It’s no secret that having a Will is important but creating one doesn’t exactly rank high on the list of things to do on a Saturday night. Regardless of your thoughts about drafting a Will, if you’re unable to advocate for yourself, it can give power to someone you trust to speak on your behalf and it will make things much easier for your family and friends to manage your assets after you are gone.Continue reading “Your Will: Understanding the Different Types of Bequests”
Let’s be honest – there is A LOT of advice out there when it comes to creating and sticking to a budget. Perhaps you’ve followed some, tried budgeting, and it just didn’t work out. Budgeting is hard!
Budgeting is essential if you want to pay down debt, save money, and have an idea of where all your income is going each month. It’s a tool you need to achieve your money goals, and while getting in the budgeting habit can be hard, it can be a lot harder if you fall for these budgeting myths.Continue reading “Budgeting MYTHS you should avoid!”
If you are thinking about starting a business after retirement, you aren’t alone, in fact, it’s a growing trend. The National Bureau of Economic Research estimates that about 25% of workers between 50-59, 46% of workers between 65-69, and 68% of workers between 75-79 are all self-employed. In fact, workers that fall into these age groups have higher self-employment rates than all workers under the age of 50 – only 20% are self-employed.Continue reading “Starting a Business After Retirement – Why Not?!”
Gone are the days when someone worked for the same company for 40+ years before retiring with a pension, fancy pen, and maybe if you were lucky a gold watch. Today, the average 50-60 year old has had about 12 jobs over the course of their working career.
With changing jobs comes a trail of old and sometimes forgotten retirement plans, typically a 401(k). These orphaned 401(k)s shouldn’t just get left behind – it’s your money and some could even have thousands of dollars in them.Continue reading “How to Roll Over an Old 401(k)”
“Kiddie Condos” are one of the newest buzz phrases and latest trend for parents of college students who are looking to treat room and board as more of an investment vs. an expense. The concept: Purchase a home, condo or apartment in the town where your college student goes to school, purchase the home with them on the mortgage, and have them live there vs. campus housing or renting off campus. The idea behind the strategy is to put the money a family would generally spend on room and board, required meal plans, and out-of-state tuition into a property.Continue reading ““Kiddie Condos” – The Newest College Housing Trend”
When it comes to saving money, especially for your future, it can be hard to decide where to put that money to get the best bang for your buck. If you have loans, like a mortgage, you might consider an early pay-off. What feels better than being debt free, right? But building wealth can be tricky.
When it comes to saving money, interest rates rule the world. You want your money to earn more than it would cost you elsewhere. So, if your rate of return on investing is more than you would save in paying down interest, then investing would earn you more money and be a smarter option. However, if your mortgage interest rate is higher than your rate of return on investing, then you would save more money by paying down aggressively on your mortgage instead.Continue reading “Savings and Retirement Tips: Pay off your Mortgage Early or Invest?”
Which should you save for first – your child’s future college tuition or your personal retirement? As a parent, this is a very emotional question – saving for your children’s continuing education to help them incur less debt and get a good education or financially preparing yourself and securing your future.
Many parents have decided that college savings should come first and are not only forgoing putting money in a retirement account, but they are dipping into their retirement savings to cover the costs of tuition. Yes, saving for college is important, but it is actually a luxury. How much you save for your child’s tuition is not a direct correlation to how likely it is that they will graduate. And don’t worry, your child can find other ways to pay for school: scholarships, grants, financial aid, part time jobs, or even finding a more affordable school.Continue reading “College Savings or Retirement – Which Should you Save for First?”
When it comes to planning for retirement, the process seems pretty simple: contribute to your IRA or 401(k), put extra savings aside each month, and reduce your spending as much as possible as you get closer to retirement. Once you are ready to retire, you should be able to rely on a combination of your investments, Social Security, your savings and Medicare to cover your needs.Continue reading “Surprising Expenses You Don’t Expect When Planning for Retirement”
It seems like more and more senior living facilities and 55+ communities are being built and filling up as quickly as the owners announce availability. Not too long ago senior living facilities along with skilled nursing and assisted living centers focused solely on providing health services for those at an advanced age. However, it’s become so much more than that over the years and senior living facilities are becoming the new norm. The Baby Boomers are exiting the workforce, selling their homes, and heading into their Golden Years. They, and their
There’s often a debate over which retirement fund you should choose: a Traditional or Roth IRA? As a millennial, there is a definite advantage to choosing one over the other. Continue reading “Why every millennial should have a Roth IRA”