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Avoid Making These Mistakes to Safeguard Your Wealth

WiserAdvisor

Mistake #2: Not having an estate plan in place Estate planning is essential for protecting what you’ve worked hard to build. A good estate plan ensures your assets go where you want them to. A 2023 survey by Law Depot found that 73% of Americans didn’t have an estate plan.

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Impact of New Tariffs on Your 401(k) by Age

WiserAdvisor

Your plan should go beyond your 401(k) and take into account all aspects of your financial life, including your Social Security timing, pensions, healthcare costs, tax strategies, and estate planning. These can offer some cushion against rising prices while preserving capital.

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How To Manage A Financial Windfall In 10 Steps

Clever Girl Finance

That might include assessing your risk tolerance, helping you build an investment strategy, or figuring out how to save money for short-term objectives. Update or create your estate plan If you don’t already have an estate plan , now would be a great time to create one. It’s a major life event.

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How to Manage Equity in a Down Market

Harness Wealth

a high demand medical device business) trades at a high multiple. Margin Lending: If you have a significant public equity position, adequate resources, and risk tolerance, you can use margin lending to tap into the value of your equity without selling. Typically, a low growth, low margin company (e.g.

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10 Common Retirement Blind Spots You’ll Want to Avoid for a Secure Future

WiserAdvisor

Together, both types of insurance plans provide a safety net for unexpected medical expenses and serve as an alternative strategy to shield your retirement nest egg from potential financial shocks. The HSA is a unique and powerful financial tool designed explicitly to help you proactively save for qualified medical expenses.

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6 Financial New Year’s Resolutions for 2023

WiserAdvisor

New Year’s financial resolutions vary based on one’s financial situation and future goals, and can be anything from getting your finances in order, saving more for retirement, improving your credit score, to building an emergency fund, paying off your debts, creating an estate plan, and more. Draft a foolproof estate plan.

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Retirement Planning Tips: How Much an Average Person 65 and Older Spends Every Month

WiserAdvisor

When planning for retirement, you must prioritize your health by factoring in potential medical expenses. Consider Medicare options, supplemental insurance, and potential out-of-pocket costs for medications and treatments. Beyond retirement, 401(k) plans can play a crucial role in estate planning, too.