New Tax Law Allows 529 College Savings Plan Funds to be Used For K-12 Private School Tuition
Posted by Rick Henderson CPA, CFP®, AIF® on Fri, 02/16/2018 - 07:24
Over the last 20 years, many people have used 529 plans as a way to save for their children's or grandchildren's college education on a tax advantaged basis. Basically, if you put money into a 529 plan and invest it, you can reap the benefit of the growth on the money in the plan tax-free if it is used to pay for qualified higher education expenses for the beneficiary of the 529 account. Those expenses typically include college tuition, room and board, books, computers, software, and other items.
Meeting the Number One Retirement Priority
Posted by Julie Andrews, MBA, CFP®, AIF® on Tue, 11/14/2017 - 13:53
Many of us have tightly-held beliefs about what should and should not be during retirement. A common one is “I should not have any debt when I retire.” This may be a lesson handed down by parents that is carried through the years or it may be a concern of a conservative investor who wants to make sure that their retirement is as worry-free as possible.
Balancing Fun and Funds in Retirement
Posted by Rick Henderson CPA, CFP®, AIF® on Tue, 10/24/2017 - 12:13
A question I am frequently asked by people considering retirement is “How do I balance enjoying my retirement now while making sure that I don’t run out of money?” It is a question that makes a lot of sense because when most people retire, they are relatively healthy, have worked for a long time, and want to enjoy the fruits of working and saving. They want to be able to do the things and see the places that they never had time to because they were working. Plus, they want to enjoy their retirement before they get too old and/or their health or energy levels begin to decline. However, now that a healthy couple (both age 65) have a life expectancy of age 89, retirement could easily last over 25 years1, so it stands to reason that people are also concerned about running out of money. So, what can you do?
Planning the Retirement of Your Dreams
Posted by Julie Andrews, MBA, CFP®, AIF® on Tue, 10/17/2017 - 12:23
For many years, I have worked with a couple that had a very specific retirement dream. They wanted to travel the country in their camper. At first, I thought this was something that would be a passing fancy. Over the years, many clients have expressed visions for retirement and yet many of them evolve over time to something entirely different. This couple was unique. They were very consistent and in sync with their dream. Don’t get me wrong. They loved their careers in medicine and education and were dedicated and true professionals. But, when they talked about riding through the country without an agenda or a definite plan but instead stopping wherever they found something interesting, they always lit up with smiles.
Creating Liquidity for Retirement
Posted by Rick Henderson on Wed, 09/27/2017 - 11:56
Successful business owners often struggle with how to exit their businesses and create enough liquidity to support their retirement. If you are a business owner, there is a good chance that your business is your most valuable asset. However, research shows that over 70 % of business owners do not have a formalized exit strategy. While the details of exit planning and getting your business in the best shape to maximize its’ value and transition from your ownership and control are beyond the scope of this post, there are a variety of ways that you can create liquidity to support your retirement.
Navigating Health Insurance After Retirement
Posted by Julie Andrews on Wed, 08/16/2017 - 07:08
For retirees of all ages, adequate health insurance continues to be a chief concern.
Healthcare coverage has become an annual decision and, for most, there is a single enrollment period, generally in the fall/winter. Typically, only those with a “qualifying event” (divorce, death, etc.) are allowed to secure coverage outside the annual enrollment period.
Financial Planning During Divorce and Overcoming Bumps in the Road
Posted by Cathy Miller on Wed, 07/26/2017 - 11:43
Planning for your future can be confusing and intimidating even when life goes according to plan, but when you are faced with an unexpected “turn in the road” it can be overwhelming and cause a feeling of hopelessness.
Benefits of Keeping Life Insurance in Retirement
Posted by Rick Henderson on Wed, 07/19/2017 - 12:50
One of the questions I often get from clients who are planning on retiring is whether they should maintain their life insurance. Normally, one might think that that they do not need life insurance in retirement because life insurance is designed to protect against financial loss, and if you have enough money to retire, why would you need it? But, in certain situations, there are good and valid reasons to continue your life insurance during your retirement:
Deciding to Age in Place – Or Not
Posted by Julie Andrews on Mon, 06/12/2017 - 12:15
Retirees are individuals, not a homogenized demographic. But there is one issue that galvanizes them. The great majority of retirees, no matter what their age, want to live out their lives in their homes.
When a retiree’s physical limitations change, it is likely time to consider a new living arrangement. But before you make any decisions, ask yourself these three key questions:
Where Am I Going to Live Now That I’m Retired?
Posted by Cathy Miller on Mon, 05/22/2017 - 07:02
A really important part of your retirement vision is deciding WHERE you are going to live. Housing can be one of those decisions that is really difficult to “get right.” Once you’re retired, and no longer tied to your current home or town by your job, the possibilities can seem endless – and feel overwhelming! Getting this decision wrong can be expensive.