Estate planning is a continuous process that requires updating to reflect the current state of one’s financial affairs. As part of estate planning, there is no better time to update your will than in February. Why February? February offers sufficient time to evaluate changes that might have occurred over the holiday period or at the end of last year.
5 things to know about annuities, which can be purchased from an insurance company, maybe a suitable strategy for investors who want to secure a steady income stream during their retirement years. They may provide confidence from a guaranteed income as part of a financial planning strategy.
Long-term care (LTC) is a comprehensive array of medical, personal care, and other services coordinated to address the physical, emotional, and social needs of chronically ill or disabled individuals. One important aspect is that LTC is not exclusive to older people. People of all ages may require it at some point due to debilitating circumstances, chronic diseases, or developmental disabilities.
Planning for retirement often raises one crucial question: How much should one withdraw each year during retirement? Managing withdrawals may significantly impact the longevity of your retirement funds. Learning to manage withdrawals throughout retirement aims to strike an equal balance between enjoying your retirement and ensuring your savings last throughout life.
Many seek financial professionals to help them with investment guidance and financial management. This management involves reviewing investments, savings, insurance, and other elements as they work toward their goals. However, not all financial professionals are created equal. Here’s what to look for while seeking a financial professional.
As we welcome the New Year, it’s an opportune time to reflect on one’s financial goals and aspirations. Many prioritize an independent retirement as a financial goal, working toward it as a New Year’s goal. Here are the necessary steps to prepare a New Year’s plan for retirement.
The Social Security Administration (SSA) is a vital agency in the United States that provides financial support to eligible retirees through Social Security Retirement benefits. This critical aspect of retirement planning is often misunderstood, leading to confusion about benefits calculation. This article explores the main components to how the SSA calculates retirement benefits.
One of the most significant fears many aging Americans face is that Social Security retirement benefits will disappear. With continuous news about potential solvency issues, sustainability concerns, and funding concerns, it’s no surprise that apprehensions are often heightened. This article aims to reduce these anxieties by discussing common questions related to fears about Social Security.
A 401(k) is a retirement savings plan sponsored by an employer that allows workers to save and invest a portion of their paycheck before taxes are taken out. While many individuals may be familiar with the basics of this popular retirement savings vehicle, some lesser-known features and details could significantly impact your long-term savings strategy. Here are some 401(k) facts you may not know.
The landscape of retirement savings in the United States is experiencing crucial changes following newly enacted legislative changes for 2024. These updates and reforms seek to enhance the flexibility of retirement savings accounts. They also seek to transform how Americans save and prepare for retirement. Here are some of the more significant changes this year.