The financial considerations of retiring “earlier” or “later” If you can retire by choice, the question of “when” comes to mind. Here’s a look at the pros and cons of retirement at three different ages. At 62, you can claim Social Security. That alone prompts some baby boomers to consider retiring. Leaving work at 62…
Automate your retirement planning and wealth-building approach. Build your emergency fund with automatic transfers. Practically any bank or credit union can arrange daily, weekly, or per-paycheck transfers of money from a checking account into a savings account, or split your incoming paycheck into percentages going to both accounts. Try some apps. Apps like Qapital subtly…
Also referred to as a conservator or protector. A guardian is named to serve for the benefit of a minor child or an adult who has become incapacitated or is unable to act on their own behalf. The guardian is responsible to the individual requiring guardianship. The role requires patience, compassion and sensitivity. By Definition:…
Also known as a living will, personal directive, advance directive or advance decision. Planning ahead for future health care decisions is an important step for you, your family and/or loved ones. In the event of a major health event, where you may be unable to communicate, an advance health care directive provides medical instructions that…
No one likes to consider the possibility of becoming mentally incapacitated due to age, accident or illness, but the fact is that almost every family will eventually face this kind of difficulty. Everyone should consider naming an agent to act in their best interests, in case they become unable to make their own decisions over…
When a trust is created, the creator of the trust names someone to serve as the trustee and to assume legal ownership of the property funding the trust, which could be cash, securities, real estate or other property. Many times, a friend, family member or loved one is named as trustee for a trust. A…
An executor ties up personal and/or business affairs after someone passes away. The executor may also be referred to as a personal representative in some states. The executor may include more than one person or, in fact, a financial institution who stands in for the deceased party. The executor will gather the assets, settle any…
There are advantages and disadvantages to using a trust as an estate planning tool. Depending on your goals, the use of a trust can be an effective way to achieve your estate planning objectives. Trusts are usually categorized in one of two ways: 1. Inter Vivos Trust (Living Trust) An inter vivos, or living, trust…
You may find that you have accumulated a number of workplace retirement accounts over the years. Consider consolidating these assets into a single rollover IRA to simplify your life and help you take better control of your financial future. Thanks to favorable tax laws, your retirement plan assets can be as mobile as you are.…
As you retire, how do you want to move forward with your life? The biggest retirement questions are not necessarily financial. They concern purpose, well-being, and the meaning of life. You should know “what’s next” as you leave work. This is important. If your personal identity is closely tied to your career or business and…