Financial Planning
Retirement Accounts Explained
Retirement is one of the biggest expenses you’ll have in your life, with one of the longest savings periods of your lifetime, too. Although there are various retirement savings plans available to you, planning for retirement doesn’t have to be overwhelming. U.S. retirement statistics can be a bit depressing; the most recent Survey of Consumer…
Read MoreKey Highlights to Navigating Long-Term Care: What You Should Know
The thought of long-term care (LTC) can feel a bit dismaying with so many questions to answer. What exactly is long-term care? How do you know if you need it? Do you have to “qualify” for it? Having more insight on this topic can help ease some of the confusion or even anxiety around what…
Read MoreHow to Protect Your Spouse From the Survivor Trap
Losing a spouse is difficult enough without having to worry about your finances. Will your spouse be able to maintain their current lifestyle? Or will they have to sell assets and dip into retirement accounts to get by? Does your retirement plan protect your spouse against the survivor trap? If your retirement plan doesn’t have…
Read MoreShould I Pay Off My Mortgage Before I Retire?
Homeownership generally means having a mortgage looming over you for 15–30 years—an intimidating thought for some. It’s only natural that you want to pay that debt off as quickly as possible, especially if you’re nearing retirement and will no longer be accumulating money with your income. There are arguments for both sides of paying off…
Read MoreThe 4% Withdrawal Rule in Retirement: Is It a Bad Idea?
One of retirees’ greatest fears is running out of money.1,2 Some of the key questions as you prepare for retirement are, how much money will I need to retire? Will my money last through my lifetime? How much can I safely withdraw every year so that I don’t run out of money? Many financial professionals…
Read MoreRequired Minimum Distribution: What It Is and How to Calculate It
Required minimum distributions are important to your overall income strategy in retirement, but the rules can be complex, especially if you have multiple retirement accounts. Read on for more about what a required minimum distribution is, how to calculate it, and special exceptions for taking an RMD. What Is a Required Minimum Distribution? Put simply,…
Read MoreDiversification: What It Is and Why It Matters to Your Portfolio—and Financial Future
The stock market and investing, in general, can come with high highs and stomach-churning lows. Knowing where to invest your money and how much to invest is a complicated interplay of many factors—investing most or all of your money in one security or stock means you’re fully exposed to the risks associated with that company.…
Read MoreHow to Avoid Emotional Investing
Money is personal—there’s no denying that. You’ve worked hard for it, and it touches nearly every aspect of your life. In the same vein, emotions are ever-present in our lives and affect almost every decision, reaction, and situation we encounter. Market changes, volatility, and chasing gains can cause disappointment, frustration, and panic at the lows…
Read MoreReverse Mortgages: What They Are and If They’re Right for You
Millions of Americans are entering retirement encumbered with mortgages. The proportion of homeowners aged 65+ who still carry a mortgage doubled over the last 30 years—from 21% in 1989 to 42% in 2019. The median loan balance increased to $86,000 in 2019 from $18,000 in 1989. Lastly, and maybe more concerning, over a quarter of…
Read MoreGuide to 529 Plans
Saving for your children’s or grandchildren’s college education can seem like a daunting task, especially with the skyrocketing costs of higher education. Since 2000, the average annual cost to attend a U.S. college has more than doubled—and it shows no signs of slowing. According to Sallie Mae’s annual How America Pays for College report, American…
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