One study found that more than 60% of adult Americans have never discussed their estate plans with their heirs – my experience shows this number may actually be higher.
Retirement planning does not end at retirement. The need to continue to grow assets to produce more cash flow remains important for most.
Just over 1 in 4 of today’s 20-year-olds will become disabled before they retire.1 About 20% – or 1 in 5 American adults- have a disability according to the CDC July 2015.
Time is money—literally. For a recent graduate, time might also seem like an abundant resource, with many thinking they have plenty of time to save for their future – later. The traps of bad credit and debt snare many unsuspecting young adults and cling to their financial history for years.
Very few people could “save” enough for retirement with today’s long life expectancies and earlier retirements. If you just “save” – yet do not have growth that exceeds both income taxes and inflation, you are more likely to run out of money.
Many people don’t realize the importance of building and maintaining a good credit score to their overall financial well-being. Before you make any buying decisions involving credit, think about your overall financial situation and the long-term impact of living “outside your means.” The cost of bad credit may be more than you realize.
Are you holding one or more 401(k) plan accounts from former employers? You have several options:
Unlike a simple monetary inheritance, when someone dies and leaves an IRA (Individual Retirement Account) to a beneficiary, there are several distribution options and important deadlines that must be met to avoid problems with the distribution and to avoid potential tax penalties.
As the saying goes, the only two certainties in life are death and taxes. Unfortunately, both are inevitable and unavoidable. If you plan properly, however, you may lessen the hardship on those you leave behind.
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