When planning for retirement, it is important to consider the possibility of an extended need for long term care. Can your assets withstand the cost of long term care? Under what circumstances should long term care insurance be considered?
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.
This video provides some insight into Beacon Financial Strategies’ Retirement Feasibility Analysis service. This service is normally a planned portion of our Net Worth Management and Ongoing Financial Planning Retainer arrangements. It can also be a component of an Introductory Financial Planning engagement.
Contribution limits to IRAs and other employer-sponsored retirement plans have changed for 2013. Here are the most recent deferral limitations:
Do you want to take control of your finances? If so, find out what you need to do now to begin making progress toward your financial goals.
Small business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden.
One of the most pronounced fears for retirees is outliving their assets. Taking portfolio withdrawals that are sustainable over an extended retirement period is an important decision and one that should not be taken lightly.
There are a number of indexes that attempt to measure the performance of the financial markets and serve as a gauge of economic activity. The following are descriptions of several of the most common indexes:
Roth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs.
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.
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 …
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.
On the surface, it would seem that the decision to begin collecting Social Security retirement benefits is a straight-forward one – take the money as soon as possible. However, for many people, taking their Social Security retirement benefit as soon as they become eligible may not be the best alternative.
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.
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 …
With the belief that tax rates are likely to rise over time, many people are considering the merits of converting their traditional IRAs into Roth IRAs. Here are a number of considerations that may impact your decision.
During retirement, is it best to take distributions from IRAs, Roth IRAs or personal brokerage or savings accounts? The decision of “Which account?” is an important one with many factors to consider.
Social Security was originally intended to provide older Americans with continuing income after retirement. As people approach retirement, they generally have questions about Social Security and the benefit it provides.
In our office, we talk quite a bit about risk. Financial risk, and more importantly, identifying strategies to help our clients mitigate or manage those risks is a very real and important component of the financial planning process.
Long term care costs are expensive and rising every year. For many, a two or three year stay in a skilled nursing facility could cost several hundred thousand dollars and potentially wipe out a retirement nest egg.