Financial headlines can be hazardous to your sleep health in retirement. It is easy to get the jitters and start worrying that you should do something, anything but stay on your current financial course. Yet it rarely makes sense to panic and sell your holdings. Over the years I have developed a list of five ways to help you avoid the sleepless nights in retirement that financial headlines can bring.
At the wedding, who thinks those two little words ”I do” might suddenly lead to the four words “I want a divorce.”? No one expects to get divorced. But now that you’ve heard (or uttered) those four words, what do you do?
Have you been daydreaming of owning a second, seasonal home? A vacation home situated on a mountainside with a fireplace or two, ski-in access and powdery slopes nearby – or perhaps a lakefront property with a front porch and a sweeping view of the sunlight on the water…sure sounds enticing.
Many people select a financial advisor based on a simple recommendation from a friend or family member who “appears” to be financially successful. When your financial future may depend on the strength of another’s guidance, isn’t it wise to base the decision on more than just one subjective recommendation? There are many readily available, objective, and thorough tools that can help you choose a trustworthy and competent professional capable of helping to manage your money wisely. But finding the right advisor that addresses your unique and individual situation requires hands-on research. Chemistry (feeling comfortable with your advisor) is critical in your selection process, too. You deserve a planner you feel is approachable and will be available to you to answer your questions and concerns promptly and respectfully.
When it comes to finances, that old cliché holds true: “hope for the best, but plan for the worst.” This is especially true for women. Why? On average, over the course of our lifetimes, women:
Just when it seems things can’t get any busier – December arrives. This month is typically loaded with family obligations, year-end business deadlines, and increased spending. This potent mix can wreak havoc on your budget and ultimately your ability to meet your own financial goals. To sleep a little easier this month and next, it may help to set aside a few hours now to firmly review your financial position and consider your goals and commitments in the coming New Year and “tax season”.
What is this "cliff" pundits are referring to? It's actually a possible culmination of a number of government tax and benefits changes scheduled to impact our economy simultaneously. Specifically, the Bush tax cuts and payroll tax cuts are due to expire (which would impact workers' take home pay) and extended unemployment benefits will also expire (which would eliminate an income source for those out of work.) To further complicate the situation, higher Medicare taxes will take effect and certain government discretionary spending is scheduled to halt.
Wouldn’t you love to have a very accurate, high definition crystal ball? One that gives you a clear view of what might come in the days, months, and years ahead? Of course there’s little use in wishing to see the future. All we can do is work with the facts and statistics of what we know today, to help prepare for tomorrow.
It may seem a bit unusual to be examining insurance with a financial advisor, but looking at long term care insurance is a critical step in the retirement plan process. It is much easier discussing the risks potential health problems can pose to your retirement plan now, while you’re healthy, rather than later when it may be too late. Exploring the viability of long-term care insurance can provide peace-of-mind and flexibility to you and your family in the future if something were to happen.
It's hard to accumulate wealth when you shy away from the responsibility of making fiscal decisions or if the idea of money scares you. Unfortunately, this emotional attitude toward money stops many women in their financial tracks and keeps them from reaching their long-term goals.
