At the most basic level, business transition planning is a strategy that can be put into play when a business is sold or changes hands. For company owners nearing retirement, a successful transition plan can play an important part in creating and preserving the value of the business after it has changed hands.
Atlanta Financial Blog
Meeting the Number One Retirement Priority
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.
We recently met with a couple that had this as a primary goal. The husband was 69 years-old and already retired with some health problems. The wife was still working at age 66. She loved her work and had worked for the same medical practice for many years. She was determined that she was not going to retire until their mortgage was paid off. It was a primary goal for her and they were so close.
During our discussions, we reviewed with them that since the wife was now at full retirement age for social security and the husband was already taking his benefit, she could file a “restricted application” for a spousal benefit. This would allow her own social security benefit to continue to grow to age 70 but give them additional income until then. We discussed that this is a strategy that had recently been closed-down to clients under the age of 62. However, it was still available to them. With this additional income, they would be able to pay off their mortgage even faster than they had anticipated and realize their retirement goal sooner than either had thought possible. We also discussed that when the wife applied for this benefit, she should ask for benefits going back to her 66th birthday (full retirement age) to get the entire amount she was due.
At our next meeting, the wife had applied for benefits, had received both the lump sum back payment and the first regular monthly payment and had applied all of it to their mortgage. They were both thrilled that she would be able to retire earlier than they anticipated and they would be able to enjoy more time together enjoying their children and grandchildren, all the time knowing that they were debt-free and unencumbered by high fixed costs.
Retirement goal #1 accomplished!
The travel industry has begun to see growing demand as we move closer to summer. However, not all travel will be the same, as much of the demand is directly related to the COVID-19 vaccine and reduced CDC restrictions. Instead, industry trends have emerged based on individual comfort levels as they apply to different modes of travel.
Below we will explore some of the factors that have contributed to an increase in travel and how different industries are responding to it.
Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest – inflation. In fact, a recent study found that people are Googling the word “inflation” at a rapid rate, with a peak not seen since 2010…
As mothers, sisters and daughters, women are often counted on to be caregivers for family members in need. Whether it’s something as small as a cold or as debilitating as a terminal illness, women are typically the ones to care for and help out when a loved one is sick. But what happens when the caregiver is in need of her own care? Too many women are stuck facing this dilemma head on, instead of preparing for it while there’s still plenty of options, resources and time ahead. Below are a few reasons why it’s so important for women to plan for their own long-term care strategies now.