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8 Financial Goals for your 40s and 50s

2020-12-09T11:39:35-06:00December 9, 2020|Categories: Weekly Update|Tags: , |

8 Financial Goals for your 40s and 50s

Our clients in their 40s and 50s are faced with many unknowns: How much longer do I want to work? How much longer do I need to work? How much do I need saved for retirement? Am I making good progress? There’s a lot to consider as you approach retirement, but we feel that there are 8 key things that almost everyone should have on their radar. We shared these points in a recent article, and we hope you find them useful. https://bit.ly/3ltL5fh.

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What’s Your Number?

2025-03-25T12:58:53-05:00October 8, 2020|Categories: Resource Center|Tags: , , |

What’s Your Number?

What’s Your Number?

Most people will spend 30, 40, or even 50 years working toward retirement, putting a little away each month so that they can enjoy their golden years. But when it comes to retirement savings, how much is enough?

Determining how much you need saved for retirement is a crucial first step in the retirement planning process. The goal is to balance saving enough for your future without sacrificing too much of your present lifestyle. To figure out how much you’ll need, start by understanding your expected retirement expenses. Consider factors like whether you’ll stay in your current home, have additional or fewer expenses, and whether you’ll support family members or focus on philanthropy.

Next, evaluate your income sources during retirement. Social Security, rental income, pensions, and investment dividends may be key to your retirement budget. Comparing your expected income to your monthly expenses will give you an …

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8 Financial Goals For Your 40th Birthday

2025-03-25T13:03:33-05:00June 3, 2020|Categories: Resource Center|Tags: , |

8 Financial Goals For Your 40th Birthday

8 Financial Goals For Your 40th Birthday

For investors in their 30s, life can feel busy, hectic, and a bit disorganized at times. How do you focus your time and energy on the things that matter most?

In your 30s, life often feels hectic with a mix of responsibilities like paying down debt, starting a family, and saving for retirement. To make things easier, focus on these key financial goals before turning 40. First, ensure you’re investing with purpose. This means defining your retirement goals, understanding how much you need to save, and creating a strategy to reach those goals. It’s a great time to consider working with a financial advisor to help make your vision a reality.

Another key goal is to ensure your career and salary are advancing. Your 30s are when your hard work should start paying off in terms of salary growth. …

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The Value of a Fee-Only, Fiduciary Advisor

2025-03-25T13:09:40-05:00March 27, 2020|Categories: Resource Center|Tags: , |

The Value of a Fee-Only, Fiduciary Advisor

The Value of a Fee-Only, Fiduciary Advisor

What makes financial advice “good enough”? Well, that depends on if your advisor is working under the fiduciary or the best interest standard. The good news is that as the client, you have the power to decide which standard is the right fit for you.

When meeting with a financial advisor, it’s important to understand their motivations and how they prioritize your best interests. Financial advisors are held to different standards of care: the best interest standard and the fiduciary standard. Under the best interest standard, advisors must recommend investments that are in your best interest but can still disclose conflicts like commissions or bonuses they receive. This can sometimes lead to recommendations that benefit the advisor more than the client.

In contrast, fiduciary advisors are legally required to put your best interest first in all aspects of their …

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Financial Goals for Your 30th Birthday

2025-03-25T13:13:52-05:00February 21, 2020|Categories: Resource Center|Tags: , |

Financial Goals for Your 30th Birthday

Financial Goals for Your 30th Birthday

The years between 20 and 30 can be some of the most exciting – and challenging – times in life. But what really matters when it comes to the financial lives of young investors? To help simplify things a bit, we created a resource that details 8 financial goals for investors to accomplish before their 30th birthday. If you’re under 30, how are you doing on the list? If you are over 30, how are the young investors in your life doing?

The years between 20 and 30 are often filled with excitement, but also present a number of challenges, especially when it comes to personal finances. As you transition from high school to a young adult, it’s crucial to focus on financial goals that set you up for success by the time you turn 30. Here are eight key …

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The SECURE Act: 3 Key Takeaways

2025-03-25T13:17:17-05:00February 7, 2020|Categories: Resource Center|Tags: |

The SECURE Act: 3 Key Takeaways

The SECURE Act: 3 Key Takeaways

By many estimates, the SECURE Act was the largest retirement reform bill since 2006. But at 18,000 words long, most investors haven’t had time to sit down and read it yet.

Passed in 2020, the act introduced several key changes to retirement planning. One significant change is that retirees must now begin taking Required Minimum Distributions (RMDs) at age 72, rather than 70½, providing an additional 18 months for funds to grow before taxable distributions begin. Another major change is the elimination of the “Stretch IRA” for many beneficiaries, meaning that most beneficiaries must now withdraw the full balance of an inherited IRA within 10 years, which could lead to higher tax liabilities.

Additionally, it allows individuals over the age of 70 to make tax-deductible contributions to retirement accounts, which is beneficial for retirees who continue to work and want to …

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Estate Strategies – Critical Elements of an Estate Plan

2025-03-26T08:12:34-05:00December 12, 2019|Categories: Resource Center|Tags: , , |

Estate Strategies – Critical Elements of an Estate Plan

Estate Strategies – Critical Elements of an Estate Plan

Taking steps to protect your estate is an important financial decision. Proper strategies can maximize opportunities and reduce stress for your loved ones. Yet, around 50% of people over 50 don’t have a will, even though almost 60% of Americans plan to leave an inheritance. By creating an estate plan, you can put your financial house in order and save money. Documenting your wishes ensures that your family won’t face a costly and lengthy probate process, and it helps make sure your legacy is honored.

A will is essential for outlining how your assets will be distributed, naming an executor, and designating guardians for minor children. However, wills can be contested in court, which is why additional documents like a letter of intent can be helpful to clarify your intentions. A power of attorney …

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Getting Strategic with Social Security

2025-03-26T08:16:45-05:00September 25, 2019|Categories: Resource Center|Tags: , |

Getting Strategic with Social Security

Getting Strategic with Social Security

While social security should be just a portion of your overall retirement strategy, it’s an important part to get right.

Social Security is a crucial component of your retirement plan, and understanding how it works is essential. Signed into law by President Roosevelt in 1935, the system provides retirement income funded by taxes from current workers. The amount you pay into Social Security during your lifetime determines your benefit, with the Social Security Administration (SSA) using your 35 highest-earning years to calculate your monthly payments. The more you contribute, the higher your benefit will be.

You can start receiving Social Security as early as age 62, but your monthly benefit will be reduced by about 0.5% for each month you claim early. Conversely, if you wait until your “full retirement age” (which varies based on your birth year) or beyond, you can earn …

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