Talking to Your Heirs About Money

One issue for people as they age is communicating with their heirs about the inheritance they could receive.  Some people are uncomfortable talking to their heirs about money while others are concerned that their heirs could become lazy while they wait on a windfall.  Talking with your children early about money in general and later about the money they might inherit can help your heirs become more responsible with the money they’ll receive. Here are some resources to get you started: This article from Kiplinger does a good job of outlining the importance of these conversations and some steps to […]

Are You Ready to Retire?

We’ve seen an increase in clients asking us if they can afford to retire.  While some could have retired years ago, many are clients who are looking to move up their retirement date.  This sudden interest in retirement is likely due to the pandemic; clients have experienced growth in their net worth from reduced spending combined with a strong stock market and are feeling COVID fatigue.   If you’re also considering retirement in the near future, know the answer to these questions before taking the leap:   What do you want to do in retirement?  The first step that I […]

Social Security Income

When considering Social Security income, most people think it best to take the income as soon as possible.  In most cases, this would be starting their income at age 62.  While this strategy works for some, there are some other options to consider. You can begin receiving individual Social Security benefits anytime between ages 62 and 70. Your benefit amount will differ, however, based on your full retirement age. This is based on your year of birth and ranges from age 66 for those born 1948-1954 to age 67 for those born in 1960+. The maximum benefit depends on the […]

Will this Game Stop?

Summary Smaller investors are making a big impact on Wall Street by joining together to buy companies such as GameStop, AMC, BlackBerry, and Nokia. The targeted buying is hurting Hedge Funds shorting these stocks, creating a short squeeze. The “short squeeze” is helping drive up these companies’ stock prices to astronomical heights. Currently, Hedge Funds are the biggest losers, but if stock prices reverse, there could be a ripple effect. If you’ve been monitoring the news recently, you’re likely to have heard something about a company called GameStop. While there have been further developments this past week, this article will […]

Identity Theft

‘Tis the season for identity theft.  According to a recent survey conducted by Experian, 24% of people reported being a victim of identity theft or fraud during the holidays.1  During the holidays, we’re often so distracted while out shopping or searching for bargains online that we let our guard down.  Before you go shopping, take some steps to help protect your identity. Online Data– Be smart when you’re online.  Social media is a great way for thieves to learn more about you.  Take steps to limit the amount of personal information you share (employer, where you’ve lived, family members, etc) […]

Long-Term Care Options

November is long-term care awareness month, so we’re revisiting this challenging subject.  The national average cost for a private room in a nursing care facility costs over $102,000 per year. Depending on the level of your assets and income, you may elect to self-insure, spend down your assets and rely on Medicaid, or purchase long-term care insurance.  Traditional long-term care insurance benefits seem to be decreasing while the cost of coverage increases. Often people with more limited assets and income may rely on Medicaid to cover their long-term care expenses. Whether you are single or in a committed relationship, it […]

The Elections

If you’re worried about how the upcoming elections could impact the markets, you’re not alone. This year’s election is likely to be more contentious than the 2000 election between George W. Bush and Al Gore (a process that took over five weeks to resolve and saw the S&P 500 drop more than 8%). Numerous lawsuits have already been filed in state courts by both parties and we’re weeks from election night. With an expected increase in mail-in ballots, we won’t likely know the winner until days after the election. Even after that, we could see legal challenges that could take […]

Things to Look for When Buying a Retirement Home

Retirees enjoy the freedom to move wherever they desire without a job or young family tying them down to their current location. Retirees often move during retirement, with a decent portion moving out of state. However, there are many things to consider before you book those movers and sell your house. Before selecting your dream retirement home, consider some of these things to help save you time and money down the line. Your Budget:Regardless of age, amenities play an important part in choosing a new home. Make a shortlist of what you need and want. Think about fitness, community activities, proximity, and maintenance. […]

Spring Cleaning Your Finances

Most of us find ourselves stuck at home while we continue to practice social distancing measures. Consider using your time at home to work on spring cleaning your financial picture. Like many others, you may have several “to do” items that you have been too busy to complete or forgot about entirely. With so much uncertainty about the stock market, employment, and the general state of affairs, you might not want to spend a lot of time looking at your investments, budgeting, or related items. There are, however, plenty of other things you can do to help improve your financial […]

Updates for your Finances due to the Coronavirus

The first day of spring has been the last thing on the minds of many as the country and world brace for the coronavirus. In an effort to provide a financial backstop for individuals and the economy, state and federal governments have been implementing new policies and changes to existing timelines. So far there have been changes to tax filing deadlines, student loan payments, leave from work, and unemployment insurance. Tax Changes The American Institute of CPAs (AICPA) have a website in place to help people keep updated with changes to tax deadlines. You can visit the link here. As […]