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If you’re a business owner, you are likely the Chief Everything Officer at work and have many responsibilities. A business owner’s situation is unique since they are asset-rich and cash-poor since their wealth is in their business-literally. Regardless of the income a business generates, the ages of the owners, or how many employees it has, […]
After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan […]
One of the main concerns about retirement is health care. As healthcare costs continue to rise, medical bills may quickly derail your retirement plan. The good news is when you turn 65, you will be able to apply for Medicare, which provides you with coverage for some of the larger bills you may face during […]
Many high-net-worth individuals are aware of their capacity to impact the world to make it a better place through giving. Philanthropy and charitable giving provide a platform for them to affect positive change beyond wealth accumulation. Charitable endeavors can be rewarding to them personally and the broader society that benefits from their generosity. However, it […]
As age 73 nears, it is critical that you begin considering how you want to handle the required minimum distributions (RMDs) you are obligated to withdraw from your tax-advantaged retirement accounts, including 401(k)s, 403(b)s, 457s, and individual retirement accounts (IRAs). According to US New Money, 62% of Americans aren’t even aware that they have to […]
As a business owner, putting all your profits back into the business may be tempting, especially during the lean years. However, when it comes to saving and investing as a business owner, there are other paths you could consider for the long run without so much emphasis on the short term. Maintain Liquid Assets Everyone […]
High-net-worth (HNW) individuals have investable assets of a million dollars or more. Their substantial monetary resources often put them in a position to contribute monetarily and significantly improve society. The value of philanthropy extends far beyond the immediate beneficiaries of the HNW individuals’ contributions. Their philanthropic endeavors not only aid the recipients of their generosity […]
Many women have been a caregiver while raising children. Still, now many are caring for a loved one out of necessity as the older family member can no longer care for themselves. The Transamerica Center for Retirement Studies report, The Many Faces of Caregivers, indicates that 42% of Generation Xers and 42% of Baby Boomers […]
Long-term care (LTC) planning is a significant financial decision that requires thoughtful consideration and precise planning. This undertaking can be more complex for high-net-worth families due to a more extensive and diverse asset base and other considerations. LTC costs can unravel even the most thoughtful financial plans if not planned for, undermining suitable wealth management […]
As we approach the last quarter of each year, it is a good time to plan for the next one. Year-end planning is especially important for existing retirees and those hoping to retire in the next few years. There are tax and income strategies you might consider regarding your financial assets. Here are three steps […]
More consumers are conducting financial transactions online and may become vulnerable to tracking, hacking, identity theft, phishing scams, and other cyberspace risks. While nothing can guarantee complete safety on the Internet, understanding how to protect your privacy can help mitigate your exposure to risk. Here are some ways to help you safeguard your information: […]
Planning for your financial future and retirement looks much different now than in previous years. Some people must supplement their Social Security to have enough to maintain their desired lifestyle. This means financial planning is now a critical component of retirement. While having a financial professional on your side is vital to managing your financial […]
You often hear people discuss “saving for retirement,” but in many cases, they’re actually referring to their investing. The adage “you can’t save your way to wealth” is simplistic, but has a kernel of truth; putting your money in a savings account often won’t be enough to outpace the rate of inflation, which can erode […]
The vast majority of Americans need long-term care. According to the U.S. Department of Health and Human Services, 70% of people over age 65 may need some long-term care during their lives.1 Unfortunately, planning for long-term care may be confusing. To safeguard your finances, try to avoid these expensive mistakes. 1. Don’t Assume You Don’t […]
Managing money may seem stressful at times. Unexpected expenses, changes in employment, and changes in family or lifestyle may all lead to money issues. Making sure you have money saved up for the unexpected is crucial. Here are some other scary money mistakes that you may want to avoid. 1. Keeping a Balance on Your […]
From unemployment to a sudden health crisis to a crippling accident, being financially prepared for life’s many challenges may smooth the road ahead. Whether you are just starting out or have been working toward financial health for years, there are a few key steps you may take now to help construct your financial safety net. […]
Having a solid life insurance policy in place is crucial for any adult who has assets, a business, or a steady income. While most adults know that having a life insurance policy is a vital piece in their financial puzzle, there are many life insurance myths out there that are still believed. This inaccurate knowledge […]
In a 6 to 3 vote, the Supreme Court struck down the Biden administration’s student loan forgiveness plan denying a chance for at least 43 million eligible participants to eliminate up to $20,000 of their debt. Despite new actions announced by the White House in a continued fight to provide debt relief and support […]
Everyone wants a comfortable retirement, but the road you take there will depend on your specific situation. When you invest, you assume a certain level of risk (but like everyone you’re hoping that your holdings will increase in value). One of the most challenging aspects of investing involves matching your tolerance for risk with your […]
September is self-improvement month and a great time to work on your financial health. When you think of self-improvement, you likely think of your health or career but may pay little attention to your finances. Getting your financial health in order may help alleviate stress and give you some breathing room to improve your life […]
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