Since “Tax Day” has been delayed (for most of us), what other certainty of life should we talk about? Death, of course! For obvious reasons, it’s a reality none of us wants to face. However, it’s also very important to discuss this topic as part of your financial planning process. You don’t want to leave your family guessing … you want to leave them with a plan!
Today, Dennis and Heidi will discuss how assets transfer at death, the importance of naming beneficiaries and tax strategies for your portfolio.
Most of the time when I (Shea) tell folks that I work in retirement planning, they nod and say something to the effect of, “Sounds kinda boring!” Honestly, at first, I too thought it would be boring … but I was wrong. There’s not a day that goes by where a client can’t be helped in some way. Not only are people’s lives complex, but their accounts are too. The rules and regulations have changed quite a bit over the last five years, and there are five big changes to be aware of if you’re thinking of retirement soon.
The past year has made it difficult to find the silver linings on the darkest of days. The headlines have been so ominous that, according to most of our clients, they just can’t watch the news anymore. We get it. So here’s some good news: According to Fidelity, retirement savings accounts reached record high levels in 2020. Money market funds in the United States, including retail and institutional funds, both taxable and tax-free, have increased $615 billion (to $4.39 trillion) over the last 12 months through March 12, 2021, an average increase of $12 billion per week (Source: Investment Company Institute).
If this pandemic has done anything, it’s woken us up to pay attention and get serious about where our money is going. According to InvestmentNews, 82% of Americans say COVID-19 affected their retirement plans. We are going to dig into that stat and offer prudent advice as you plan. For better or for worse, here we are and there’s no time like the present to make a plan.
What does excess money in the economy and the potential rise in interest rates say about future inflation? We thought you’d never ask!
In fact, there are a lot of questions we thought you’d never ask, because since 2020, things have gotten a bit complicated as the Fed continually attempts to “balance the economy.” We’ll do our best to answer those questions. Our hope is to help put the pieces together for you today so that you can make educated decisions about your current financial situation and retirement.
I (Shea) will never forget the thrill of opening my first bank account with my dad. He also created a chores and budget spreadsheet. I was ready to become an adult at the ripe old age of eight! The taste of independence was thrilling until I reached my early 20s and money went to things like … toilet paper. What a letdown!
Teaching kids about money can be exciting, especially when they are able to learn about investing. Today, we are going to teach you how to talk to kids (and grandkids) about money, and let you know about a few exciting options like the custodian Roth IRA account!