Retirement Planning

$ Decisions: Small Is Better

I spend a lot of time helping people make financial choices, sometimes about business and sometimes about personal life. In both cases and in many more, breaking huge issues and questions into smaller choices makes problems much easier to manage.

Review Money in Early Fall

After summer’s fun and before the frenzy of end-of-year holidays marks the perfect time to review your finances.

First off, this point almost any year sees asset classes that outperformed or underperformed to expectations. So far in 2014:

Social Security: When to Start

Your Social Security can be worth more in golden years’ income than your 401(k) or individual retirement account. The trick: Know at what age to best file for benefits.

How to Be Independent

The major objective in comprehensive wealth planning is financial independence. But true independence in life means not only good finances, but health and relationships.

Staying Young in Retirement

It’s no secret that the secret of staying young is keeping your mind active and engaged. But as a retiree, removed from the world of work and with loads of time on your hands at home, how do you do that, exactly?

I have the pleasure of working with several people in their mid-70s, who are among the most interesting and engaging people I ever met.

They stay young by keeping their mind and body busy. These people always think of new ways of keeping their interests fresh. I hope that as you get closer to retirement, you can do the same thing. Some tips:

Setting the Right Goals

The first step of successful investing is setting goals. Right goals. Having a long-term stable income for retirement is a right goal. Accumulating $1 million is not.

Women’s Plans: High Stakes

If you’re a single woman, your financial planning needs exceed those of the average couple or single man. Why? You will live longer than the average man but typically with less money (aka longevity risk).  What can you do to protect yourself?

Women on average are more receptive to professional financial advice than are men – a positive, since professional guidance from an objective planner can brighten financial prospects immeasurably.

Workers’ Stock = Your Exit?

Every owner looks for the best way to retire from a beloved business. One employee incentive may be your best answer: employee stock ownership plans (ESOPs).

These qualified retirement plans must invest primarily in the stock of the sponsoring employer. If you master its intricacies, an ESOP might be a good decision for you and your employees.

Elements to consider:

How to be a Happy Retiree

People who feel more secure about their finances are more likely to be happy in retirement, a survey by Northwestern Mutual Life Insurance shows. If you don’t want to fall into the unhappy retiree camp, or even worse, not have retirement as an option, learn to avoid the pitfalls, and start saving today.

Why Switch to a Roth 401(k)?

Beginning in 2013, you could roll over all your standard 401(k) funds to a Roth account in the same retirement plan. But such a move may not be good for you. While the upside of a Roth is tax-free money in the future, converting creates an extra tax burden today.

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