One of the greatest joys in my life—and certainly the greatest joy in my career—is when I see my clients succeed. It’s why I do what I do. As a fee-only and fiduciary CERTIFIED FINANCIAL PLANNER®, I’ve worked hard for years to help make life easier for my clients, so my greatest reward is when my clients let me know I’ve done my job. Below, I share a success story with two of my favorite clients: John and Melissa.
When is the last time you updated or reviewed your estate plan? Perhaps more importantly—do you have an estate plan that consists of all necessary documents and do you fully understand the plan? If not, you’re not alone. In 2021, only 44% of adults age 55 and older have an estate plan.
They don’t call them the golden years for nothing. More time with family and friends, traveling, taking up new hobbies…and the list goes on. So you’re ready to leave the 9-5 world behind and begin the best stage of life: retirement. You’ve worked for decades to build your wealth and accumulate substantial retirement assets, but do you know how taxes will affect your nest egg? Don’t neglect to consider taxes in retirement, especially if you have multiple tax-deferred plans. It’s wise to have a tax strategist by your side to help you make the choices that might affect the rest of your retirement—for better or worse.
Don’t you wish you could feel unquestionably confident about your finances? You don’t have to look far to find financial advice or so-called proven formulas that promise to bring you financial success. And while there’s plenty of general advice you would be wise to take, your finances don’t exist in a bubble. They are an extension of you, your values, your dreams, and your life circumstances; as such, they deserve a personal touch.
Most people think of retirement planning as building a nest egg that they can live on for the rest of their lives. This is their “number” and once they reach it, they are ready to leave their job and live happily ever after. We wish life could be that easy. In reality, planning for retirement involves making major decisions that will affect your finances for decades to come. It also involves considering the risks you may face over a 30- or 40-year retirement, such as outliving your nest egg, inflation, stock market risk, low interest rates and tax law changes.
You’re kicking back, margarita in hand, on some undisclosed tropical island, lying in a hammock near the beach. This is the way it’s supposed to be—retirement at its finest. You worked hard for this, and you are going to enjoy it! At least for a while, before retirement bliss is met with some retirement risk realities. Be ready for whatever life throws at you. Here are a few common post-retirement risks and how to prepare for them.
My curiosity and love for the financial world started at the ripe old age of 15! That’s when my grandfather approached me, asking me to help take care of my grandmother when he was gone. He had the foresight to plan ahead and chose to prepare me for this task by teaching me and modeling for me a life of responsible financial choices, the importance of avoiding debt, and saving for the future. I didn’t realize at the time that a) this was an immensely valuable gift, and b) he unknowingly set me up for a decades-long career doing the same for others.
The number of Americans retiring has nearly doubled in the past 20 years with 10,000 people a day reaching age 65. How close are you getting to that milestone?