Without a doubt, the death of a spouse leaves enormous emotional tumult. But what about the more practical issues related to this loss? The financial side of things? Certainly, money is the last thing one wants to think about when grieving, but unfortunately, it can ben necessary for those left behind. Optimally, there will have…
Buying your first home is likely to be one of the larger purchases you’ll make in your life, so it’s not something you should take lightly. Not to mention, the decisions you make directly impact your family, especially when it comes to money. You want to make sure you’re buying the right home, in the…
As you may already know, a Roth IRA is a pretty lovely boon for those saving for retirement. It’s an individual retirement account, meaning that you initiate the account and add money to it through your working years rather than your employer. The real sparkle of a Roth IRA is that even though you pay…
We do our best when we raise our children, right? Hopefully, we encourage good habits and teach them reliable tools to become independent and confident adults. So your adult child is about to leave home. Maybe he or she just graduated from college and is about to get their first apartment. Or, perhaps they just…
For many families, the expenses related to the care of an adult disabled dependent can be some of the most difficult to tackle. Since this type of care is a necessity for so many families for parents to work or go to school, it’s one that must be accounted for and planned around. Fortunately, when…
How do you see yourself spending retirement?
Golfing in Florida? Traveling the country in an RV? Spending time with family and grandchildren? No matter how old you are right now, it’s smart to start thinking about what you want from your retirement. Regardless of your stage of life, now is the right time to plan for retirement. Keep reading to see how you can plan for retirement at any age.
For the parents of children with disabilities and varying special needs, the significance of quality holistic estate and financial planning is far more important than simply focusing on tax and investment planning alone. Young and adult-age children alike with disabilities are often not able to adequately care for themselves. Their future self-actualization and quality of life depend largely on their parents’ capabilities and desire to create a plan in conjunction and harmony with keeping government benefits available.
Individuals with disabilities will potentially have a clear legal right to obtain services within the community instead of in an institution under new legislation supported by a bipartisan collection of representatives and senators. Introduced on January 15, this legislation would if passed, be the most extensive civil rights bill for those with disabilities in decades.
According to the Holmes-Rahe stress inventory, the loss of a spouse is the number one stressor that someone can endure. It’s certainly a time of confusion and emotion. Assessing your financial situation during this time will likely be the last thing on your mind, but it’s so important to evaluate your finances carefully.
It’s almost 2019 and the year is wrapping up. As a busy working professional, you can give yourself a nice head start on the new year by giving having a financial “to-do list” of sorts. What I mean by that is taking some time to look at your tax layout, investment strategy, financial planning goals, and other issues influencing your economic world that can be identified and addressed before the new year begins.
It’s common practice for parents to hold their savings in some type of retirement account, often an
Individual Retirement Account (IRA) At age 70 1/2 he or she must take mandatory distributions from the IRA, or what is called the Required Beginning Date. These payments and are known as Required Minimum Distributions and are calculated and determined by the government.
It looks like social security payments are slated to grow next year. However, for several recipients, the more substantial payments will be somewhat offset by an increase in Medicare deductibles and premiums. The Social Security Administration (SSA) announced on October 11, 2018, that effective on December 31, Social Security payments for 2019 will rise 2.8 percent, which is an increase from a 2 percent gain in 2018 and the most significant increase since benefits rose 3.6 percent in 2012.
Likely the most weighted factor used in determining whether SSI recipients will qualify for the maximum benefit is their housing arrangement. Individuals living by themselves who pay their rental expenses, inclusive of utilities, are eligible for the maximum monthly SSI benefit. (This is with the assumption that they fulfill all other criteria to receive the maximum.)
Most women in the United States retire at the age of 66But, women face unique hurdles in comparison to men when it comes to retirement.
First of all, women live longer. They also face lifetime income disparities as compared to men. These issues, coupled with rising divorce rates in older women, can cause struggles when it comes to financial security in later life.
The demand for financial advisors is expected to increase by around 15% in the next decade. It’s clear that people continue to see the value in having a professional help them with their family finances.
However, when looking for some help, you have to consider the differences between a financial planner vs.
financial advisor. Although there are areas of their work that overlap, these are two very different jobs, and they shouldn’t be used interchangeably.
I love the water.
The ocean waves and quiet fishing on the bay. My wife and I moved our family from the bustle of a larger city to a less grid locked city near the beach when our two boys were still in their early elementary school years. We love the feel of a small beach town where everyone is a neighbor, and people don’t hesitate to lend a helping hand. We felt like this would be better for our boys than the high intensity, rapid pulse of a big city.
Did you recently fail to meet a goal you set? If so, you’re not alone. Some studies show that up to 92% of people who set goals like New Year’s Resolutions fail to achieve them.
But at least that group is ahead of people who never set goals at all, which is more common than you might think.
Choosing to start a family may not feel like a financial decision. And you shouldn’t make that decision solely based off what your money situation looks like — there’s a lot more that goes into this big life change.
But you shouldn’t ignore the practical realities of having a baby. The USDA estimates that raising a child to the age of 18 will cost the average family $233,000.
What do you think of when you hear the words “financial planning?” If you’re like some people, you may not think anything at all. Instead, you might groan or let your eyes glaze over. Or maybe you immediately feel skeptical and suspicious because you don’t trust what the suits want to do with your money.
The truth is, financial planning can offer tremendous benefit to you and your spouse if you’re just starting your life together. It can also give families peace of mind. It can give you a clear understanding of how to achieve the goals you want to reach.
