Take the Coronavirus Seriously!

COVID-19 is no joke. The illness has the potential to impact even the farthest corners of the globe and it’s spread is wreaking havoc on the markets and global economy. Based on the market swings of the past two weeks, I’m fairly certain your portfolio has not been immune, regardless of how diversified you are. During times like these it can be easy to get caught up in the hysteria and over-react to what’s going on. If you’ve been to a grocery store at all the past few days, then you might have seen what I’m talking about. However, depending Continue reading Take the Coronavirus Seriously!

Working Isn’t an Alternative to Retirement Saving

Many Americans plan to work during retirement, which is a great idea. Working during retirement has a number of benefits, mainly it provides income that allows you to delay tapping into your nest egg and it can keep you mentally and physically active, which can have beneficial health impacts. However, some Americans look at working in retirement as an alternative to saving, which is a fallacy. Yes, you can work in retirement to avoid tapping into your nest egg–or at least to lessen the load on your retirement savings. Avoiding saving for retirement with the belief that you will just Continue reading Working Isn’t an Alternative to Retirement Saving

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

Could You Need Long-Term Care in Retirement?

There’s a really good chance that you’ve had a family member who required long-term care towards the end of their life. You might even be going through such an experience right now with an elderly parent or relative. These experiences can range from hiring in-home care to placing your parents in an assisted living facility. Regardless, seeing others go through it and, if you cover the expenses, having an idea of the costs can leave a mark of you as you plan for your own retirement. It may cause you to think about how you want to age as well Continue reading Could You Need Long-Term Care in Retirement?

Don’t Assume Anything in Retirement

For many readers of this blog, retirement resides in the future. And as with anything involving the future, there is a lot of uncertainty as to how things will play out. After all, no one can accurately predict the future. That uncertainty regarding the future can open the door to a lot of assumption making. For example, many people assume they will remain healthy in retirement or that their living costs will drop dramatically in retirement or they will be able to control their spending in retirement. While these assumptions may be supported by credible traits and data (i.e. family Continue reading Don’t Assume Anything in Retirement

Don’t Forget to Factor In Healthcare Costs When Financial Planning

Whether you want to admit it or not, healthcare costs are going to be a big factor in your retirement. Yes, you can get help in the form of Medicaid or Medicare, but chances are you will have to pay for at least some of your healthcare costs in your later years. It’s better to recognize that now, while saving for retirement, than later on when you are in retirement. I understand that you most likely won’t be able to predict exactly what your healthcare costs will be in the future, but you can at least look at what your Continue reading Don’t Forget to Factor In Healthcare Costs When Financial Planning

Are You Prepared for a Long Retirement?

Thanks to advances in technology and medicine, people today are living longer than they did in past generations. According to various studies and data, the median life expectancy for people in North America is around 80 years, which is a dramatic increase from a century ago. Keep in mind too that as our ability to combat disease and better understand the human body and health improves so too will that number. It may be possible that future generations could see a median life expectancy of 100 years. What does this all mean? Well, it means that there is a good Continue reading Are You Prepared for a Long Retirement?

The Importance of Staying Social In Retirement

Research has shown that having an active social life is important to a high quality of life. Furthermore, studies have shown that retirees and elderly citizens who remain socially active tend to live longer than those who do not remain social or live a reclusive lifestyle. Maintaining social circles and networks can be just as important in retirement as your finances. It can also be something that people struggle with in retirement, especially if work life was an important part of their social life, which can often be the case. Having an active social life has also been proven to Continue reading The Importance of Staying Social In Retirement

Thinking About the Things You Can’t See in Retirement

In this blog, I do not shy away from talking about more than just financial well-being in retirement. Retirement planning is about so much more than just money and making sure you have enough of it. Planning for retirement also requires that you think about the things that you can’t see or predict or control. You can’t predict what you’re health will be like (although modern technology can give you good insight into your risks and probabilities) and you just don’t know how old age will affect you mentally and physically. You also don’t know exactly how you might handle Continue reading Thinking About the Things You Can’t See in Retirement