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.
When you consider what it takes to establish a successful retirement plan, what comes to mind? Is it your annual rate of return; the safety of your principal; having a balanced portfolio; guaranteed income for life? While all above are important, they are not the most critical factors that will determine whether you will run […]
Money has three primary functions in retirement. Those functions are INCOME (the cash flow that you need to live), LIQUIDITY (money for growth and emergencies), and LEGACY. The focus of this article is on LEGACY. The word legacy is defined in part as follows: a gift of property; a bequest; anything handed down from the […]
Many pension programs both in the private and public sectors offer a “Spousal Survivor Benefit.” If the primary pensioner dies first—the spouse gets a percentage, usually not all, of the regular monthly pension received before death. If selected, this nice benefit comes at a not-so-nice cost. The provider of the monthly pension is now going […]
Most people who have saved for retirement, college, or just an emergency fund, have assets in several different investments, I like to think of each of these as buckets. Buckets of money. Once the time comes to consider which bucket to use first, many options arise. If you have qualified money in a bucket […]
The definition of tax-deferred growth is this: An investment in which some or all taxes are paid at a future date, rather than in the year the investment produces income. When comparing tax-deferred accounts with annual taxable accounts, several factors need to be considered: · How soon will the funds be needed? · Are these […]
Remove emotion when dealing with money decisions I recently received a call from my client, who shared with me that her husband of fifty-two years had passed away. I could feel the sadness and pain in her fragile voice. The reason for her call was she needed help filling out the death claim forms the […]
Ben Franklin said it (reportedly); “The Eighth Wonder of the world is compound interest.” And it’s true! Take $100,000, at 3% compounded for just five years; that amounts to $ 115,927. That’s a 15.9% gain. Now take $100,000 at 3% simple interest for five years; that amounts to a flat $115,000. A flat 15% gain. […]
“So Laurabell, how is business? Have you been freeing many people into retirement?” That was the greeting I received when I met with one of my clients to deliver his contracts. His statement about freeing people into retirement made me think; that is precisely the business I am in, the freedom business. You see, when […]
When I speak with my clients about preparing for retirement, of course, the conversation involves finances. However, I have found that preparing for retirement goes far beyond planning your finances (although that is a key component!). Sitting down with new clients some of the questions I ask are: • What are you planning on […]
One day Little Red Riding Hood was walking across town to her Grandma’s house. She was carrying her favorite basket which she always used when bringing things to Grandma’s, except today in the basket she would be carrying something very, very valuable and important—in the basket would be Grandma’s life savings. Grandma was retiring after […]
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