When Should I Start Taking Social Security: 5 Factors to Consider
Social Security decisions are often framed as a single question: “When should I start drawing benefits?” That question matters, but it can also be limiting. The better question is: how does Social Security fit into my overall retirement income strategy, including longevity and survivor considerations? As April is National Social Security Month, we thought it […]
Money Talks: How to Use Holiday Gatherings to Start Family Financial Conversations – Copy
Key Takeaways Why Talk About Money During the Holidays? As you gather with family around the holidays, it may be a good opportunity to discuss a potentially uncomfortable, but necessary topic: family finances. This is especially true if you are older and have adult children who need to be brought up to speed on your […]
The Evolving Role of Women in Family Finances
March is Women’s History Month, and according to a recent survey, 49% of women consider themselves to be the chief financial officer of their households, up from 41% in 2021.1 Those numbers are even more impressive when you consider that until 1974, a married woman often needed her husband’s permission to open a bank account, […]
Navigating Healhcare Costs in Retirement: Life After Employer-Sponsored Health Insurance
As you approach retirement, a critical aspect of your retirement strategy can catch even the most financially savvy individuals off guard: healthcare costs. For decades, you may have enjoyed employer-sponsored health insurance. As retirement looms, you’re about to enter unfamiliar territory and a healthcare landscape vastly different from what you’ve known. Employer Insurance Disappears Many […]
How Much Do You Need To Retire?
A few years ago, there were ads from financial services companies asking, “What’s your number?” The number was the money you needed to retire comfortably. This was an effective way for financial services companies to get people thinking about retirement and encouraging them to strive toward a specific monetary goal. But is asking for a […]
How the SECURE 2.0 Act Changed 529 Plans
Changes to 529 Plans in the SECURE 2.0 Act The SECURE Act was initially passed by Congress at the end of 2019 and was intended to improve retirement savings opportunities. It was a big deal at the time and the most significant piece of retirement legislation since the 2006 Pension Protection Act. Congress came together […]
Healthcare Costs in Retirement
In a 2022 survey, 35% of all workers reported they were either “not too” or “not at all” confident that they would have enough money to pay for their medical expenses in retirement. Regardless of your confidence, however, being aware of potential healthcare costs during retirement may allow you to understand what you can pay […]
Important Birthdays Over 50
Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last. When you are older, “and-a-half” birthdays start making a comeback. In fact, starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications regarding […]
Term vs. Permanent Life Insurance
According to industry experts, most people don’t have enough life insurance. The American Council of Life Insurers recently reported that average coverage equals $183,780, which is equivalent to approximately 3.5 years in terms of income replacement (with the median income being $54,132 in 2022, according to the Bureau of Labor Statistics). That’s only half the […]
Your Emergency Fund: How Much Is Enough?
Have you ever had one of those months? The water heater stops heating, the dishwasher stops washing, and your family ends up on a first-name basis with the nurse at urgent care. Then, as you’re driving to work, you see smoke coming from under your hood. Bad things happen to the best of us, and […]