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Categories for Financial Planning

  • Pre-Retirement Planning Guide Health Plan

    Posted Date September 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readStep 4: Putting Together a Health Plan Planning for healthcare in retirement is a tricky business. Some hardcore smokers live past 100, while some hardcore exercise and fitness gurus drop dead in their sixties. You just don’t know – which is why you need a plan. Medicare Once you turn 65, Medicare is available to most Americans. The problem is deciding what type of Medicare plan to purchase. Here is an overview: Medicare Part A – This plan covers hospital stays, skilled nursing, hospice and some home health services. It is free for eligible beneficiaries but... View Article

  • Pre-Retirement Planning Guide Financial Plan

    Posted Date August 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min read Step 3: Develop a Financial Plan We all have a different vision for our golden years – and we are also on individual financial tracks to meet our financial goals for retirement. But if you’re not where you think you should be by age 50, consider ways to step up your efforts. Some ideas frequently recommended by financial planners include the following: Reduce Your Expenses You could give up some streaming services and your Friday night out with friends, but those are not likely to be impactful moves. Besides, let’s face it, those will be... View Article

  • Pre-Retirement Planning Guide Younger Adults

    Posted Date July 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readStep 2: Clarify Goals You’re never too young to start a bucket list. That’s because some things (such as bungee jumping) you probably want to knock out in your twenties. Women may want to have children before their forties – that sort of thing. A bucket list is comprised of all the things you want to do before you “kick the bucket.” It should be a running list that you add to and check off throughout your lifetime. If you haven’t started a bucket list yet, a good time to do this is during your pre-retirement... View Article

  • Pre-Retirement Planning Guide Budget

    Posted Date June 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readStep 1: Develop a Budget Once you are truly good and retired – no phase-out, no gig jobs, no income-earning hobbies – most people end up living on a “fixed income.” While that income may fluctuate somewhat based on cost-of-living increases and investment gains, those increases may be few and far between. What you really need to work on before you retire is a “fixed budget.” A fixed budget is a line-item record of your living expenses, from housing and insurance to food and utilities to transportation and healthcare. Bear in mind that those are not... View Article

  • Part 2: Pre-Retirement Planning Guide

    Posted Date May 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readThere are many steps to planning for retirement. Some are legal and financial, some are about communication, and some involve introspection – thinking about your life now and how you want to live the rest of it. By the time most people start thinking about a retirement plan, they have a pretty decent foundation. Perhaps its assets – a house, savings, a retirement portfolio. Perhaps a strong social network comprised of family, friends, and colleagues. Furthermore, most folks have a sense of who they are, what they like, and what they don’t like. Some people may... View Article

  • Part 1: Pre-Retirement Planning Guide

    Posted Date April 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readOne of the more insightful quotes of baseball great Yogi Berra was, “If you don’t know where you’re going, you’ll end up someplace else.” When you’re young, first starting out in life and career, the path to professional success and personal fulfillment isn’t always clear. Most people start out on a track and then adjust as they go along — based on what they learn, who they meet, and cultivate their choices given their opportunities. Fortunately, the path to retirement need not be so nebulous. By the time you start thinking about retirement, most people have... View Article

  • What to Know About the Art Donation Deduction

    Posted Date March 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIf you would like to donate artwork to an eligible charitable organization, you might be able to take a deduction on your tax return. However, the rules are complex. There are different requirements for different values, and there are scams you want to avoid that could lead to severe consequences for taxpayers who abuse this deduction. Generally, the deduction for donated art is based on the fair market value of the property. This refers to the price the artwork could reasonably be expected to sell for on the open market. To qualify for the deduction, note... View Article

  • Municipal Bond Outlook for 2024

    Posted Date February 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readOne of the positive aspects of sustained high-interest rates is higher yields on bonds, particularly high-quality municipal bonds. It is possible that 2024 will present a different scenario as the Federal Reserve begins a schedule of monetary easing by reducing interest rates over time. The potential for this strategy, combined with a slowdown in inflation and economic growth – and exacerbated by the potential volatility of a U.S. presidential election – offers a hazy but ultimately positive outlook for municipal bonds. For now, investors with a long-term outlook (up to 10 years) can take advantage of... View Article

  • Considerations For Paying Off a Mortgage Early

    Posted Date January 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readFor many, buying a home is the biggest asset they will ever own. However, you aren’t able to fully benefit from that asset until you pay off the mortgage; until then, it is technically a liability. The most common length of a mortgage loan is 30 years, but most people either sell their home, refinance their mortgage – or even pay it off before the end of that term. What are the pros and cons of paying off a mortgage early? Obviously, you no longer have to make monthly payments, so money can be directed elsewhere.... View Article

  • How to Manage Taxes in Retirement

    Posted Date December 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 6 min readThe biggest difference between managing taxes throughout your career versus during retirement is that when you are retired, you are responsible for calculating how much you owe and paying it on a timely basis. Retirees normally have several different income sources, and not all automatically withhold taxes from distributions. Retirement Income Sources Having multiple sources of income during retirement is a good strategy, as it helps protect you from market declines, tax legislation changes, and potential defaults or cutbacks in pensions or entitlement programs. However, be aware that the more income sources you have, the more... View Article

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