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

The Insurance of Insurance

You may not realize it, but insurance can be an important part of building up your wealth. Think about it for a moment. Insurance helps to protect your assets and your health and allows you to avoid having to spend tons of money should anything happen to your assets or health. For example, sudden health emergency–such as something as common as a broken bone–can be quite expensive and really eat into your savings and can be difficult to recover from. However, if you have health insurance, that amount coming out of your pocket is reduced based on your premium and Continue reading The Insurance of Insurance

Knowing Your Assets

Do you know what your assets are? Seriously, when was the last time you sat down and put together a list of the accounts, properties, investments, and consumer goods of value (i.e. a car, boat, etc.) that you have under your name? This can be important as it’s good to not only know what you have, but possibly formulate a plan as to what assets you are comfortable with parting with should you need money in an emergency or assets that could bring in retirement income. Unless you are incredibly wealthy and know that money will never be an issue, Continue reading Knowing Your Assets

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

Could Your Retirement Fund Run Out of Money?

Running out of money in retirement is a legitimate fear for many retirees. Between unexpected medical costs and no way to know exactly how long you will live, not having enough money saved for retirement could be a real possibility. And it doesn’t matter how diligently you’ve saved or how forward thinking you are, there’s still always the possibility that illness or aging–either by you or your spouse–could do some serious damage to your savings. If you’ve been working with a certified financial planner, there’s a good chance that you may have barriers in place to prevent that from happening, Continue reading Could Your Retirement Fund Run Out of Money?

Beware the Costs of Downsizing

Many retired couples and single retirees downsize when they retire. Who wants to deal with the physical and financial costs of the upkeep of a big house once the kids have moved out and there is not longer a need for all the space. While downsizing is a good idea and can definitely save you some money, you should be aware that it may not be as simple as it seems. Many retirees think that downsizing will suddenly free up lots of money that can be spent on vacations or to boost a nest egg. However, if you’ve dealt with Continue reading Beware the Costs of Downsizing

How a “Gray Divorce” Can Impact Your Retirement

According the Pew Research Center Data, the number of people 50 and over divorcing has doubled since 1990. While that my not necessarily be an epidemic to worry about, it is something you may want to think about as you move into retirement. Keep in mind–and I’ve mentioned this is past blog posts–retirement can put a strain on a relationship, especially if you find that you are not on same page with your spouse or significant other. Now, I’m not encouraging divorce, but sometimes relationships do change and it doesn’t hurt to think about how such a change may impact Continue reading How a “Gray Divorce” Can Impact Your Retirement

The Importance of an Emergency Fund

By now, you’ve probably heard that General Motors is planning some massive layoffs that will impact thousands of workers in the United States and Canada. The fact that these layoffs are occurring right before the holiday season makes it all the more gut-wrenching. While you may not be facing layoffs with your job at the moment, that doesn’t mean that it couldn’t happen to you in the future. That’s why now is as good a time as any to put some thought into what you might do should you find yourself in a situation where you are not working–whether that Continue reading The Importance of an Emergency Fund

A Good Reminder of the Importance of Diversification

The markets have been going through a downturn over the past few days and, frankly, it’s been kind of scary. Such downturns provide a great reminder of the importance of diversifying your investment portfolio so that you can somewhat mitigate–or at least blunt–the damage such downturns do to your portfolio. While you won’t be able to come out unscathed, you can minimize how much you may stand to lose. And for those who haven’t, it’s never to late to take steps to spread your investments around. You can diversify your portfolio by investing in different market sectors and industries or Continue reading A Good Reminder of the Importance of Diversification