Most people understand and acknowledge the need for both estate and retirement planning. Despite this, the vast majority of Americans under the age of 40 do not have either an estate plan nor a retirement plan in place. Regardless of when you start your retirement planning, there will be important decisions you must make as part of that plan. Ensuring that you have sufficient financial resources available to live comfortably when the time comes is undoubtedly at the top of your list of … [Read more...]
What Is the Difference between the Various Types of IRAs?
It is never too soon to start thinking about retirement – at least not the financial aspect of retirement. In fact, the sooner you start planning for your “Golden Years,” the more financially secure you will be when the time comes to enjoy those years. One increasingly popular retirement planning tool is an IRA. Before you rush to open an IRA though, you should learn as much as possible about the various types of IRAs and how each one might fit into your overall retirement plan. You should also … [Read more...]
How Do I Incorporate Retirement Planning into My Estate Plan?
Regardless of your age, you should be thinking about retirement planning. In fact, you should be doing much more than just thinking about it – you should be incorporating it into your estate plan. Why should retirement planning be part of your estate plan? Because if you fail to plan properly for retirement, you will not have much, if any, estate left to pass down to family and loved ones. The best way to ensure that retirement planning is properly incorporated into your estate plan is to work … [Read more...]
Working Longer May Mean Living Longer
Although some people count the years, then months, then days until they can retire, others never seem to retire. If you are one of the people who cannot imagine not working, who hasn’t even bought a rocking chair yet, and who actually enjoys your job…there is encouraging news. It turns out that working longer may mean living longer. A 30 year study conducted by Shell Oil found that people who waited until age 65 to retire actually lived longer than those who choose to retire at age 55. While … [Read more...]
Where You Retire Makes a Difference
For some people, retirement means being able to wake up and walk out to the beach. For others, it means living close to the country’s best fishing spots or a world class golf course. For still others, it may mean a secluded cabin in the mountains. Whatever your dream retirement location looks like, be sure that you take into account the financial implications of your choice of location as well. There are a wide variety of costs that should be considered when you start thinking about where to … [Read more...]
Technology for Seniors
If you are nearing your golden years then you grew up in a time when the internet was a concept that only existed in science fiction movies and “car phones” were something only the President and kings of foreign countries used. Today, however, even kindergartners know how to use the internet and likely carry around their own cell phone. Although all of this 21st century technology may be a bit daunting, it can be used to make your golden years better. There are a number of areas in your life … [Read more...]
Five Important Estate Planning Considerations for Blended Families
Blending two families often comes with its share of ups and downs. Spouses who are busy trying to handle the emotional and practical aspects of blending families often forget about some of the estate planning considerations that a blended family brings with it such as: Fiduciaries – the executor of your will, an agent in a power of attorney, or a trustee of a trust all wield considerable power within your estate plan. Once two families are blended you may wish to reconsider these roles and … [Read more...]
Retirement Planning: Debt Reduction Is Key
Some people toss around the word "retirement" as though it was some type of given. This could stem from the misconception that everyone will be able to retire once they start receiving Social Security and Medicare coverage. If you're one of these individuals you may want to do some research. The Social Security Administration states that the average monthly check in 2010 was $1072. As we all know, we're in the throes of a budgetary crisis. Social Security outlays account for 20% of the national … [Read more...]
When to Start Retirement Planning
For most people, the last thing they are thinking about in their 20s is retirement planning. In your 20s is when you typically settle on a definitive career path and land your first “real” job. Thinking about how to fund your retirement in 40 years is likely not at the top of your “to do” list. It should be though, right along with estate planning. Unfortunately, the days of easy retirement planning went by the wayside many years ago. Pensions are rare these days and the future of the Social … [Read more...]
Top Three Major Life Changes That Warrant Updating Your Last Will and Testament
Creating a Last Will and Testament is the foundation of any estate plan. While executing a Will is certainly essential, updating it is equally as important. As the saying goes “nothing stays the same.” So how do you know when you need to update your existing Will? Although each person presents unique circumstances, there are some common events that warrant revisiting your Will, as well as any other estate planning tools you have in place. Major life changes always warrant updating your Will. … [Read more...]
