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Travis is the founder of Student Loan Planner, an RIA and student loan consulting company based in Chapel Hill, North Carolina that serves nearly 1,400 households with ongoing financialplanning (as well as consulting with over 15,000 clients on student loan debt).
Maximize Your Retirement Contributions: Enhancing your retirement savings not only secures your future but also offers immediate tax benefits. For 2024, the IRS has increased contribution limits: – 401(k), 403(b), and most 457 plans: You can contribute up to $23,000.
Retiring abroad can be a dream come true for many Americans, offering the opportunity to explore new cultures, enjoy different climates, and potentially stretch retirement savings. But moving to a new country involves significant financialplanning. tax return every year. Knowing the tax landscape in both the U.S.
Financialplanning can take your money game up a notch by bringing clarity, strategy, and intention to your financial life. A healthy financialplan gives you the tools to take control of your finances and start living your life with passion, purpose, and freedom. So what’s the value of a financialplan?
Healthcare costs are rising at a pace that demands attention, particularly for individuals nearing retirement. This upward trend is expected to continue, with PwC projecting an 8% annual rise in medical costs for the Group market and 7.5% Healthcare financial advisors are invaluable in helping individuals tackle this complexity.
Why This Is a Problem: When an actual emergency (job loss, medical expense) hits, you dont want to rely on credit cards or loans with sky-high interest rates. Whether it’s saving for a home, planning for early retirement, or simply achieving financial peace of mind , the choices you make today will define your future.
Also in industry news this week: Large asset managers offering hybrid digital-human advice services are eating into the market share of purely human advisors, signaling that a smaller firm's ability to offer a differentiated value proposition could be a key to success in the coming years A recent study indicates that tech-forward advisory firms not (..)
Let’s be honest, retirement isn’t what it used to be. The traditional blueprint of working until 65, collecting a pension, and retiring feels outdated, especially for mid-level professionals who’ve started thinking early about what their ideal retirement should look like. Start planning early. And the best way to do that?
This is important because if you’re not convinced about something, you may lack motivation in some areas of financialplanning. We ask advisors if they would be willing to pay premiums for their term coverage to age 75 or 85, especially if they retired at 68 years old.
We speak daily with clients who are contemplating where they might live in retirement. Now is the time to explore various retirement housing options and strategies for aging individuals. From aging in place to retirement communities, consider your individual preferences and needs when choosing the most suitable housing option.
However, it is a common goal for retirees to create and maintain generational wealth in retirement. What better way to leave a legacy than to provide financial security? The Foundations of FinancialPlanning Proper financialplanning is widely considered the first step to building generational wealth. [1]
It goes by many different names: semi-retirement, partial or phased retirement, second career, and so on. But typically, it means the same thing: working in some capacity after retiring early. As more workers consider the growing appeal of semi-retirement, some ask — is working part-time in retirement a good idea?
One way of thinking about retirement is that it happens in phases. We’re going to break down each one of the phases and explain some important financial moments in each. When you are 20 years old, it can be hard to picture what retirement might look like for you.
If you are headed toward retirement soon, or you have just retired, you may find yourself wondering, “Is my nest egg enough?” As you know, medical expenses, long-term care, housing repairs, and other unpredictable costs are just a part of life, so how can you prepare for those kinds of things during your retirement?
Category: Client Relations Financialplanning is difficult for anyone, and even more so for someone who is a special needs person or has such a family member. Related: How Financial Advisors Should Engage With Female Clientele? They need all the help they can get and you are a crucial part of their support system.
Here are some important points to keep in mind: Types of health insurance: There are different types of health insurance plans, including health maintenance organizations (HMOs), preferred provider organizations (PPOs), point of service (POS) plans, and high-deductible health plans (HDHPs). [1]
At Zoe Financial, we’ve seen firsthand how proactive planning with a fiduciary advisor helps individuals protect and grow their wealth across generations. This guide consolidates what we’ve learned to help you refine, update, or pressure-test your current retirement and estate strategy with confidence.
For these reasons and several others, it is essential to follow specific financialplanning tips for dual-income families. If you wish to learn about financial strategies that can help dual-income families plan their finances better, consider seeking the services of a professional financial advisor for the same.
In an earlier post, I summarized many of the housing options people can consider in retirement. This post takes a deeper dive into CCRCs (Continuing Care Retirement Communities also known as Life Plan Communities) CCRCs are an all-in-one solution to aging in place for people over 60. You can check out the article here.
Retirement is an exciting milestone—a time to leave behind the hustle and bustle of work and embrace a new chapter filled with more freedom and opportunities to enjoy life. Planning well in advance ensures that your retirement years will be financially secure, fulfilling, and less stressful than your working years.
A Health Savings Account (HSA) is a special type of savings account that allows individuals with a high-deductible health plan (HDHP) to save money pre-tax for future medical expenses. The funds can be used for qualifying medical costs like doctor visits, prescription medications, dental care, and vision services.
When putting away for retirement, we often dream about all the things we’ll be able to do with that money – traveling, going out to eat, maybe trying new hobbies. . Of course, there are always the everyday household expenses to account for in your post-retirement budget. Ways to Start Planning Early for Retirement Health Care Costs.
Retirementplanning can be a bit complex. There are multiple factors to weigh in, right from healthcare and inflation to estate planning, business succession planning, tax planning, and more. However, the main drawback to this can be the lack of foresight regarding what and how to plan.
Most people start financialplanning with the goal of growing their finances through savings and investments. But financialplanning is not limited to increasing your wealth alone. Right from your income and stock investment returns to your property, inheritance, retirement withdrawals, and more, it is hard to ignore tax.
Start With Your FinancialPlan: What Can You Control? Before making any decisions, the single most important step is to revisit your financialplan or create one if you havent yet. Are you at risk of being laid off or considering early retirement? If youre over 59, can you access retirement funds without penalty?
Retirement is a time to embrace your dreams and live a contended retirement life, but it requires meticulous financialplanning and preparation. Retirementplanning is even more critical for self-employed individuals as they lack the safety net of traditional benefits like PPF or LTA.
It plays a crucial role in helping people achieve financial stability, prepare for retirement, and leave a lasting legacy for their families. Yet even the best financialplans can stumble. Of those, 80% used their savings to cover basic expenses such as bills, repairs, and medical costs. The good news? The result?
Creating a financialplan is the first step toward achieving financial freedom. Financialplans are essential for setting your financial goals in motion. Not every financialplan stands the test of time, and multiple options can often lead you astray. Imagine facing a sudden job loss.
You can use this online tool to help you find plans. [2] 2] You can also call 1-800-MEDICARE to find out which plans are in your area. [2] 2] But before choosing a plan, make sure that it aligns with your financial situation and is the best fit for you personally. Unfortunately, exact medical costs are hard to estimate.
But it’s also a time to pay attention to the financial challenges women are still facing, and how to overcome them. Taking Time Off: FinancialPlanning for Women Women are still the primary caretakers, both for children and other family members. You have to ask for what you want.
Key Takeaways: Maximize available deductions through strategic planning Consider timing of income recognition and deductions Leverage investment and charitable giving strategies Stay informed about AMT implications Regularly review and update your tax strategy FAQ Q: What are the best tax deductions for high-income earners?
Starting early with investing for retirement is so important to secure your future self. This means that saving for retirement should be a component of your overall financial portfolio and wealth-building strategy. So, let’s discuss how to save for retirement in your 20s! The 401(k) Plan 2. Roth IRA 4.
With medical inflation outpacing general inflation, ignoring healthcare in your retirementplan is a risk no one can afford. Factoring in retirement healthcare costs is a smart move. And if you are unsure where to begin, talking to a financial advisor can help you build a more personalized and realistic retirementplan.
The MainStreet FinancialPlanning Discussion Club. Over the past five years, Mike and Kim Barnes found themselves navigating problems they never saw coming from their parents: Alzheimer’s, pacemakers, COVID pneumonia, and the tough decision to move parents into retirement communities. “MainStreet Chalk Talk”.
But building a balanced meal plan takes more time and effort to accomplish. The same is true for a healthy financialplan. Not every financialplanning task is exciting and groundbreaking, but each step secures your goals and vision for the future. Your coverage level is unique to you and your situation.
For those nearing age 65, it’s essential to understand the paths in and around Medicare regarding your financialplan. As a full-service financialplanning firm, Ballast Advisors works closely with seasoned professionals in many areas of personal financialplanning , like health insurance.
Retiring or furloughed before age 65 is a long-term goal or a dire situation for many older workers who find themselves in the middle class these days. The cost is usually double pre-retirement costs. Talk to your physician or office staff and ask them for their opinion on how to pay for medical services.
FINANCIALPLANNING Tax and FinancialPlanning Ideas For 2023 Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. If you have been contemplating making more defined financial decisions, the New Year can be the ideal time to turn that aspiration into a resolution. Retirement Savings Accounts .
Recently, I got an invitation for a webinar titled “Incorporating Property & Casualty into The Holistic FinancialPlan.” Meaghan uses examples to illustrate how the right insurance can save you from having to use your savings and compromising your financialplan in the event something unexpected happens in life.
After all, that is what a solid financialplan is all about. Whether it is a job loss or a medical emergency, the fund acts like a safety net, so you do not have to rely on high-interest debt. But what if you are in your 60s or 70s and getting ready to retire? Taking on debt during a recession can be a slippery slope.
Financialplanning can take your money game up a notch by bringing clarity, strategy, and intention to your financial life. A healthy financialplan gives you the tools to take control of your finances and start living your life with passion, purpose, and freedom. So what’s the value of a financialplan?
One way of thinking about retirement is that it happens in phases. We’re going to break down each one of the phases and explain some important financial moments in each. When you are 20 years old, it can be hard to picture what retirement might look like for you.
1 It’s important to have these conversations – and it’s vital to have them before cognitive decline or a medical emergency occurs. Information you’ll want to document includes: Bank accounts Investments Retirement accounts Estate planning documents (wills, trusts, etc.)
Instead, they start piling up right when you plan to conceive. Regular medical tests, doctor consultations, quality care, a good diet, and more, start to affect your budget even before you deliver the baby. And, once your baby comes to life, your financial budget can suffer if you do not prepare well.
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