Have you considered the emotional aspects of retirement and how to plan wisely? In today’s world, people are working well past the age of 65 before retiring. Some people who are in good health may not be ready to retire just yet because they like what they do, want to keep busy, or need the extra money. If retirement is knocking on your door, you may want to start preparing yourself emotionally for it now, because preparation goes beyond making sure you have enough income.
No matter how the 2017 Tax Cuts and Jobs Act (TCJA) may alter your tax planning, we’d like to believe one thing will remain the same: With or without a tax write-off, many Americans will still want to give generously to the charities of their choice.
It will soon be the 10-year anniversary of when, in early October 2007, the S&P 500 Index hit what was its highest point before losing more than half its value over the next year and a half during the global financial crisis. There are important lessons that investors might be well-served to remember: Capital markets have rewarded investors over the long term, and having an investment approach you can stick with—especially during tough times—may better prepare you for the next crisis and its aftermath.
Whether it’s sudden and unexpected or after an already lengthy ordeal, there’s nothing that can prepare you for losing your spouse. Here are some helpful handholds to hang onto if you have been recently widowed (or you know someone who has), plus preemptive steps to take if you’re reading this in happier times.
A Power of Attorney is a legal document by which you give someone else the legal capacity to do things for you, in your name, as if you were doing them yourself. every adult should designate an agent and execute a Power of Attorney. Disease, dementia, stroke or anything else can cause you to become incapacitated and unable to take care of your financial and other matters. Life is never certain but designating an agent is.
A sound retirement income plan takes into account several financial risks, including the potential for the retiree to outlive his or her assets, the effects of inflation on future income, rising health care costs, and the uncertain future of the Social Security system. The overall objective of planning should be to create a sustainable stream of income that also has the potential to increase over time.
So much of investing is beyond our control (picking stock prices, timing market movements and so on), it’s nice to know that there are still a number of “power tools” we can employ to potentially enhance your bottom line. Tax-loss harvesting is one such instrument … although the analogy holds true in a couple of other ways: It’s best used skillfully, and only when it is the right tool for the task.
Wall Street’s product pushers have figured out a way to swipe the name from this traditional household workhorse and turn it into a monster money-maker … for themselves, that is. We’re talking about “structured” or “market-linked” CDs. The name may seem familiar, but the rules of engagement are quite a bit different.
With school back in session in most of the country, many parents are likely thinking about how best to prepare for their children’s future college expenses. Now is a good time to sharpen one’s pencil for a few important lessons before heading back into the investing classroom to tackle the issue.