This week I thought to refer you to an article that begins with the simple but universal statement “Retirement planning is a multistep process that evolves over time.” The reason we like this statement is because it relates to each of us, regardless of our age. Whether you are at the beginning stages of thinking about your retirement goals and how long you have to meet them, or you are about to begin to withdraw from your savings, planning is needed every step of the way. Call us if you’d like to review your plan, we may have some suggestions you haven’t thought of, or options you are unaware of. We’re always here to help.
“At a time when COVID-19 is generating massive financial uncertainty for individuals, companies, and societies, an important new report from Bank of America examines the unique saving and investing challenges facing women. It marks the launch of a new research series that applies a gender lens to financial behaviors”. Call us if you would like to discuss the financial behaviors that you have become comfortable with, but which may perhaps no longer create the best savings strategy for you. We have some ideas that may be of interest to you. And we’re always here to help.
If you are a Federal civil servant employee and contemplating putting in your retirement papers this year, you may want to verify what your lifetime benefits will be, and how they are calculated. It isn’t just a question of age, which is how most of us think about retirement, it is a question of your years on the job. Take a look at this week’s article, it may help you to have a better understanding of what your financial situation will look like in retirement. Call us if you have any questions or to discuss ways you can supplement the income you will receive. We’re always here to help.
Have you ever found yourself in the middle of a conversation with a financial professional and realized you have no understanding of the meaning of the words he is using? We try to keep things simple around our office, and go to great lengths to make sure that you understand what we are speaking about, but that doesn’t mean that others you may be dealing with in the financial community do the same. So I thought to share with you a dictionary of terms that you can keep on hand should you ever need them. Let us know if you come across a term or concept that you would like explained in further detail. We’re always here to help.
It always seems to be this time of year when clients begin to ask if they are on track for retirement. There are so many factors that go into answering that question, we thought to share with you several customizable calculators that will allow you to run different scenarios and discover how small adjustments could make a big difference for your retirement future. Let us know if you have any questions when you’re done using them. We may have some suggestions for how to tweak some of your planning or where to put some of your savings that will help you come up with a calculation that you feel good about. We’re always here to help.
This week’s article references back to a topic we have been reflecting on over the past few months and that is the understanding that “retirees face a number of challenges to their financial security, including living longer and facing the danger of depleting their savings too soon. The pandemic has further threatened retirement nest eggs, as a growing number of people need to take Social Security benefits early, before full retirement age, thus reducing those payments in the long run.” Following up on that topic, you may be interested in a study by Principal Financial Group in conjunction with the Stanford Longevity Project that discusses these and other problems that retirees face, and “provided at least one way this group can “spend their retirement savings in a predictable and responsible fashion,” the study states. One answer to the challenge of a longer retirement was “widespread adoption of guaranteed retirement income products to supplement Social Security” that include purchasing annuities.” Call us if you think this is something you’d like to explore. We’re happy to give you more information and discuss the options that might work for you. We’re looking forward to speaking with you more in 2021.
When we speak about retirement savings, we often talk about products that can provide an income stream you can’t outlive. However, there is something else that you probably should consider. If you plan on leaving some of your retirement savings to beneficiaries, or if – even after receiving an income stream off of your retirement savings – there will still be funds left for beneficiaries, it may be time for you to also consider how the SECURE Act may impact your goals, and to reevaluate your strategies. We have some ideas that may help. Call us, we’re always here to help.
This week’s article tells us that retirement planning needs to change in this new year and that “it may be time to revisit traditional approaches to retirement planning. The pandemic and near-zero interest rates dramatically changed the environment”. The article continues by focusing on the goals of delaying claiming social security benefits, improving portfolio return without taking on more risk, and improving portfolio longevity. So the question is, how do you accomplish these goals? Call us if you’d like to talk about ideas we have that may help do this. We’re always here to help.
“Figuring out how much money you need to retire is like one of those word problems from high school that still haunts you.” This week’s article tells us that “The retirement equation isn’t unsolvable, but it’s not a precise calculation, either. You’ll need to revisit your retirement formula once or twice a year to make sure it’s on track, and be prepared to make adjustments if it isn’t. Weigh these four factors to get a better handle on how much money you will need to retire”. The beginning of a new year may be a good time to revisit your retirement figures. Let us know if you need to make adjustments. We’re always here to help.
Did you know that according to one 2019 survey roughly 48 million Americans were still paying off 2018’s holiday debt by the 2019 holiday season? Therefore, it shouldn’t be surprising that a more recent survey conducted this year by Goldman Sachs found that 50 percent of Americans think gift-buying is the most financially stressful event throughout the year. So then, perhaps now is the time to make a change, in fact, another survey conducted by Experian “found that 84 percent of people were motivated to improve their finances during the last holiday season”. We’re here to help you do that. Call us, we may have some ideas you haven’t thought of that may improve your income during retirement years. Happy Holidays!
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