Q. I keep hearing that I should be keeping my investment costs low, but as far as I can tell, I don’t have any investment costs… How do I know if, and what, I’m being charged? A. You are not alone. Frequently, we meet with people who do not realize there are underlying costs to […]
A Roth IRA conversion is essentially the transferring of money from a Traditional IRA to a Roth IRA. Since this blog topic is a bit more complicated than usual, we will start with some basics. A traditional IRA is what most of us think about when we put away money for our retirement. Like a […]
Retirement Q&A Topic: How Will I Supplement My Income in Retirement? I’m afraid I’ll never be able to retire. My expenses in retirement will be much higher than my Social Security benefit. How do I bridge the gap without working? This is a frequent worry for people as they prepare for retirement. It is, however, […]
“Why do I need a financial planner rather than a financial advisor or wealth manager?” Imagine you decide to take an expensive European vacation and are confident you will have enough money to make your dream a reality if you save diligently for the next few years. You meet with a banking professional and find […]
Tracking spending is extremely important for good financial planning and historically was one of the most difficult challenges we as planners faced, even as recently as only a few years ago. For those who didn’t want to keep receipts and add them into an Excel spreadsheet or put cash into various envelopes for monthly spending, […]
Generally speaking, the answer is yes. Rules vary from state to state and needs vary from person to person, but in most cases, executing a will is prudent. Designating beneficiaries on life insurance policies and qualified retirement accounts is certainly a step in the right direction to ensure that your assets flow to your intended […]
Question: Now that I’m retired, I am no longer contributing to my retirement accounts. In fact, I am now taking distributions. That being the case, how is it that my portfolio grows in retirement?
Answer: Over the course of your retirement (and life), the market will experience many fluctuations. In the short term, your investments will go up and down, but over the long-term, your portfolio should see steady growth. For that reason, when planning for your retirement, we base our the projections on an average rate of return and a steady distribution rate…continue reading