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.
Deciding when to retire can be a very scary proposition, one that can keep you up nights. We often hear from many clients who are truly wrestling with that life-changing decision. “I’m worried about working for too long, and then dying before I can have the chance to enjoy my retirement,” they say, nervous about when to pull the plug on their work life.
When it comes to financial planning, many people start off unaware of how damaging their bad financial habits can be but also relieved to find out that they may have been practicing some good financial planning all along. So to help you spot your own financial habits, we’ve collected some of the top Do’s and Don’ts of financial planning to help you shift your mindset around good money habits.