You may have heard that people spend more time planning their annual vacations than they do planning for retirement. Whether you start your retirement planning years or weeks before that glorious day, you will follow similar steps to determine the lifestyle you can expect in retirement.
While you may or may not be happy with the presidential election outcome, one thing is certain: Donald Trump is going to serve as the 45th president of the United States. While it would be nice to have a crystal ball so that we could tell you exactly what this means for your wallet, unfortunately, we don’t. We can, however, give you a general idea of what could happen in 2017 based on President-elect Trump’s tax plan and his talking points during the campaign.
Getting one’s financial house in order is usually at the top of annual New Year’s resolutions, but far too often, we overlook and even neglect making critical decisions during the last few months of the year that can impact our personal financial situations for this year, next year, and for years to come.
Most of my articles have been geared towards couples, yet individuals have financial concerns as well. In a relationship, generally, one person handles most of the financial planning and money issues. But what happens when the spouse who actively managed the couple’s assets and financial future is no longer the decision maker? The less experienced spouse has to step up to the plate, usually with little or no warning. Because this transfer of responsibility is often occasioned by death, disability, or divorce, it can be an emotionally challenging time. Yet critical decisions concerning investments, insurance, financial, and estate planning need to be made to avoid or minimize financial hardships later.
Whether you are single or in a committed relationship, it is hard enough to take care of the challenges of day-to-day living without having to worry about planning for the future. Despite your hectic life, you may have already taken the time necessary to plan for retirement and for your life insurance needs. However, not enough people have taken the time to evaluate the need for long-term care.
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