When it comes to managing your finances, you’ll likely come across the terms “financial advisor” and “fiduciary.” While they may seem interchangeable, they aren’t. Understanding the distinction between these roles and their responsibilities can help you make better decisions for your financial future. With recent changes in regulations, it’s time to take a closer look at how fiduciary standards differ from general financial advice. The Impact of Regulation Best Interest (Reg BI) The U.S. Securities and Exchange Commission (SEC) recently implemented Regulation Best Interest (Reg BI) to increase transparency and accountability in the financial industry. This rule restricts the use …

Retirement is a unique phase of life, often seen as a well-deserved reward after decades of hard work. However, misconceptions about what retirement entails can lead to surprises—and not always pleasant ones. To help you prepare for this life stage with open eyes, let’s tackle some of the most persistent myths about retirement and uncover the truths behind them. Myth #1: You Can Choose When to Retire Myth #2: Transition Is Easy Myth #3: Lower Taxes Myth #4: You Will Spend Less Myth #5: A Short Lifespan Final Thoughts Retirement is full of possibilities, but it’s also layered with complexities. …

Congratulations on reaching this exciting milestone—retirement! As you transition into this new phase, it’s essential to focus on wellness, fulfillment, and enjoyment to make the most of your newfound freedom. Here’s how you can embrace these aspects for a balanced and satisfying retirement. Wellness: Taking Care of Yourself Your health and wellness should be a top priority in retirement. Maintaining physical and mental health ensures you have the energy and vitality to enjoy everything retirement has to offer. Fulfillment: Feeling Productive Retirement is the perfect time to seek fulfillment by exploring activities that bring a sense of purpose and productivity. …

The holiday season is a time filled with joy, warmth, and the spirit of togetherness. As a retiree, you have the wonderful opportunity to embrace this festive period without the hustle and bustle of a work schedule. Preparing for the holidays can be an exciting adventure, and with a bit of planning, you can make the most of this special time. Here are some tips to guide you in getting ready for the holidays as a retiree. Organizing Holiday Events Hosting or attending holiday events can be a delightful way to celebrate the season. Start by deciding what type of …

Retirement is often viewed as the golden era of life, a time when one can finally savor the fruits of their labor. However, this significant life transition involves navigating through a series of emotional and practical stages. Understanding these stages can help in making the most of this phase. Let’s explore each stage in detail. 1. Pre-Retirement: Planning Time The journey to retirement begins long before that final farewell at the office. The pre-retirement stage is crucial for setting the groundwork for the years ahead. It involves thorough financial planning to ensure that savings, investments, and pensions are sufficient to …

As the year draws to a close, it’s time to focus on tax planning strategies that can set you up for financial success in 2024 and beyond. Thoughtful year-end tax planning not only helps you make the most of your hard-earned money but also positions you for a more secure retirement. Here are 12 strategies to consider as you wrap up the year. 1. Strategize Roth Conversions One of the most effective tax strategies is to plan Roth conversions carefully. By transferring funds from a traditional IRA to a Roth IRA, you convert taxable income into tax-free income for retirement. …

Reaching the point of retirement is a pivotal life phase that necessitates careful consideration and preparation. It’s not solely about having your finances in order; it’s also about visualizing the life you wish to lead. Here’s an in-depth guide to help you on this exciting path. Step 1: Define Your Retirement Vision Start by picturing what retirement looks like for you. Whether it involves traveling extensively, spending more quality time with loved ones, or diving into new interests, understanding your aspirations will guide the choices you make regarding both finances and lifestyle. Think about your desired activities and preferred living …

One of the most pervasive myths about retirement planning is the belief that it’s okay to delay saving until you’re earning a higher salary. While it might seem logical to wait for a more comfortable financial situation before setting aside money for retirement, this strategy can jeopardize your future financial security. Understanding the importance of starting early, regardless of your current income, is crucial for building a robust retirement fund. The Importance of Starting Early Starting your retirement savings early, even with small amounts, leverages the power of compound interest to your advantage. Compound interest allows your savings to grow …

Barron’s recently had an article about investors snapping up trophy office buildings at a 50-60% discount to peak pricing. 😯 This coincided with a similar private investment opportunity I recently shared with my clients for a fund that focuses on Trophy Office Properties in Manhattan. These investments are illiquid, which means they’re easy to get into and impossible to get out of early. You’re going to be in bed with the operators for 3-7 years, possibly more. Here are a few things to look for when making a private placement investment: ✅ Does the General Partner (GP) have “relevant” experience …