Nothing guarantees there will be sufficient money to cover all costs in retirement. But there are some common mistakes to steer clear of as you grow older.
As parents, we never endeavor to become a burden to our children. This is why having a plan for aging in place before the time for care comes is important, as is knowing the resources available to individuals and caregivers to help alleviate some of the burden.
According to the Federal Reserve, 35-year-olds have an average student loan debt of $42,600. The increase in college costs and the rising importance of a post-secondary education for improving income are a big part of this. Many surveys conducted in recent years have discovered that Millennials share a resistance to debt, no doubt influenced by coming of age during the dot-com crash of 2001 and housing crisis of 2008. Given this, it’s no wonder we often see that younger people want to pay off debt before they save for retirement.
As many investors learned during the tumultuous year of 2020 and the difficult markets of 2022, reliable financial and market advice has never been more valuable. And yet, when the markets are experiencing wild swings such as those we saw during the pandemic or falling into doldrums as they did last year, the headlines in the financial news media can make it hard to know which information is helpful and which you would be better off ignoring. Certainly, in an atmosphere of financial uncertainty, investors tend to be more concerned about their investments and what to do. This makes it vital to have confidence in your financial advisor.
Articles about the benefits of meditation are everywhere these days, and for good reason. The past few years have been unusually stressful, and people are looking for non-addictive, healthy ways to manage their stress and anxiety. Thus, I got interested in mindful investing.
There’s an often-quoted maxim regarding inherited wealth: “The first generation makes it; the second generation builds it; the third generation blows it.” Indeed, uncertainties around the next generation’s ability to exercise wise stewardship of family wealth have led to the drafting of many a trust document, many clauses in wills, and much misgiving in those who created or built the legacy that will be entrusted to those who may or may not be ready.
Even though the past few years have been a challenge for everyone in very personal and different ways, one commonality we all share is that these unusual times have reminded us to cherish what we do have and review/revise our life priorities.
As we head toward the end of this year and look with anticipation to the next, now is a great time to reevaluate your risk and determine if you are prepared for the new year and beyond. One question to ask yourself is whether you have protected your wealth from lawsuits or large claims that are not adequately covered under your current auto and homeowner’s policies. If you have not, you may want to consider adding an umbrella insurance policy.
Secure Act 2.0 – What’s In It For Me?
At the end of December Congress passed a bill (signed by President Biden) authorizing roughly $1.7 trillion in new Federal spending.