It’s Almost the End of the Year. How Are Your Retirement Savings?

I’ve talked about it from time to time over the past few months, but now that there are only a few short days left in 2019, it’s a good time to review your retirement savings accounts. Over the past year: Where you able to save as much as you wanted to or intended to? Did your beneficiaries change? Did you open any new accounts? Did things change personally or professionally that would impact your retirement savings? These are important questions that you should be asking yourself at least once or twice a year. Regardless, the end of the year is Continue reading It’s Almost the End of the Year. How Are Your Retirement Savings?

Spousal Inherited IRA: Take It or Leave It

If you are married, you may have discussed with your spouse what you plan to do with each others estates should one of your pass before the other. This discussion–and other similar ones–is important and can make the period after the passing of a spouse less difficult than it needs to be. As part of those discussions, you may want to talk about what you both will do with an Inherited IRA, if you or your partner have one. There are really three main options for the spouse inheriting the IRA. The first is to leave the IRA as it Continue reading Spousal Inherited IRA: Take It or Leave It

Estate Planning and the Non-Traditional Family

The traditional notion of what a family is has shifted over the decades as society has become more open and excepting of families that do not fit the norm. Now, for the purposes of this blog post, a “traditional” family is that of a husband and wife and one or more biological children. Whether you agree with it or not, things such as divorce and same-sex marriages are more prevalent in today’s society and–possibly coinciding with that–so too is the blended family, which is formed by two previously divorced people getting married. While these types of families are becoming accepted Continue reading Estate Planning and the Non-Traditional Family

Trusting in a Trust

There’s a good chance that you have a will, especially if you have assets that you want to share once you have passed on. If you don’t have many assets or few family and friends to share them with, then you can get by with a simple will (i.e. maybe a page or two long saying who gets what). However, if you have young children–or grandchildren–a simple, boilerplate will probably won’t cut it. Furthermore, if you find that your will may end up leaving a large inheritance to a child or young adult, you will want to consider guidelines and Continue reading Trusting in a Trust

Managing Your Future When You Can’t

Do you have a plan in place should you find yourself in a situation in which you don’t have the ability the make decisions for yourself? Illnesses such as Alzheimer’s Disease and Dementia can rob one of the ability to make financial and medical decisions for themselves. However, there are steps you can take to ensure that you can have some control over your health and finances even if you aren’t competent to make such decisions on your own. Depending on what state you live in, you may want to research whether you can appoint a healthcare proxy or designate Continue reading Managing Your Future When You Can’t

To Leave or Not to Leave?

Whether or not you want to leave a legacy for your children and/or grandchildren can be an important part of retirement planning. If you would like to leave behind a pot of money for your loved ones, then you will want to plan to do so. That may mean saving a lot of money towards retirement or finding ways to fund your retirement needs/expenses without touching your nest egg or being creative when it come to cutting down on retirement expenditures. Furthermore, the decision to leave behind money when you pass away may need to be made early in your Continue reading To Leave or Not to Leave?

Taking Time To Get Your Financial Info Together

As you’ve gone through life and progressed towards retirement age, you’ve probably accumulated a number of financial accounts. These may include investment accounts, retirement accounts, bank accounts, as well as other accounts that hold your assets. You’ve probably also created various usernames and passwords to access those accounts online too. That can be a lot of information to remember, especially if your passwords and usernames are unique to each account. That’s why it’s important that you organize your account information. An easy way to do that is to create a binder of your financial information, which you can easily access Continue reading Taking Time To Get Your Financial Info Together

Don’t Let Outdated Beneficiary Forms Ruin Your Last Wishes

When major life changes happen, you should take the time to make sure the beneficiary forms are updated on your insurance policies, retirement funds, and any other accounts you intend to have passed on to others. Not updating these forms can lead to infighting among relatives and create long-lasting rifts in relationships between those you hold dear. Outdated beneficiary forms can also potentially leave your money open to ending up in the wrong hands–such as an ex-spouse or a family member you had a falling out with. In fact, there are many stories out there about ex-spouses making claims on Continue reading Don’t Let Outdated Beneficiary Forms Ruin Your Last Wishes