You face fewer sad events in life as emotionally draining as losing your spouse. You are often swept up in the whirlwind as you prepare the funeral and make final arrangements to say good-bye. Once you emerge, often overwhelmed and lost, what do you do next to put your financial life in order?
When you file for Social Security, two provisions – file and suspend and restricted application filing – are likely to confuse you the most. They’re complicated yet potentially a big help if you want to maximize benefits. Here’s how to get the most out of your benefits.
Your financial planning and investment management often require solutions unique to you. Several key tenets of personal finance require no customizing, though. If you can follow these principles, you enjoy a better chance of financial security.
Ever see the 1970 classic movie Five Easy Pieces? If you were born between 1946 and 1964, this iconic piece of your pop entertainment past offers several metaphoric financial benefits worth your initial effort.
If you’re a boomer, you enjoy good news in that you’ll probably live longer and perhaps better that your parents and grandparents did. The bad news: You’ll live a longer and perhaps more expensive life, too.
You face decisions your parents or grandparents likely didn’t face before you.
I often write about the investment business – or wealth management, financial coaching, financial planning, estate planning, whatever you want to call it. After more than 40 years as an advisor, all titles simply point toward telling folks what to do with money. Then my wife’s close friend called with the news that her husband had stage 3 cancer.
When we talk about financial fitness, one of the most important measures is the value of our assets. The problem is that we often have false expectations about some asset types, and we need to break those illusions to focus on our real financial condition.
If you’re fortunate enough to look forward to a company or state pension, retiring as soon as possible and collecting the benefit may tempt you, or you might want to collect Social Security benefits at the minimum age of 62. Before launching your golden years, consider all effects on delaying retirement and continuing to work.
Here’s a paradox: In countries with large social safety nets, a survey shows that people have less retirement confidence than do those in developed nations with little or no such government old-age support.
Why do baby boomers face such dispiriting retirement prospects? The enormous size of this age cohort, born between 1946 and 1964, led to a ratcheting back of old-age benefits. Statisticians figured society simply couldn’t afford to be as generous.
Retirement isn’t easy for most couples, and it’s even harder for lesbian, gay, bisexual and transgender (LGBT) people. A modest amount of planning can go a long way to providing the financial support you need.