If you follow financial industry information, you may have read that it’s best to reduce risk in your portfolio as you near retirement. That’s a very valid concern. And the advice is generally true. But there is another way to reduce risk and still achieve your long-term goals.
An annuity is a financial product used to save tax-deferred for retirement or to generate regular income payments once in retirement. There is a lot of confusion around annuities as a retirement investment. Learn what a tax-deferred annuity is and whether it is right for you.
Deciding where to direct your money is a tricky thing when you have both debt and an investment portfolio. On the one hand, you know it’s smart to pay down high-interest debts. But you also know you also need to save for retirement. Should you do both? Can you do both? Which move is the smartest use of your money?
Determining which life insurance is right for you and your family can be a confusing topic. Should you buy term life or whole life insurance? Deciding which to purchase is a personal decision that should be based on the financial needs of your family as well as your financial goals. However, no matter what, life insurance is a very important part of your family’s financial security.
Even with the most careful and forward-thinking retirement planning, there are still some financial surprises you may face. Those extra costs and financial drains can make quite a dent into your portfolio, as well as in your everyday savings and money on-hand, potentially setting you back a few steps in your smart retirement preparations.
The choice of whether to delay taking Social Security benefits or start as soon as you are eligible is a hot-button topic and a question we are asked often. As with all things in financial planning, the answer to this question is it depends.
“Given the uncertainty in the stock market, should I stop contributing to my 401K?” It’s a question we hear all too often as nervous investors follow the news of the stock market’s ‘wild ride’. Many clients think about stepping off the wild ride, thinking they can sit out the market’s fluctuations to avoid losing money. But very often, when you have the strongest emotional urge to step out of the market, you will create the very outcome you fear.
When you’re planning for retirement and looking at which types of IRA to get, it’s important to know the difference between various types with regard to how they’re funded and how they will be taxed when you’re ready to withdraw money. Let’s compare a Roth IRA to a traditional IRA on four important areas.