Savvy retirees know the importance of having multiple streams of income in retirement. Multiple income sources help ensure financial stability and peace of mind. We know the importance of having a diversified portfolio, but diverse income streams are even better!
You don’t want all your nest egg(s) in one basket. It’s best to analyze all potential income sources first thoroughly. Then, you can craft a comprehensive financial plan to meet all your retirement needs.
Long-term care is an overlooked yet crucial piece of your retirement plan. It’s too late to make any major adjustments when you need long-term care. This is why proactively planning what care you want and how to pay for it is essential.
If you want access to specialty care, you’ll need to know what’s covered by insurance, estimated out-of-pocket expenses, and more. It’s also important to consider the impact of your care on loved ones. Long-term care planning can help you secure access to the care you want and avoid burdening your children.
Retiring early might sound nice, but not if you’re forced into it! If you are forced to retire sooner than you planned, you’ll need to prepare yourself for your next chapter a bit abruptly. You may not have saved as much money as you had hoped, or this may mean smaller dreams for you.
Regardless of what forced you to retire early, there are steps you can take to improve your financial position. Let’s talk about what you need to consider if you find yourself in this situation.
Deciding on when to draw Social Security based on only one or two factors could be a huge mistake. As you approach retirement, your financial life doesn’t necessarily become less complicated. In some ways it gets even more complex.
It may seem like making the right decision is pretty straightforward. However, once you include all the different income, tax, and lifestyle variables, it isn’t that easy. At NextGen Wealth, we help guide you through these decisions in a deliberate and methodical approach.
What does it actually look like when you work with a financial planner? This varies a lot between financial planners and clients alike. However, we’re peeling back the curtain to show you how we create your financial plan at NextGen Wealth.
Whether you’re already working with an advisor or a do-it-yourself investor, having a clear system for success is vital. The COLLAB Financial Planning Process™ is our answer. We hope you enjoy this “inside look” at how we construct a plan for your future.
Running out of money is a real worry for retirees. However, you can reduce or eliminate worries around longevity risk in retirement. With careful planning, it might be easier than you think.
Regardless, we recommend planning for your retirement early and often. The longer you wait, the less options you have. So, what can you do to protect yourself from longevity risk?
Fraud and online scams are a growing threat to all Americans. However, you can take steps to make yourself less likely to become a victim of scammers. In 2023, the Federal Trade Commission received reports of over $10 Billion in total fraud losses!
Brandon Lovingier was privileged to interview Kathy Stokes, the Director of Fraud Prevention Programs with AARP, at FinCon 2023. Her insights on fraud prevention are used throughout this article, along with some of our own advice and helpful tips. We hope to inform you of best practices to protect you and your loved ones from becoming victims of fraud, theft, and scams.
Getting accurate and timely information is critical to your success every tax season. Unfortunately, not all of the details about your financial life show up in your tax documents. Your accountant will need your input to understand the context of your tax documents.
You don't want to miss out on any potential tax savings or make a mistake on your taxes. This is why communicating and collaborating with your financial planner and accountant is so important. Timely and accurate information can prevent problems and possibly keep more money in your pocket.
This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.
Many SECURE Act 2.0 changes were set to go into effect later, but 2023 was an important year when many changes took effect. We’ve made a list of these changes so you can more easily track them.
This post was last updated on September 30, 2023, to reflect all updated information and best serve your needs.
How do you measure your personal financial health? If you were running a business, you’d pay close attention to its financial health, right? Elements like cash flow, debts, and total assets would be part of your normal routine.
Many investors consider diverse investment portfolios desirable because they reduce the overall risk inherent to investing. One of the primary ways to diversify your portfolio is to invest in different asset classes. Before you can do that, though, you need to know a little more about what they are.
While even the most diverse investment portfolios aren’t immune to risk entirely, risk reduction of any amount can help provide you with peace of mind, particularly when you’re investing as a way to support yourself through retirement.
If you’re like 69% of Americans, you may have less than $1000 saved. Putting money away is a struggle for many individuals, but part of the problem may be how they’re doing it.
One possible way to make saving easier is to utilize multiple accounts. Today, we’re going to look at the various reasons you should be saving and the types of accounts you can use to reach your goal.
Typically, if you want to become an investor, you need sufficient capital to make any headway. These days, however, it’s never been easier to make your money work for you, thanks to various investing apps and opportunities.
If you’re short on funds, you might think that investing is out of reach. You’d be wrong. Thanks to the growing trend of micro-investing, anyone with a bank account can get started.
If the thought of negotiating your salary makes you break out in a sweat, you’re not alone. According to a survey by compensation software company PayScale, only 43 percent of respondents asked for a raise in their current field.
Salary negotiations can be scary. Even the most seasoned professional can blanch at the idea of marching in and demanding more money from their boss. However, there will come a time when your current compensation does not reflect the value of your work.
This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.
Congratulations! You’ve worked for decades to prepare for retirement and now you’re there, or almost there, ready to start what can be the most enjoyable phase of your life. Very likely, you’ve got plans to travel, see family and friends and maybe even revisit hobbies you’ve neglected for decades.
This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.
Are you looking forward to the day you retire? Many dream of retirement, counting down the days when they can leave the cubicle life behind. But, before you turn in your work badge, make sure your finances are in order first.
The new year is upon us and with it comes resolutions and goals that you’d like to accomplish. However, as we can all agree, it’s just not that easy.
If you’ve ever set a goal that you failed to accomplish, you’re not alone. Science says that only 8 percent of people actually achieve their goals. According to a study by the University of Scranton, a staggering 92 percent of people make New Year’s resolutions they never fulfill.
Many Americans are one paycheck away from going into debt to pay for an emergency. A report by the Federal Reserve on the economic well-being of U.S. households found that 40 percent of American’s can’t afford an unexpected $400 expense. Having some extra cash can help you be prepared in case financial disaster strikes.
There are many different ways to save money – some easier than others. Pick what works for you and stick with it for a few months, setting aside the money that you save in a separate savings account. You can use the extra money to start an emergency fund or invest for retirement.
Most of us like to know the length of time it will take our investment to grow. We want all the numbers: estimates, figures, how old we will be when it’s doubled, etc. Some things in life are just hard to know because there are no guarantees.
But with the Rule of 72, you always know the number of years it takes to double an investment. The Rule of 72 will tell you a lot about the money you invest. Thanks to the Rule of 72, the table below tells us how many years it will take an initial $10,000 investment to double, depending on the rate of return.
Probate can be quite a headache. Fear not! There are two not-so-secret secret weapons in your estate-planning arsenal, known as Transfer-on-Death (TOD) and Payable-on-Death (POD) designations.
These simple, yet overlooked methods are an easy and free way to avoid losing time and money to probate. Don’t burden your loved ones with complicated and confusing processes to claim their inheritance.
