One of the most common deficiencies I find in people’s financial household is a solid budget. An outline of your expected monthly expenses, as compared to the income you expect to receive. This surprises me because of how important a budget is to your overall financial plan. I often find that people have a ballpark idea of what they spend, but when asked to identify exactly what they spend on specific goods and services, they very seldom can pinpoint these expenses. Today I will provide you with a budget outline and a way to get on track with your monthly cash flow.
5 minute estate planning checklist
Many of us go through life so consumed with our day to day activities, that we can sometimes forget how important an organized estate will be for our loved ones we leave behind. By taking 5 minutes out of your busy day to review this checklist, you can give yourself the peace of mind that your passing will not end up as a burden to your family and friends. To go a step further, I highly encourage you to have this conversation with your loved ones so that they are prepared, and have the tools necessary in the event of your passing. As always, consulting and coordinating with your legal, financial and tax advisors is a must.
Who will receive your assets upon death?
We’ve all opened an investment account with our broker and been asked to elect a beneficiary. All too often, we make this election without thinking about the issues that can arise when an account is transferred from the account owner to their elected inheritor. Today we will take a look at three items that every account owner should be aware of when designating a beneficiary.
Is your financial advisor a fiduciary?
Over the last several years there has been a lot of focus on providing investors with a higher degree of protection by increasing the oversight of industry regulators. One very important term that sets advisors apart, is whether or not they are considered to be a fiduciary.
New Years Reflections
I recently read an article by Dave Carusso, CFP®, 20 Financial Planning Questions That You Need an Answer To!, which really hit home and I immediately thought about all of our clients and friends at Snider Advisors. The premise of the article was to answer a list of 20 questions that he viewed as things every person should know about themselves. The list ranges from questions about financial planning matters, to the “big picture” in life that everyone should reflect on as we enter the New Year. Hopefully the questions listed below will help you realize what is most important in your life right now:
Is Your Permanent Life Policy in Danger?
There are many people out there today who own permanent (cash value) life insurance for many different reasons. Some people use permanent life insurance to protect their family from a tragic loss, estate planning strategies, or buy/sell agreements within their businesses. While it is our belief that for straight death benefit protection, term insurance is most often a better solution, there are situations where permanent insurance can make sense in an individual’s financial plan. The question that owners of these policies should be asking is, “Will my policy be there when I need it?”
Over 50 and Concerned About Retirement?
After the financial meltdown in 2008-2009, many boomers are now in their 50’s and quickly approaching what was supposed to be their “Golden Years”. Their retirement picture today is most likely very different than it was just 5 years ago. Even with account values cut in half during the recession, there is still a way to save your way into retirement.
Caution: Retirement Approaching
It’s an understatement to say that times have changed since the financial crisis in 2008-2009. People have in no way forgotten the crisis and the uncertainty surrounding current political and fiscal policies have undoubtedly had an influence on our behaviors over the past several months. It’s perfectly natural to adjust to the environment surrounding you; however, there is one area I’ve seen change that will have a negative impact on many peoples’ lives in the future. People have significantly reduced the amount they are saving for their retirement.
Thinking of buying an annuity?
by Josh Stelzer With recent market volatility and the market collapse of 2008 fresh on everyone’s minds, insurance companies are ramping up advertising, and capitalizing on the fears of investors . The laundry list of guarantees and flashy marketing materials can certainly be appealing to investors who fear the recent market turbulence, but what’s the catch? Today we will take …
3 Ways to Maximize Social Security Benefits
With 10,000 baby boomers retiring every day, having a plan to maximize your social security benefits is an essential piece of your retirement plan. Most Americans believe that their options are limited in this area of financial planning, and I’m here to tell you that it’s quite the opposite.
