After experiencing my first hurricane (and coming out unscathed – thank you, God), I realized how important it is to prepare well for the unknown. While we knew about Irma coming toward us for quite some time, not knowing exactly where or how hard it would hit was nerve-wracking. To prepare for Irma, I asked […]
What is retirement planning?
Retirement planning is figuring out how much money you will need to have saved up when you retire so that you can live comfortably. It involves estimating how long you will live and how much money you will need each year to cover your expenses.
Learn more about retirement planning from our financial advisors below.
Sustainable income, precisely what is it? How could income be sustainable? What happens when interest rates drop, or you live too long? How can it sustain itself? Those are good questions, and the answer might seem too good to be true. However, it is true if you understand how to create an Income for Life. […]
Cash talks when it comes to paying for something like a new car. Cash can get you a better deal and eliminate interest payments. But more important than having money is having cash flow. Cash flow is the true king. Cash flow is INCOME. Try thinking of your money from a different perspective than […]
Her jaw began to hurt three years after Sue retired, at first only when she awoke, then eventually constant. As she aged, a slight overbite had grown to a large overbite that was changing her mouth and her life. Her dentist suggested several options, surgery, exercises, and special devices. Eventually, Sue was sent to a […]
Inflation poses a severe threat to all Americans and can cause profound damage to your retirement savings. As of June, the inflation rate in the US was a whopping 9.1%, the highest it’s been since 1981. During times of high inflation, the price of goods and services skyrocket, including the cost of college tuition, healthcare, […]
“Most retiree accounts are woefully underfunded. Instead of withdrawing 4% to retire comfortably, you may have to reduce that to 3% or less.” Jeff Kennedy For various reasons, some people over 65 end up experiencing poverty in retirement. Working too short a time, poor health, and caregiving responsibilities may limit covered earnings. Inflation, longevity, and […]
For many, retirement seems like a far-off goal. But it’s never too early to start planning. A solid retirement plan involves knowing how much money you’ll need to support your desired lifestyle. This task may seem overwhelming, but there are some simple steps you can take to calculate your retirement number. Calculating your retirement number […]
As the cost of living continues to rise, people are increasingly looking for ways to reduce their taxable income. According to a recent survey, nearly 60% of Americans say they would be willing to invest in tax-saving strategies if they knew how. This suggests a significant amount of interest in reducing one’s tax burden. While […]
Probably the biggest fallacy in retirement planning (and one being constantly perpetuated by innumerable retirement pundits and online “calculator” apps) is that you need X number of dollars in order to happily and safely retire. That’s not what it’s about at all. Imagine you’ve decided you want to move to Sweden. You have a Swedish […]
“When I ask people, “What’s the purpose of money?” I get all sorts of responses.”- Lawrence Castillo Have you ever asked yourself, “What is the purpose of money?” It may seem like a silly question. After all, money forms the locus of our existence, and we spend our days making it, investing it, and saving […]