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Be Proactive When Helping Aging Parents with Their Finances

In Estate Planning, General Financial Planning, Personal Finance, Personal Financial Planning, Retirement Planning by Chip Hymiller

Let’s face it, in today’s world, managing your personal financial affairs can be complex. There are many decisions that need to be made on a weekly or even daily basis. For a large and growing segment of the population, who are trying to help (often unwilling) aging parents with their finances, this can be incredibly frustrating, stressful and burdensome.

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The Importance of Beneficiary Designations

In Charitable Gifting, Estate Planning, General Financial Planning, Insurance, Personal Finance, Personal Financial Planning, Retirement Planning by Chip Hymiller

When we begin new client engagements, one of the first things we review is whom our clients have chosen as their primary and contingent beneficiaries on life insurance policies, qualified plans and IRAs.  There have been many occasions that we discover a serious mistake or oversight during this process.

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Should You Payoff Your Mortgage?

In Cash Flow and Budgeting, General Financial Planning, Personal Finance, Personal Financial Planning, Retirement Planning by Chip Hymiller

One of the major goals that most people have is to, at some point, be debt free.  This is a goal that we (Chip and Erin) strive for in our personal lives and we highly encourage our clients to prudently consider as well.  In fact, research has consistently shown that people with manageable debt levels tend to be happier than …

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Planning for Retirement and Increasing Life Expectancies

In General Financial Planning, Investments, Personal Finance, Retirement Planning by Chip Hymiller

Let’s face it, seniors today are healthier, more active and are likely to have longer lives. So what are the financial implications for retirees who will likely live well into their 80s and possibly their 90s? We believe that from a financial standpoint, retirees need to make financial planning decisions that reflect the high probability that they will live longer. Here are a few recommendations to consider.

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Increasing Your Odds

In General Financial Planning, Personal Finance, Retirement Planning by Chip Hymiller

As we help clients make long-term financial decisions, we also like to consider the probability of various negative outcomes. While we consider ourselves generally optimistic people, we believe that it is both important and helpful to also think about “worst case scenarios” – those financial uncertainties that have the potential to derail financial goals.

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At What Age Should I Obtain Long Term Care Insurance?

In Estate Planning, Insurance, Personal Financial Planning, Retirement Planning by Chip Hymiller

A major consideration when conducting a retirement feasibility analysis for clients is how potential long term care costs would be covered.  With the cost of long term care increasing at a projected rate of 5% to 7% for the foreseeable future, in ten years from now a three year stay in the average facility in North Carolina could cost upwards …