Fast Forward Your Retirement Date

It’s almost the weekend!retirement - Weekend

Does a life in retirement make you dream of simpler times? Time to spend with family and friends?  This weekend my family and I are looking forward to spending time with family on a weekend camping trip. We have lots of fun activities planned – s’mores, bike riding, games, etc. We’ve been preparing for this for quite a while so everyone is excited that it’s finally here. There are few things in life more relaxing to me than sitting in the woods around a campfire laughing, telling stories, catching up with friends and family. Some of you are thinking that is the worst possible idea ever! LOL! That’s ok. To each his own, right?

How are your weekend plans shaking up?

Is it necessary for you to work this weekend to complete what you couldn’t finish during the week?

Are you making plans for a fun get-away?

Are you busy, but doing things you love to do?

Do your weekend plans make you long for that time you can finally retire – whether it’s to enjoy times like this more often or to never have to work on the weekend again?

Help for your Retirement Plans

Maybe this article from US News can help you move that retirement date closer than it is now:

7 Strategies to Bump Up Your Retirement Date.

If you aren’t satisfied with your current weekend calendar, maybe some of these suggestions can help make your dreams a reality. Every step you take, however small, can have great benefits in the long run. It may feel like you aren’t making progress as quickly as you would like. Be patient. Be dedicated to your plan. Seek professional advise if you need to.

We would love to hear from you.

What would be most helpful for you as you’re planning your retirement?


Real-World Retirement Planning

What I Should Have Said For Real-World Retirement Planning

Happy real-world retirementThe NY Times posted an article recently from Paul B. Brown. He’s a former advisor and author. When asked if he would change the advice he gave he said, ” No, I wouldn’t change any of the advice. I told people to start saving aggressively while they’re young and to diversify their holdings. — But I would have provided not only more empathy, but more real-world advice as well.”

The article goes on to detail 3 examples of things he would say now – in hindsight. He talks about the age of retirement, the reality of life and finances as well as those special expenses that come along. He actually even gives a percentage goal for how much you’ll need – which may surprise you.

You can read the full article here.

Radical New Strategy for Advisors in Asset Planning

asset planning

Family asset planning

Have you ever considered providing asset planning for the whole family when consulting with your clients?

Forbes October magazine has an interesting article about a pilot program from an advisor with Wells Fargo.

We probably all know of situations in which a family death began a feud over what money and possessions remain. It doesn’t seem to matter if it’s great amounts of money or small. It always has the potential to get unpleasant.

The program highlighted in this article seeks to counsel families in how to plan for the inheritances – before death – so that everyone makes the best use of the assets. Parents are finding comfort through this program in discussing their financial standing openly and honestly with their children so that they can plan to make the best use of their inheritance. It also gives peace of mind to the parents that their gifts will be used appropriately and not be wasted on foolish gains and activities.

The clients noted in the article are, admittedly, dealing with massive amounts of money. Maybe you have some of those clients yourself. Maybe your clients with less money could benefit from a similar approach as well.

Take a look at the article and see what you think. This program is reporting huge success and say they have people beating down the doors to be involved. Could this work for you in your practice?

Inflation and Your Retirement

Inflation, death and taxes – all a sure thing.

InflationWhen you’re talking about your retirement, inflation is one of those unsure elements that can make or break your sound planning.

Many Americans identify inflation as one of their greatest concerns. You know it’s coming. Is your retirement plan such that it is able to handle the expected or unexpected jumps? published this article recently outlining the Facts v. Myths you may find interesting in light of your retirement goals. Many people expect to handle any lapses by being more frugal, but will that cover the possible shortfalls? quotes  Deb Repya, VP of Consumer Insights for Allianz Life; “Although it may be an option for managing expenses, frugality is not a financial strategy that will mindfully and effectively address the rising cost of living throughout retirement, especially one that could last 30 years or more. There are many factors to consider when planning a long, comfortable retirement and addressing inflation is a critical piece of that puzzle.”

For more information, check out the full article here.

MORE Important Retirement Savings – Age 66

Continuing our series: Age 66 – What you need to know now.

Age 66This is the next to the last installment in our series. I hope you’ve learned a lot! Maybe it hasn’t applied to you to this point so you’re just joining us now. In either case, what do you need to know about your retirement planning at age 66?

Social Security! We all have been waiting – hoping it will be there when we finally are eligible to collect. Those of you who are baby boomers are indeed eligible to receive full benefits at age 66, however, there are increases in monthly benefits if you wait until age 70 to start claiming them. Claiming Social Security before age 66 can mean significant reductions in your monthly pay outs. The opposite is also true – if you wait – you will see a significant increase in those same monthly benefits.

What if you aren’t a baby boomer, but you are looking ahead – as a wise person should? The requirements are different for you! Check out this full video from US News and World Reports for all the details.

Missed one in the series? Just click below. Want to be sure you catch the last installment regarding important information for your retirement by age?  Watch for it on Thursday September 28th.

Age 50

Age 59 1/2

Age 60

Important Retirement Savings – Age 59 1/2

Do you have 90 seconds to enhance your retirement savings?

Retirement SavingsIf you have 90 seconds to spare, I found some awesome information that can enhance your retirement savings if you are at least age 59 1/2!

There may be times in your life where you feel like you need to dip into that retirement savings, but by waiting until age 59 1/2, you can avoid hefty penalties when you include the taxes also due on the withdrawal. There are some exceptions though.

Check out this video from US News and World Reports for more details. The video is literally 1 minute and 14 seconds. That’s about how long it takes to ride the escalator to your office! 1 minute and 14 seconds that could save you a bunch of money – knowledge is power!

Important Retirement Savings – Age 50

Do you have 90 seconds to enhance your retirement savings?

Retirement SavingsIf you have 90 seconds to spare, I found some awesome information that can enhance your retirement savings if you are at least age 50!

Did you know that the closer you get to retiring, there are changes in rules regarding contributions and withdrawals from  your IRA and 401(k) accounts? Once you turn age 50 you can save more in your 401(k) account than younger coworkers. By maxing out your 401(k), you can save a significant amount in taxes. After age 50, IRA accounts also allow you to make larger catch up payments and to defer taxes on more money than younger investors.

US News and World Reports has a great recap of these rules in short video located here. It’s really just over a minute long.


Self Driving Cars for Retirement

Self Driving Cars – Good For the Elderly?

Self driving carsIs it really possible that self driving cars are within reach? Congress is even starting to expedite the introduction of these cars. The benefits could prove revolutionary to senior citizens as well as disabled individuals.

Melody Hahm of Yahoo Finance outlines how this could be a major win for the elderly as well as other benefits you could see. As our population is rapidly aging, more and more people could find themselves able to move about with freedom.

Check out the full article here.

Do You Need Insurance Changes In Retirement

Insurance Changes

Who doesn’t look forward to retirement and the greater freedom to choose your own schedule? Sounds great to someone who has worked for years. But with any change in life circumstances, you may need to make some insurance changes in retirement as well.

But with the tremendous changes that come with retirement come the need for changes in your spending and don’t forget – insurance. You may need more or less coverage than what you have now.

Barbara Marquand of NerdWallet suggests evaluating your needs in the following areas:

  1. Ask about car insurance discounts. The fact that you are no longer commuting to work may allow for a decrease in your car insurance. Many states require companies to give discounts to drivers age 55+. Other organizations such as AARP and AAA provide discount opportunities as do completing drivers ed courses. But, if you’re planning to travel in rental cars, you may want to evaluate the amount and type of insurance you will require.
  2. Contact your homeowners insurance. Because retirees are often home more, the likelihood of burglary is reduced which makes for a good reason to offer a reduction in homeowner insurance. However, if you’re planning to do a great deal of traveling, you may want to increase your spending in this area.
  3. Revisit life insurance and long term care. Seems obvious, but health changes come with age. Your personal health may allow for decreases or require increases to maintain financial health.
  4. Sign up for Medicare. There is a 7 month window where you are eligible to sign up for Medicare. It begins 3 months before your 65th birthday. Follow current regulations at  Late enrollment may mean having to pay higher prices.

Everyone’s retirement will look different with the many factors in play. If you need assistance, please look for a reputable financial adviser in your area.

You can read the full article here.


Is Retirement Possible Without $1 Million?

Retirement$1 Million Retirement

Of course entering retirement with a million dollars makes things easier, but you can absolutely live well without having met that magical goal. Preparing ahead of time and making small changes – or big ones – can pay off big in the long run.

5 Strategies

There are a few things you can try to help meet your goals like boosting your Social Security payments. Here are 5 strategies, from our friends at that  you can employ to make your (less than $1K 401(k)) retirement a joy!

We would love to know if any of these suggestions have worked for you or if you think any of these strategies might help. We would also love to hear what else might have made your less than $1K savings work for you.


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