There has been a lot of chatter recently by economists and news outlets using the word “recession”. Understanding that it could happen and understanding how to handle it are different matters. If you are one of those nearing retirement or in retirement that has no strategy, you may be right to worry. Planning for a recession involves making a plan for other financial eventualities. If you prepare, you can face the future with more confidence. When the threat of a recession exists, recall there are two retirement variables within our control. How long we work and how much we …
Grandparents Raising Grandchildren
Raising children is something often done by parents in the prime of their life, typically between the ages of 20 and 50. By the time retirement comes around, most of the children are off on their own, leaving the parents to finally take a well-deserved rest. Aside from occasional contact with their young grandchildren, grandparents are usually able to live their lives free of the responsibility of raising youngsters. But what happens when the grandparent suddenly becomes the primary caregiver for their grandchild or grandchildren? Grandparents raising grandchildren is a scenario that often arises due to an unforeseen circumstance involving …
How To Handle Market Volatility
Looking back at the past few weeks, the market has made some investors nervous. Market volatility can lead to some serious stress but what are the best ways to respond to this uneasy feeling? When dealing with market volatility, it’s important to keep several things in mind to avoid making major mistakes. Have a Plan It’s frequently said that those who fail to plan are planning to fail. When investing, it’s important to have a plan. If your plan is to put $1,000 or $5,000 a month stick to it. Slow and steady wins the race. Sticking with your plan …
Bad Idea? Women Leave Money Decisions To Their Spouse
When couples get married the finances are typically left to one person. It is rare for both parties in a marriage to handle the finances together. In some cases, it is the wife that is leaving the husband to handle all financial issues. This may be common in some relationships, but it is not exactly a sound approach to managing the money in every case. Difference In Opinion The trouble that can stem from this type of one sided financial domination are the differences in opinion on things, and the person that is ruling the checkbook is typically going to …
The Unexpected Can Occur At Any Age
This topic is not comfortable for everyone to talk about but planning now can make a world of difference later. More than a third of long-term care residents are younger than 65 years of age. This statistic reminds us that we should prepare for the future, and the earlier you start preparing, the better. Here are some steps you should take to prepare for your golden years. Draw up a Will You’ll want to decide how your estate gets divided up. If you don’t decide while you’re alive, the state will do it for you. That’s why it’s important …
Baby Boomers Bomb This Question
With all of the day-to-day demands on your finances, sometimes it is difficult to have a strong grasp on what your overall financial picture really looks like. While many people may be very in tune with one segment of their financial life, you may be inadvertently neglecting other parts. One often-overlooked financial aspect is retirement savings. In fact, you may be surprised to know that according to the Motley Fool, 42% of baby boomers cannot answer the question of “How much have you saved for retirement?”. While this revelation may seem shocking, it is a reality that, for many, immediate …
Avoid New Retirement Over Spending
You’ve put your time in and the day you’ve been waiting for has finally come. It’s time to retire! You’re done working 40+ hours a week and ready to enjoy the money you’ve been saving for years. Slow down for a minute, though. It can be tempting after working for so many years to start checking off all the items you’ve been adding to your bucket list throughout the years, but this can lead to some severe overspending. It’s a nice gesture to invite your entire extended family on vacation or help your children pay off some of their debt, …
Think Before You Build Your Retirement Dream Home
Building your dream home for retirement is not an uncommon goal many Americans have. However, just because it’s a common dream doesn’t mean it’s an appropriate dream for a large portion of the population. Sure, you may have several hundred thousand or a couple million in your retirement accounts. You’ll still want to think before you build your retirement dream home. Think Location Three of the most important considerations to take into account before building a dream home are location, location and location. You’ll want to ask whether the location you’re looking to build on is an up-and-coming destination or …
Your 2019 IRA Guide
When it comes to retirement savings, one of the best options available to those who don’t have a workplace retirement plan is an IRA. These savings vehicles allow for future retirees to save up to $6,000 per year in a tax-advantaged manner as of 2019. Those who have reached age 50 can add another $1,000 to their accounts each year. Types of IRAs There are two main types of IRAs. The first is the traditional IRA, and it allows individuals to save on a tax-deferred basis. Effectively, a traditional IRA allows account holders to cut their adjusted gross income by …
Take a Summer vacation… for your mental health!
The Forty-hour work week paired with a busy schedule tends to be a recipe for stress and burn out. While practicing daily self-care in small increments is an important piece to preventing burn out, periodically taking a prolonged break from our responsibilities and stressors is equally as important. According to Dr. Krauss of Psychology Today, a vacation well-done can inspire self-reflection and rejuvenation, allowing us to seize the day upon return to our regular lives. Experiencing high levels of stress on a daily basis can diminish a person’s physical, mental, and emotional health. Dr. Krauss points out that consequences include …