One of the challenges of planning for retirement is that an unexpected event, like divorce, can dramatically change your retirement income needs. If you were counting on your spouse’s Social Security benefits to provide some of your retirement income, what happens now that you’re divorced? Social Security law can be complicated, and you may unknowingly […]
To calculate your net worth, just subtract your liabilities (what you owe) from your assets (what you own). While the equation is simple, it’s important to get a snapshot of your finances and understand where you are on the path to achieving your financial goals. First, assets Your assets are the things you own. They […]
You have a financial advisor in order to make certain you have budgeted your money correctly, have planned for future financial needs, and, in some cases, to turn some of your money into more money. Your financial advisor is not working for free. He or she is charging you for their services. You need to […]
Travel insurance usually covers you and the investment you’ve made for your trip should your travel get canceled or interrupted. Purchasing travel insurance is one way to buy yourself peace of mind when planning a trip. Most travel insurance policies will cover a combination of events such as trip interruption, travel delays, missed connections, trip […]
I believe one very underappreciated risk for investors preparing for retirement is the concept of “sequence of returns.” Sequence of return risk is the danger that the timing of withdrawals from a retirement account will have a negative impact on the overall rate of return and ending portfolio value. If you happen to be in […]
The telecommuting worker seems to be inevitably the norm. The number of people telecommuting to work has doubled from 2018 relative to the beginning of the pandemic. About 63% of Americans work remotely occasionally, seasonally, part-time, or on a full-time basis. As of May 2020, more than 41.6% of all jobs in the United States […]
Life is full of unexpected surprises, and having a financial safety net in place is crucial to navigate through challenging times. An emergency fund acts as a financial cushion, providing stability and peace of mind during unforeseen circumstances. Let’s explore the importance of having an emergency fund and discuss how much money you should aim […]
Nobody wants to work until the day they die. We all want to get to a point where we can simply sit down, relax, and enjoy life. Consider adopting these smart financial habits to avoid a financial disaster during your golden years. Create a budget The first step to meeting your retirement target may be […]
Deciding between repaying debt repaying versus investing may seem impossible. Everyone’s financial situation is different and only you know from an emotional standpoint what might work best. Start with your budget. Balancing basic costs such as rent, utilities, transportation, and groceries is a necessary task, so you can understand how much money is going out […]
For a happy and stress-free retirement you want a maxed-out portfolio with retirement funds, savings accounts, annuities, and other income streams. With that said, this is not something everybody can achieve in time. Many individuals start their retirement planning at a later stage in life. If you are one of these late bloomers, use the […]
