Financial Planning

Single Moms Need an Estate Plan Too

By |2023-06-06T07:47:05-04:00June 6th, 2023|Estate Planning, Financial Planning|

The legal part of the divorce is behind you and you’re a single mom. Now, besides making a living and all the work that goes with that, you’re also responsible for the care of minor children—little people whose daily lives and long-term future depend on you. How will they be cared for if something happens to you? Will they be [...]

Are Seniors Getting Stiffed by Social Security?

By |2023-05-24T13:49:16-04:00May 23rd, 2023|Financial Planning, Retirement|

The past two years have seen historic Cost-of-Living Adjustments for Social Security recipients. The increases of 5.9% in 2022 and 8.7% in 2023 were the highest they’d been in 40 years because of rampant inflation. But unless things change by October, the COLA for 2024 will be substantially lower. According to the Bureau of Labor Statistics’ May 2023 report, [...]

Unexpected Benefits of Delaying Retirement

By |2023-05-08T08:04:17-04:00May 8th, 2023|Financial Planning, Retirement|

When it comes to retirement, one of the questions I’m asked most often is, “When should I retire?” There are a multitude of factors that go into making that decision and it boils down to your individual situation. There’s no formula that says if you meet a certain list of criteria, you should retire early, or if you check off [...]

Must Know Rules About the Social Security Spousal Benefit

By |2023-04-26T02:29:46-04:00April 26th, 2023|Financial Planning, Retirement|

Social Security has been around since 1935, and even after all those years, there is still a lot of confusion about the Social Security Spousal benefit. What is it? It’s an opportunity to receive a Social Security check based on their spouse’s work record. It’s beneficial for people who have very little work history of their own or if they’re [...]

Common Mistakes When Creating a Financial Power of Attorney

By |2023-04-20T12:31:29-04:00April 20th, 2023|Estate Planning, Financial Planning|

You’re creating your estate plan. Part of it outlines how you want your estate handled when you die. But there’s another part giving instructions about what happens if you become incapacitated and can’t make your own decisions. In that case, it’s imperative that you have a financial power of attorney document. In the financial power of attorney (FPOA), you name [...]

Me O My, Where Have All the Retirement Contributions Gone

By |2023-04-18T14:55:08-04:00April 18th, 2023|Financial Planning, Retirement|

Inflation, if it lasts long enough and hurts deeply enough, will make people rethink priorities. That seems to be the conclusion of a new Bank of America Report called Tracking the Confidence of Plan Participants which outlines current trends of workers who are enrolled in their employer’s 401(k) plan.   Across all age categories, the average contribution rate is 6.4%. [...]

Long-Term Care can be a Retirement Killer

By |2023-04-13T08:35:00-04:00April 13th, 2023|Financial Planning, Retirement|

You’re planning for retirement. You’ve got visions of what you want it to be—the traveling you’ll do, playing with that hobby you’ve never had time for, volunteering with a cause that’s dear to your heart. You’ve got a comprehensive plan that accounts for retirement income, taxes, and even things on your bucket list. But have you planned for the one [...]

Don’t Distribute the Estate Too Soon

By |2023-04-05T12:58:52-04:00April 5th, 2023|Estate Planning, Financial Planning|

“Hey, when am I going to get my money?” I can’t tell you how many times I’ve heard beneficiaries ask that question when they’ve been named in a Will or Trust. It’s not uncommon for the beneficiary to put pressure on the executor or trustee to speed up the process. And if the person settling the estate caves to the [...]

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