Once you've reached the decade of your 50s, it's time to tap into your accumulated life experience and wealth by investing with purpose and confidence. You also need to take steps for risk management such as ensuring that you have the right estate planning documents in place for your needs. As you enter your 50s, you may already be thinking about your intended retirement date and whether you have enough saved. It's Read More
Hiring an Estate Planning Attorney After Losing a Spouse
Losing a spouse represents a major change in your life. You might need to work with your estate planning lawyer to update all your documents and ensure that your plan aligns with your needs after losing a spouse. If you have not previously worked with an estate planning attorney, it is strongly recommended that you identify one as soon as possible if your spouse has recently passed away. There are many different Read More
Preparing For the Third Phase of Your Financial Life
Most people go through three major phases with finances in their life. The first financial phase is build and grow when you're first starting your career and are focused on maximizing contributions to your 401(k). This can be a good time to accumulate as much as you can taking into account all the different financial concerns that can pop up in future retirement, like the cost of long-term care. The second financial Read More
Women Must Plan Ahead for Their Financial Future and Life Insurance May Be the Option
A 2021 Insurance Barometer survey found that 43% of women felt they would leave their families with a difficult financial situation if they passed away unexpectedly. This number was five full percentage points more than the answers given by men in the same survey. Women face earning power challenges that make it more important for them to look ahead into their future to plan for retirement and also need to generate Read More
New Study Shows That Those With Higher Wealth Also Live Longer
A recent study published in the JAMA Health Forum found that out of 5,000 participants, those who had a much higher net worth at midlife had a much lower risk of dying in the 24 years that followed. The study also was particularly interesting in that it included siblings and twins and identified the same results. The purpose of the study was to evaluate midlife in the United States. Although it was determined that Read More
Are You One of the Many Americans Not Financially Prepared for Retirement?
When it comes to your finances and your future, you’ve got to be the one who takes the reins and protects your nest egg. In addition to funding your retirement, those accounts might also become the payment source for long-term care health needs. You and your spouse should both be on the same page about saving for these possible issues. A recent study of US adults between the ages of 50 and 64 revealed that plenty of Read More
What Do Opportunity Costs Have to Do with Your Financial Plan?
Every time you make a decision in life, you’re choosing to say “yes” to one thing and “no” to all the other options available to you. That’s known as opportunity cost. There’s an opportunity cost with how you structure your financial and estate plan, too! With limited resources, you have to make judgment calls about what you do and who gets what. A comprehensive financial and estate plan includes many different Read More
Yes, You Still Need a Financial Plan Even After a Pandemic
There is no doubt that the year 2020 has been unpredictable across the board, including financially. This makes many people hesitant to update their plans or to establish a new planning strategy altogether. However, a financial plan and an estate plan are some of the most important things you can work on even if you only develop a framework that needs to be amended later. Despite all of the uncertainty around you, Read More
