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What is Financial Planning?
Have you looked at a map at an outlet mall trying to find your way to a particular store? Some of the signs have a “you are here” sticker to help figure out where you’re at. No matter where you are in life — planning for retirement or planning your estate — you have goals…
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Fund Your Retirement and Your Kid’s College Savings
In my experience, most people focus on their children’s college savings goals at the expense of their retirement. Depending on you, you’re paying for a private school, cars, homes, and food that supports them today. Heck, you’re enjoying having them around. That doesn’t mean you don’t want to retire comfortably. Freshman year of college typically…
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Retirement income risks: the case for annuities
When it comes to retirement income, a lot of people worry about running out of money as they age. On the other hand, when retirees are set up with fixed-income strategies (via a pension or annuity) they’re often working on a budget, which creates some risk if you go on a spending spree in retirement. …
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Losing sleep over a retirement savings gap?
If you are losing sleep wondering if you have enough retirement savings you are not alone. A recent study by Bankers Life Center for a Secure Retirement (Study) finds many middle income boomers have retirement savings worries. While one-third feel very or extremely confident about their retirement savings, two-thirds express some doubts, with a quarter…
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Can Business Owners Cut 401k Plan Fees and Save on Taxes?
No small business owner I have talked to knows their 401k plan fees or their effective tax rate. One of the questions on the Envision Wealth Structural Assessment is “Do you know your effective federal income tax rate? I have yet to find anyone who actually knows this answer. Most people just take their receipts…
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How tax refunds can harm your retirement
Getting a tax refund is exciting — who doesn’t love extra cash? But that check from the government can actually be harmful to your financial health. In fact, a refund is often a sign that something is amiss in your financial plan. The fallacy of the benefit of a fat tax refund You may hope…
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Retiring on pain adjusted gains
Do you dream of retiring one day to a brighter future? Have you thought much about the journey, its uncertainties, twists and turns? I call that the pain. You probably need to invest in the markets to get a return to at least keep up the rising cost of living. Before the market crash some…
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Is a QDIA costing you money?
Most people I talk to haven’t taken a class on retirement planning, much less 401(k) investments like a QDIA. A QDIA — qualified default investment alternative — is where a 401(k) puts your money if you don’t select investments. Yet most employees don’t remember reading about QDIAs in whatever packet the HR department gave them…
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How much money will you need in retirement?
There’s a rule of thumb in financial media that you need a million dollars to retire. For some clients though, the idea of saving up a million dollars or more to retire sounds daunting. In my opinion, not everyone needs a million-dollar balance, and the sacrifices it would take to get there might not be…
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Turning retirement into financial independence
When you hear the phrase financial independence, what comes to mind? When you hear the word retirement do the same images come to mind? This isn’t your grandfather’s financial independence The word retirement conjures up thoughts and emotions. Many of those thoughts and emotions are negative. Doing nothing. Having no purpose. Death. Retirement for many…
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