Do You Know the Difference Between Retirement Planning and Financial Planning?

Many Americans don’t really put much thought into the difference between “financial” planning and “retirement” planning. After all, they both focus on retirement and saving enough to enjoy that period in your life. However, if you talk to a certified financial planner, they’ll probably tell you that there is a difference. Financial planning focuses on investments and saving strategies that will help you meet your retirement goals. Simply put, it’s the work and effort you put in as you save for retirement. Whereas, retirement planning tends to zero in on your spending once you enter into retirement and your paychecks stop. Financial Continue reading Do You Know the Difference Between Retirement Planning and Financial Planning?

A Creative Way to Avoid RMDs From an Inherited Account

Do you know your options should you inherit an IRA from a spouse? There are often multiple choices regarding what you can do with the money. Furthermore, your options may be impacted by your spouse’s age when they passed, especially if they are under the age of 70½. Your age may also play a factor into your decision. One common option is to roll the IRA money into your own IRA and begin taking required minimum distributions (RMDs) either immediately if you are over age 70½ or when you turn 70½ if you are under that age at the time of Continue reading A Creative Way to Avoid RMDs From an Inherited Account

Need Help With Retirement Saving? Get the Right Help!

There’s nothing wrong with seeking professional help when it comes to formulating your retirement plans or building up a nest egg. In fact, it’s very common for Americans to turn to financial and retirement professionals to help them set their retirement goals and get on the right track for meeting those goals. Hence, the reason why I have a job! However, not all advice is created equal and, just like with anything, there are good financial planning professionals and not-so-good financial planning professionals. When you seek out a financial planner or professional, you need to make sure you properly vet Continue reading Need Help With Retirement Saving? Get the Right Help!

Do Less Thinking and More Doing When It Comes to Retirement

Americans spend a lot of time thinking about retirement, but they don’t spend nearly as much time actually planning for it and taking steps to make those thoughts and dreams a reality. After all, it’s so much easier to think about things that it is to do them. However, if you want to reach that retirement of your dreams (or at least a comfortable one), you will need to take concrete steps and develop a plan and goals that will allow you to reach that. While I do not want to discourage you from dreaming–it can be an effective motivational Continue reading Do Less Thinking and More Doing When It Comes to 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

The First Step In Retirement Planning Is…

Before you talk about your financial plans and how you want to save and pay for retirement you need to talk about life. What are your goals, wants, needs, and desires? Where do you see yourself when you retire? How long do you think you will live? This conversation can be had with your financial planner, but it most definitely will be shaped through self reflection and life experiences. It may also be molded by subsidiary conversations had with family and friends. Knowing what you want out of life can help you determine how much money you may need as Continue reading The First Step In Retirement Planning Is…

The Longevity Conundrum: Living Longer and Saving for Retirement

With each generation comes new medical breakthroughs and refinements that allow people to live longer, healthier lives. That longevity gives people more time to pursues interests, careers, education, and enjoyment that past generations may not have had. Longer lifespans also require more financial planning, especially if retirement age remains the same as past generations. Whereas past generations may have put little to no thought into retirement planning, current generations are planning on 20-30 year retirements due to the ability to live longer. This means that the amount that must be saved for retirement is increasing with each generation and that Continue reading The Longevity Conundrum: Living Longer and Saving for Retirement