Death and Taxes… The Best Reasons for Competent Retirement Planning
If there’s one sure thing in life, it’s that times and conditions will change. People that retired many years ago are now facing some of the results of that change. We now have higher taxes, low interest rates, and people, on average, are living longer. It may be time for View full post…
Creating a Financial Plan Yourself Isn’t Difficult
You don’t have to spend a lot of money to learn how to create a financial plan. Our tips will show how to do it for free.
A 2019 survey by a respected financial firm, revealed some interesting statistics. The survey pointed out that about 75% of individuals who had a financial plan in place paid their bills on time.
In contrast, about 35% without a plan paid their bills on time. In addition, about 65% who had a financial plan, set up an emergency fund to cover unexpected expenses. About 25% of those who had no plan, created an emergency fund for future unforeseen expenses.
Statistics like these show that anyone, regardless View full post…
Do You Make These Retirement Planning Mistakes?
Retirement planning is usually difficult for a variety of reasons. Some say its equivalent to rolling the dice because retirement may be decades away and you’re forced to make spending assumptions now.
What makes it worse is that if your guess is too far off, it can make a happy and comfortable retirement into one that is a nightmare.
Once you’re already in retirement, it can be very difficult to recover financially if some unforeseen large expense occurs. Some retirees try to find a job to supplement their income, but many others cannot. Either they’re not able physically, or the job market may be cold.
The following categories where un-planned spending generally occurs creates problems for some and blows their budget out the window. View full post…
Do You Know How to Save for Retirement?
If you’re employed by a firm that has a 401(k) plan, you know how to save for retirement…it’s a no brainer. But suppose you’re an entrepreneur who just started a new business?
More often than not, saving for retirement isn’t a priority at this time. The new business isn’t making a profit and cash flow is very limited due to the high start-up costs. As a matter of fact, some entrepreneurs use current retirement accounts to fund the new business, which is not a good idea.
The primary focus when starting a new business is View full post…
Retirement Savings – Issues That Worry Millennials
Just when you thought that retirement savings meant putting away as much money as you needed for your lifestyle…now, making plans for unknown factors creeps in.
For the millennial generation, unfortunately, much is unknown. There are four primary concerns that we will list here and then elaborate later on:
1. Will social security and Medicare survive?
2. Will they have to take care of their elderly parents?
3. What will future health care costs be?
4. Are their retirement funds being managed properly?
Knowledgeable financial planners say View full post…
Co-signing a Student Loan Could Ruin Your Retirement
This is one aspect of parenting that has many opinions and heated discussions. Let’s say that your child or grandchild just finished high school and has been accepted by their favorite college. Unfortunately, some part of their borrowing will require co-signing a student loan with a private lender.
Like many other students who apply for financial aid, the federal government will approve loans directly to the student. This is done without as much as a credit check. But, many times the federal government approval doesn’t cover all of the costs and the student must apply to the private student loan lenders.
These loans do require a credit history check, and the young student usually View full post…
4 Money Management Tips for Newlyweds
If you think getting married is a tremendous emotional step, you would be correct. But, it’s also a major financial one too. Each one has their own individual goals and ways to handle money. We offer these money management tips in an attempt to get both spouses on the same page and frame of mind.
It’s best to discuss money management before marriage and decide on the method of handling the finances. Both long term and short term goals should be discussed. A lot of stress can be avoided later in marriage if these financial issues are taken care of early by View full post…