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Mistake #2: Not having an estateplan in place Estateplanning is essential for protecting what you’ve worked hard to build. A good estateplan ensures your assets go where you want them to. A 2023 survey by Law Depot found that 73% of Americans didn’t have an estateplan.
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 estateplanning. These can offer some cushion against rising prices while preserving capital.
That might include assessing your risktolerance, helping you build an investment strategy, or figuring out how to save money for short-term objectives. Update or create your estateplan If you don’t already have an estateplan , now would be a great time to create one. It’s a major life event.
a high demand medical device business) trades at a high multiple. Margin Lending: If you have a significant public equity position, adequate resources, and risktolerance, you can use margin lending to tap into the value of your equity without selling. Typically, a low growth, low margin company (e.g.
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.
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 estateplan, and more. Draft a foolproof estateplan.
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 estateplanning, too.
Your personal circumstances will also evolve, such as changes in your income, unexpected expenses, additions to your family, or adjustments in your retirement timeline due to personal, professional, or medical reasons. Ignoring these factors can put your financial security at risk.
At its core, investment planning ensures that your financial resources are strategically allocated to various asset classes in accordance with your risktolerance and investment objectives. Insurance serves as a crucial safety net and shields your retirement savings from being depleted by unforeseen medical expenses.
You can start small by investing through a Robo-advisor, which automates your investments into a portfolio of exchange-traded funds that are chosen based on factors like your risktolerance, age, and financial goals. Have a will and estateplan. Only 46% of American adults have a will.
Depending on your personal risktolerance level and the time until retirement, the more risk your allocation should include. As a rule, a person starting retirement planning at age 30 should be invested in more stocks, as they have historically generated better returns than bonds over an extended period of time. .
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