your income. 

Invest wisely by diversifying your portfolio. Don't put all your eggs in one basket. These investments also require periodic review. As you near retirement, consider investments with less risk. A financial advisor may help construct a financial plan to help you achieve your financial goals for retirement.

Budget for Your Retirement

How much you need to put away for retirement depends on the type of lifestyle you want to live. The factor is that on average Americans spend about 20 years in retirement, but the longer period of retirement you can plan for the more comfortable you'll be financial. 

If you want to maintain your existing lifestyle after retirement, you'll need about 70-90% of your pre-retirement income.

Reduce/Eliminate Debt

Entering retirement often means less income. The more debt-free you are, the less there is to worry about finding income to cover for that expense. Consider what you have and what you may want to offload. Do you have two cars, but only need one during retirement? 

Are you an empty nester and don't need a home with as many bedrooms? These are all considerations to help reduce and offload unnecessary expenses. The more you can clear out debt before retiring, the easier it’ll be for you financially.

Determine Your Retirement Age

Consider how long you will be working. Are you planning to take Social Security when you reach full retirement age? Taking it earlier can mean a reduction in your benefits, so the longer you can hold out until full retirement age the more benefits from Social Security.

It's never too early to start thinking and planning for your retirement! For some, a financial advisor may be necessary to help ensure the right financial path to retirement.

Thursday, August 26, 2021

5 Top Financial Thought Leaders to Start Following in 2021

In today’s knowledge economy, intellectual capital is the most valuable resource. Becoming an entrepreneurial leader like Sanjiv Bajaj in the financial services domain not only requires experience and expertise, but also insights of industry leaders. 

Here is where sage learning and singular vision intermingle to produce innovation that finds currency in the market.

To tap into a stream of rich ideas, follow these 5 top financial thought leaders.

Anthony Clervi, Investor & Entrepreneur, Una

Anthony has a ton of experience in the investment, procurement, and supply chain industries. He draws from these wells to empower business leaders with actionable resources. 

He runs a thought leadership blog and is frequently invited to share his insights on podcasts. He is looked on by peers as the quintessential millennial leader and he believes that at heart, he is a “practitioner and an inspirer”.

Sucharita Mukherjee, CEO and Co-founder, Kaleidofin

Sucharita has been recognized as a Young Global Leader by the World Economic Forum. Using an inclusive approach to digital disruption in finance, she uplifts underbanked customers with tailor-made fintech solutions with Kaleidofin. 

She is among the highly esteemed inclusive fintech leaders in the world and works towards providing a better tomorrow for the excluded. Her experience at Morgan Stanley and Deutsche Bank in London enables her to pursue the goal of developing the informal finance sector. 

With financial inclusion in the crosshairs, she’s working on paving an easier way to access capital markets.

Wendy De La Rosa, Co-founder, Common Cents Lab

Head of research at Common Cents Lab, Wendy’s forte lies in using behavioral science to aid financial planning. Her website is chock full of case studies and resources, all designed to improve the financial health of those in the low- to moderate-income categories. A TED speaker, Wendy helped Google kick start its opening behavioral economics unit. 

Some of her works are published on Forbes, PBS Newshour, Scientific American, and TechCrunch. Through her work, she delivers better customer engagement and retention and improves product design, strategy, and revenue.

Varun Dua, CEO, ACKO General Insurance

Varun certainly knows the secrets of becoming an entrepreneurial leader – his insurtech start-up ACKO, succeeded in raising $30 million in seed funding even before it was launched! His interests lie in start-ups, online product management, financial services, insurance, and technology, and he is credited with launching India’s insurance journey into the digital era.

A key part of his strategy with ACKO is to be direct. Varun believes that the customer is best served through easy accessibility. Forging this direct relationship is crucial to his business model and long-term success. 

ACKOs methodology of meeting the customer, at the point of need, is by design, achieved through smart partnership choices. It is this kind of forward-thinking that lends itself to the modern and older generation customer.

René Lacerte, CEO and Founder,

René is a well-known name in the global fintech market and his platform,, is used by countless entities worldwide, including big banks like Wells Fargo and JPMorgan Chase. 

Hailing from a family that founded 15 companies in 100 odd years, René’s thought leadership is the overflow of 20 years of experience in software, finance, and payments.

The wisdom and actions of prodigious financial leaders in India and across the world shape the future. Cultivating this art of leaning into cutting-edge concepts and marrying it with modern-day innovation is a surefire way to become a successful Indian business entrepreneur.

Thursday, August 5, 2021

At Your 50s? Follow These Strategies to Save for Retirement

It is possible to build your retirement savings by following some proven strategies, even if you’re 50 or older. If you are worried about your financial future, it’s never too late to put together a solid financial strategy that aligns with your goals.

According to a 2019 survey of 2000 participants performed by, 64% of those Americans expected to retire with less than $10,000 in their retirement savings account.

Don’t worry if you’re a part of this group. It’s never too late to start saving, even if you’re approaching retirement. According to retired certified financial planner Dick Bellmer, a former president of the National Association of Personal Financial Advisors, people should regularly review their retirement plan a minimum of every three years.

Let’s assume you’re reaching 50 and have yet to put anything aside for retirement. So, what are your options?

Here’s how you can begin your retirement savings plan.

Set up automated savings and improve budgeting strategy

First, evaluate your budget and remove any overspending costs to free up cash. According to Nadine Marie Burns, a CFP in Ann Arbor, Michigan, food is one area where many people waste money.

By creating meal plans, you may save over $100 each month from wasted or unused food.

Come up with a realistic savings goal and how much you can save automatically. If that’s too much to take in at once, focus on tiny modifications to your retirement plans over time.

George Gagliardi, a certified financial planner in Lexington, Massachusetts, suggested that you plan to live a long life and adjust your retirement income projections accordingly.

You have no influence over how long you live, but according to the Social Security Administration, the average 50-year-old man may expect to live another 30 years to 80.

On the other hand, a 50-year-old woman can expect to live for 33 years, to 83.

Maintain your investments

Set up automatic investments if you have a non-retirement portfolio or if you’re self-employed, managing your retirement fund. You will enjoy the benefits of dollar-cost averaging.

Regular investments can help you acquire more shares when stock prices fall and get fewer stocks when they are high.

As a bonus, you won’t have to remember to write a check each month.

According to Sandra Adams, a CFP in Southfield, Michigan, you also need a mix of different investments. Having investments of at least 60% in stocks will help you attain your objective over time.

However, don’t take too much of a chance when the market falls. Hopping in and out of the investment market might create severe problems in your plan, and you can’t manage those obstacles if you’re already behind schedule.

Pay off your debts

Do you have credit card debt, medical debt, or any other unsecured debts?

Pay them off as early as possible to free up money for savings. If you have a mortgage, create a plan to pay it off before you retire. Malcolm Ethridge, a CFP in Rockville, Maryland, suggested that removing housing expenses such as mortgage payments can lower the amount of annual expenses.

As a result, it will also reduce the amount of annual income you actually need to save for retirement.

Natalie Pine, a CFP in College Station, Texas, recommends avoiding future debt such as car loan debt. Instead, she recommends putting your income into a new account for buying a new car.

This will help you pay for a car in cash and spend less overall. Avoid taking out high-interest loans such as payday loans

Save for emergencies

Also, keep an emergency fund separate from your retirement savings to handle unexpected needs.

You can build one by putting money into it from bonuses or job promotions.

Consider insurance, especially disability insurance. It will be challenging to recover from any financial crisis if you can’t work anymore at 50 and haven’t saved.

Make absolutely sure you have sufficient home, auto, and umbrella coverage. Make sure you’re covered by health insurance.

Maximize your contributions if possible

According to James Shagawat, a CFP in Paramus, New Jersey, if your company offers a retirement plan, make sure you invest enough to receive the full match. If you’re 50 or older, you can contribute up to $26,000 annually.

You should also ask for any other retirement savings plans offered by your organization.

If your employer matches your contribution with offering corporate stocks, you may face “concentration risk.”

According to the Employee Benefit Research Institute research, 401(k) participants who receive corporate stocks as their employer match might end up investing more than half of their entire account balances in those stocks.

If this happens, if your organization performs poorly, it may impact your returns.

Contributions to a Roth IRA with diversified investments might help offset this issue.

Since Roth contributions are deposited with after-tax dollars, your withdrawals can’t be taxed once you reach retirement age.

If you’re 50 or older, you can contribute up to $7,000 every year. In 2021, if you’re single, eligibility will be phased out between $125,000 and $140,000 of your MAGI [modified adjusted gross income], and if you are married and filing jointly with your spouse, it will be $198,000 to $208,000.

Justin Meinhart, a CFP in Winston-Salem, North Carolina, suggests making these investments early in the tax year rather than waiting until the April 15 tax-filing deadline.

Work as long as possible

According to Sean Pearson, a CFP in Conshohocken, Pennsylvania, those days are gone when people used to retire at 60 or 62.

Now, people are working beyond the age of 60 or 65. They prefer investing their time in something less stressful than a high-stress job, which involves 40-to-50-hour work per week.

Following this strategy, people can continue to contribute to traditional IRAs even when they reach the 70s, as per the SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019.

Work on side hustles or search for 'found money'

Do you still need more retirement income? Then look for a part-time job you’ll enjoy or sell items you don’t need at an auction.

According to CFP Benjamin Offit of Towson, Maryland, you might consider selling your property and downsizing or moving to a smaller area with lower housing rates.

Downsizing can result in significant savings that can be used for retirement.

Finally, Sarah Carlson, a CFP in Spokane, Washington, recommends checking your state’s lost asset site for any old accounts. If you’ve worked for other companies, you may have accounts that have been turned over to the state.

Look for these accounts and reconnect with them to collect the money you forgot to withdraw or have lost track of.

Open a Health Savings Account (HSA)

Before you retire, you need to consider how you will manage unforeseen medical bills. Large medical expenses can suddenly exhaust a lifetime’s worth of money.

According to a 2019 Fidelity Investments estimate, a couple in their mid-60s will need $285,000 in retirement to meet health care costs.

Apart from that, people reaching their 50s can’t ignore the exorbitant cost of long-term care in nursing homes. According to a Genworth research, the typical annual cost of a semi-private room in a nursing home in 2018 was $89,292.

Considering these facts, people must plan retirement after including future medical expenses.

Long-term health insurance is one option that covers extended medical care such as nursing and assisted living. If you meet the requirements, you should start a health savings account immediately.

Your taxable income will be reduced once you get this insurance. Your investments will grow tax-free. Once you reach the age of 65, you can withdraw funds without penalty or tax (it will be taxable if used for anything besides qualified medical expenses).

You should do some homework and choose the best features for you, such as low fees and low minimum balance requirements.

Boost your Social Security benefits

The earliest you can begin receiving Social Security benefits is at the age of 62. However, at age 50, it’s a good idea to start thinking about how you’ll collect benefits. You may estimate your benefits using this Social Security calculator.

According to experts, most people claim Social Security benefits too soon.

That’s so unwise. People can earn more from Social Security benefits if they postpone retirement.

According to Elijah Kovar, co-founder of Great Waters Financial in Minneapolis, taking Social Security at 70 instead of 62 increases your monthly payout by around 76%.

Waiting to receive Social Security is also a great idea to make more money if you’re married. The surviving spouse gets the bigger Social Security payout if one spouse outlives the other.

You’ll have a larger pot to draw in retirement if the primary breadwinner waits to claim benefits.

Your tax situation is another crucial factor to consider while taking Social Security benefits. It’s the best source of income we have outside of Roth IRAs, from a tax point of view.

Implementing techniques that reduce taxable income, such as donation, charity, etc., can help you maximize your Social Security income.

Use income from traditional pensions

If you get a defined-benefit pension plan through your current or past employer, you should receive an individual benefit statement once every three years.

Once a year, you can also ask for a copy of the statement from your plan’s administrator. The statement should indicate the advantages you’ve gained as well as when they’ll become fully available to you.

It’s also a good idea to understand how your retirement benefits are calculated. Many programs use formulas depending on your income and years of service.

So, you might be able to make more money by working longer.

Don't ignore taxes

Finally, keep in mind that not all the money you save for retirement is yours to enjoy.

When you take money out of a regular 401(k) or traditional IRA, the IRS taxes you at your ordinary income rate.

So, if you’re in the 22 percent tax bracket, each $1,000 you take will only bring you $780.

So you must plan ahead to keep as much of your retirement money as possible. Relocating to a tax-friendly state might be a wise option.

Author Bio: Lyle David Solomon is a licensed attorney in California. He has been affiliated with law firms in California, Nevada, and Arizona since 1991. As the principal attorney of Oak View Law Group, he gives advice and writes articles to help people solve their debt problems.

Tuesday, July 6, 2021

How to Better Track Your Financial Assets as You Enter Retirement

After working hard for decades, you are finally entering your retirement. While you may be focused on moving to a new location or preparing to take one of many trips to different parts of the world, you should also be paying attention to tracking your financial assets. 

By doing so, you can avoid unexpected surprises that may derail your plans. If you are trying to figure out the best ways to track your financial assets, here are some suggestions.

Tracking Apps

Since there is an app for virtually anything anymore, it should be no surprise that numerous financial tracking apps exist. By taking advantage of these, you can simply pull out your smartphone and instantly view your financial picture. 

One of the best is, where you can enter various types of financial data and have it all displayed on a single screen. Also, you can track investment fees, compare individual accounts, and set budgets for yourself based on how much you may be spending in various categories, such as dining and entertainment.

Hiring Financial Professionals

While apps are great, nothing can replace a face-to-face meeting with an experienced financial professional you know and trust. Therefore, always arrange to hire the services of a financial planner to help you during retirement. 

Since you will have various types of life insurance and possibly long-term care insurance as part of your retirement financial package, meeting with professionals from The Lofrumento Agency, Inc. and other financial offices can help you get the advice needed to make well-informed decisions.

Desktop Software

Even if you use apps, it is likely they may not have as many features as you need for certain areas of your financial planning process. Because of this, you may want to purchase desktop software that can go into more detail. 

For example, you can use QuickBooks Pro to monitor the assets of your estate, track the interest that accrues on municipal or corporate bonds in which you have invested, and track the yield to maturity.

Company Retirement Plans

Just as you are entering into retirement, take advantage of your company's retirement plans to help you track your financial assets. 

While you can make many decisions on your own, you can also take advantage of your company's HR department and others within the company to help give you advice on how to roll your money into an IRA, how to rearrange investments to reduce taxable income, and much more.

By taking an active role in tracking your financial assets when beginning your retirement, your later years can be filled with plenty of money and lots of fun.

Sunday, June 6, 2021

How Smart Seniors Budget and Manage Their Money

Retirement gives you the freedom to experience life in a way that you may not have been able to when you were working full time. 

Creating a good budget and managing the money coming in each month allows you to get the most out of your golden years. Consider a few ideas on how smart seniors budget and manage their money.

Make Good Use of Free Online Tools

Knowing where your money goes is the first step to managing your money. Keeping up with spending on paper can be daunting and hiring a personal accountant can be expensive. 

Free websites like can securely give you a complete view of your finances. All of your accounts will be connected on one easy-to-read page. Bills, credit cards, checking accounts, and subscriptions can be monitored so that they do not get out of hand. 

Mint will track your spending, give you insights on smarter spending, and even give you a daily snapshot of your net worth. If you like to have paper files, you can easily print reports for your records.

Find a Medicare Specialist

Fear of the cost of healthcare is one of the factors that keep people from retiring early. Health insurance options available to seniors in today’s market offer comprehensive healthcare without eating up a huge amount of your monthly budget. 

Getting help finding the right plan is as easy as looking for a broker who specializes in Medicare plans. Brokers who sell Medicare plans are usually paid by the insurance company. Helping you purchase a plan should not cost you any consultation fees. 

If a broker wants an upfront consultation fee, look for another one. An experienced broker will know which plans are accepted by your current doctors, cover your prescription medications, and give you coverage for health expenses wherever you travel on a regular basis. 

Some companies, like Optimized Health Plans, know that if you purchased a plan when you turned 65, you may not be locked into that plan for the rest of your life. If you have pre-existing health conditions, a Medicare specialist can direct you to plans that have little or no health screenings to change health plans.

Talk to other seniors about how they budget their retirement income. Seniors who are five to ten years older than you may be able to help you avoid pitfalls and extend your savings by informing you of what has and has not worked for them. 

Being on a fixed income does not mean limiting your freedom. Creating a detailed budget and managing every dollar that you spend will help you to enjoy every moment of retirement.

Thursday, March 18, 2021

4 Different Ways to Retire Comfortably in a Location You Love

Your retirement years should be as happy and fulfilling as possible. A big part of fulfilling your dreams is landing in the perfect location. The good news is that there's more than one way to cross the finish line of location perfection. 

In fact, depending on what your goals are, there could be two, three, four, or even more ways to retire comfortably exactly where you want to be. To help you plan well, here are some variables to consider.

Consider a Second Home

You might find that one location by itself isn't enough to contain the excitement of your retirement years. If that's the case for you, then a second home is the best way to go. For example, you can choose a home in a warm and sunny location to complement your other home that's closer to family. 

Since you'll likely be enjoying plenty of leisure activities while you're at your second home, you may be able to choose something smaller to save some money.

Find a Local Escape

If you like your current location, it's totally fine to simply stay in the area and make the most of your locale. By searching for new homes in your area that take advantage of great views of the local landscape, you can stay where you're comfortable while still feeling like you're on a retreat. 

This will prevent you from having to make a potentially expensive move and give you extra money to allow you to go on new adventures.

Go Maintenance-Free

Once you hit retirement age, the last thing that you want to be thinking about is maintaining a home. In addition to being time-consuming, many types of home maintenance can be downright expensive. 

That's why moving to a condominium or senior living community can make a great option. In addition to being zero maintenance, these housing options tend to offer plenty of activities that allow you to make new friends and make the most of your time.

Stay Mobile

If you have a strong sense of wanderlust, the idea of being tied to one or two fixed locations may sound like a terrible way to spend retirement. To satisfy your thirst for adventure, you can consider RV or travel-trailer living. 

This option allows you to take your home with you wherever you go so that you can explore all that this country has to offer without worrying about staying in a run-down hotel. 

Plus, once you make the initial investment in the RV or trailer, the costs of living on the road are fairly low compared to other housing options.

No matter which housing option you choose for your retirement, the most important thing that you can do is plan ahead. If you don't have enough money saved to afford one of the above options, you could find that your retirement is rather lackluster. 

With good planning, though, you can finally make your dreams come true and live in the location that brings you the most happiness.

Wednesday, February 10, 2021

4 Monthly Expenses You Can Plan for Beforehand

Some expenses, like emergency medical bills and unexpected home repairs, come out of the blue. These are the costs that hurt the most, since you never have a chance to plan for them in your budget. Other expenses are a routine part of everyday life. 

They come around every month without fail, so it’s your responsibility to prepare for them. Here are four such monthly expenses that you should account for in your general budget.

Rent or Mortgage Payments

One of your biggest monthly expenses comes from your constant need to keep a roof over your head. Unless you bought your house via cash purchase or you’ve already paid off your mortgage, then you’re going to need to make some sort of monthly payment, either to your landlord or the bank. Make sure you have a clear idea of exactly how much you pay each month.

Utility Bills

Not everyone pays for the same utilities (since every property functions differently and has different agreements), but you probably have to pay each month for some combination of gas, water, and electricity. 

The payments will fluctuate slightly based on monthly usage, but they should stay relatively consistent. Take a look at your utility bills for the last few months so you can determine a general average. Then, incorporate this average expense into your monthly budget.


If you have the internet at your home, then you have to pay for it on a monthly basis. The total amount paid to internet providers each month will depend on the specific company and the type of service. 

Some providers combine internet and cable in a single package. Examine your most recent bill so you’ll know how much you’re paying.


This expense isn’t as easy to calculate as the others on this list, since it is never presented as a single monthly charge. All the same, you can determine how much you typically spend by keeping records and doing some basic math. 

For ten days, write down how much you spend on food. This should include visits to restaurants, snacks from convenience stores, and trips to the supermarket. Add up the total after ten days, then multiply by three. This final answer will be your approximate monthly food bill.

Personal finance is all about understanding your financial reality and then acting accordingly. These four expenses are among the facts of life, so you’d better account for them when considering your finances. By including these costs in your budget, you’ll make it easier to stay financially healthy.

Friday, February 5, 2021

Looking Into Investment? Here are 4 Great Avenues You Might Not Have Considered

If you're interested in the investment world, you're certainly already aware of stocks and bonds as investment assets. There are, however, many other types of assets you may not have thought about yet. 

These non-traditional investments can help to diversify your portfolio and improve your overall returns. Here are four great investments you might not have thought about adding to your portfolio.

Shipping Containers

Believe it or not, many of the shipping containers that are used to transport goods around the world aren't owned by transportation companies. 

These companies instead lease them from owners, often at very generous rates. Owning and renting out shipping containers can be a great way to put your money to work, especially since they are always in demand.

Peer-to-Peer Loans

If you don't mind a higher-risk investment, peer-to-peer lending may be a good addition to your portfolio. This is a type of lending in which individuals lend money to other individuals, then collect a return on their investment in the form of interest paid on the loan. 

Interest rates on these loans vary by the creditworthiness of the borrower, but they can often range well above 10 percent. There is, however, a risk that the borrower will default. As a result, peer-to-peer loans are usually best reserved for investors with somewhat higher risk tolerance.

Wines and Spirits

Over the last several years, the collector demand for wines and spirits has gone up tremendously. Prices on limited-edition whiskies, hard-to-find wines, and other beverages have also soared, producing outsized returns for the few investors specializing in this market. 

Although it can be a tricky and volatile market to navigate, there's definitely money to be made by buying and holding certain types of alcoholic beverages.


Although you may never have thought of a campground as an investment before, owning one can produce generous cash flows over time. 

To get into this market, you'll need to find a campground or RV park broker who can help you find the right piece of property. Once you acquire the property, you can begin earning a relatively passive income as campers rent out parts of it.

Even though they're far removed from the traditional stock and bond markets, these four non-traditional investments can help you realize your financial goals and build up your portfolio. 

Be sure to thoroughly research any investment before putting your money into it to ensure that you have a complete picture of the risks and rewards of your chosen asset.

Tuesday, February 2, 2021

5 Reasons Why You Should Have a Will

Creating a will is a crucial consideration that can save your loved ones from many unfavorable situations. It gives an easy time for the people you leave behind when you die. Some people often fail to write a will earlier enough, which leads to many complications. Below are reasons why you should create a will.

Reduced Disputes

The will gives a clear image of what should happen with your money and property. There will be disputes among your loved ones because the will states who should inherit after you. If you don't write a will, some people can move to court, seeking to inherit your property against your wish.

The law can decide how to pass on the estate, and this can be unfair to some of your family or partners who had the right to inherit your property. If you find yourself in a situation where you've been deprived of your right of ownership, you can seek help from a will attorney to handle the case for you in court.

Protects Your Business

A will protects your business against individuals who may have no right over it. It shows who should take over your company when you're gone. It could be your family members, friends, or business partners.

Failure to write a will has been a major contributing factor to the collapse of many family businesses because those who get ownership rights often end up mismanaging it. You can choose the right person to take over your business in the will.

Nominate a Guardian for Your Children

You've been taking care of your children when you're alive, but when you're gone, it may be challenging for your kids to survive if you do not write a will.

A will shows that you've left something for your kids, and whoever becomes your children's guardian has a right to access your property to take care of your children.

Identify a Property Manager

When you leave a will for your kids to inherit your property, it should also indicate a property manager who should be an adult. The person is responsible for ensuring that the property is well-managed to avoid misuse that could lead to your business's collapse.

Decide Who Inherits Your Stuff

A will shows the right person to take over your assets when you die. If you die before creating a will, your state law rules out who to take over your property, or it'll be distributed among your descendants. It could be your spouse, children, parents, friends, or mentors.

Some people may take advantage of the situation and claim your property against your wish. This can be unfair to your close associates who'd have taken over the estate.

Ensure you close all gaps concerning your will when you're still alive. You do not want to leave frustrations to your family, friends, or business partners. It'd be best to work with a professional who understands how a will is written.

Monday, December 21, 2020

Financial Steps to Take When You Are Ready to Retire

Retirement is an exciting proposition for many people, but it requires meticulous planning and considerable financial responsibility. In order to set yourself up for retirement, you need a sound financial strategy. Here are the financial steps to take when you’re thinking about retiring in the near future.

Commit to a Budget

Budgeting has long been the central component of financial planning. In order to save up for retirement, you’ll need to spend the coming years earning significantly more than you’re spending. While you’re likely used to maintaining at least a loose budget, your pre-retirement years call for a renewed commitment to rigid spending limits.

Check How Much You’ll Have to Pay in Taxes

When considering how much money you have invested for retirement, don’t forget to account for the taxes that you’ll have to pay down the road. Some accounts will allow you to withdraw money without paying taxes. 

Others, like a traditional IRA, will see your withdrawals taxed as regular income. If you fail to acknowledge these future taxes, you could make some dangerous miscalculations regarding your retirement finances.

Calculate Your Post-Retirement Spending

In order to determine if you’re ready for retirement, you need to calculate how much money you’re likely to spend in your twilight years. If you’re committed to a costly mortgage or severely in debt, then you’ll have to take this into account. Only when you know exactly what your expenses will be can you make a confident plan for retirement.

Pay Off Your Debts

Eliminating any outstanding debts is a great way to set yourself up for a steady retirement. Interest rates can seriously cut into your retirement savings. By paying everything off before you stop working, you give yourself a clean slate. This will give you a wonderful sense of freedom as you embark on your retirement.

Save Up for Unexpected Expenses

Don’t forget to account for unforeseen expenses that could crop up after retirement. You never know when an accident or unexpected incident could force you to dig deeper into your savings. Even if you’re on Medicare, there are some medical care options that your insurance won’t cover. To play it safe, it’s best to have a sizable rainy day fund set aside.

Planning for retirement is all about safeguarding your financial health. If you take the steps mentioned above, you should be able to ease into a carefree retirement.

Thursday, December 17, 2020

Plan Ahead: Strategies to Help Ensure That You're Ready for Retirement When It Comes

Retirement is a time to quit working and start to enjoy life at a leisurely pace. If you want to have enough money for retirement, it's important that you prepare as soon as possible. Here are some strategies that you should utilize to help ensure that you're ready for retirement.

Cost-of-Living Projections

You really won't know how much you'll need for retirement until you do some sort of cost-of-living projections. You need to think about what your expenses maybe during that time. 

You will need to factor in things like whether or not you'll have a mortgage and if you plan on traveling. This analysis will give you a more accurate picture as to how much money you will need to save in total before you retire.

Budget Money From Every Paycheck

You will most likely need a substantial amount of money before you can retire. Because of this, you should set aside money from every single paycheck to put towards retirement

This will keep you from having to come up with a large sum of money all at once later in life. Even setting aside a small amount of money can really have a huge impact if you are consistent.

Pay Off Debt

It's also a good idea to put aside as much money as you can to pay off debt. It will be difficult to live off a smaller income in retirement if you have debt that you are still paying for. You should strive to have the smallest amount of bills possible once you retire.

Smart Investing

If you won't be retiring for a while, it's a great time to start investing. You might want to consider putting some money in the stock market or buying some investment property. While it is always a risk to invest, you can grow your money and come out financially ahead when it comes time to retire.

Financial Planning

You can get help with all these things by looking into financial planning. A financial planner will meet with you to discuss your needs and concerns about your future. 

After taking a look at your current financial situation and your goals, they will help you determine the best steps for you to take in order to accumulate the amount of money that you'll need in order to retire comfortably.

Planning for retirement can be overwhelming when you consider the amount of money you might need. Fortunately, there are some strategies that you can start to utilize in order to ensure that you're ready for retirement when the time comes.

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics