Save Early and Often
Save Early and Often Save early and often – it is likely that the majority of young households will have little discretionary income each month, and the tendency is to put off saving. When you are young, and have your first real job, probably the last thing on your mind is retirement. Then, before you […]
Understanding Retirement Terms
Understanding Retirement Terms Understanding retirement terms will help you better navigate the complex world of retirement planning. Deductible IRA. An individual retirement account that allows the owner to deduct the amount of the contribution from current federal income taxes. Deferred compensation. Income that is not currently payable to an employee but that is payable in […]
Determining Your Retirement Goals
Determining Your Retirement Goals Determining your retirement goals comes after the previous steps of analyzing cash flow statement and balance sheet. I like to start by talking to my clients about their visions of retirement, their goals, and their values. Picture a day in retirement. Will it involve pure leisure and hobbies, or maybe some […]
Assets Liabilities and Net Worth
Assets Liabilities and Net Worth Assets liabilities and net worth reveal your financial position as of a specific date, and they are used to construct the personal statement of financial position, or “balance sheet.” Such a statement is a good measure of financial health and will help you identify what assets may be available to […]
Cash Flow Statement
Cash Flow Statement Cash flow statement serves as a tool to help identify your current spending patterns. Having insight to your spending habits is a good starting point for predicting spending in retirement. Despite your initial reluctance to create a cash flow statement, this exercise is usually eye-opening! The cash flow statement is illustrated by […]
Understanding the Federal Gift Tax
Understanding the Federal Gift Tax Understanding the Federal Gift Tax – the federal gift tax applies to transfers of wealth by a person while they are still alive. These transfers are called inter vivos (during life) gifts. An inter vivos gift typically occurs when two things happen: the giver (or donor) receives less than the […]
Top Trends in Retirement Planning
Top Trends in Retirement Planning Top trends in retirement planning will give a general understanding of the current situation many of my clients will face or are facing. Pension plans are increasingly scarce Defined benefit plans are designed to provide participants with a guaranteed lifetime income, or a pension. These plans, however, are becoming increasingly […]
Planning for Retirement if You Have 5 Years
Planning for Retirement if You Have 5 Years Planning for retirement if you have 5 years means you have little time to waste. Make a list of retirement “needs” and “wants.” If you do not have enough savings to meet your “needs,” make a five-year plan to increase your funds. Double-check your reported Social Security […]
Planning for retirement if you have 10 Years
Planning for retirement if you have 10 Years Planning for retirement if you have 10 years means you can see your finish line but you are close. Consider any big-ticket financial commitments you anticipate in the next 10 years and how these items might affect your retirement timeline. Review your estate documents to ensure the […]
The Question of Race and Money
The Question of Race and Money The question of race and money. Are white families doing better than black families? The question of race and money has always been top of mind for me. I have made it my life’s journey to understand the cycle of poverty and how to help families break the cycle […]
