Do you have grandchildren in their late teens or 20s? Their generation, known as millennials, grew up with access to the internet, cellphones and other technology that previous generations could never have imagined.
Millennials sometimes get a bad rap as being entitled and self-focused. However, their relationship with technology has given them a unique worldview. They recognize how to use technology to their advantage, and they may see opportunities that older generations don’t recognize.
Are you making your final financial preparations for retirement? Are you comparing various tools to help you build a stable foundation? From IRAs to insurance to investment vehicles, you have a broad range of tools and products at your disposal.
An annuity is one such tool. Annuities are often used to generate income, minimize taxes, manage risk and more. There are several types of annuities, and each is used to achieve specific objectives.
Since its inception in 1974, the IRA has become a popular retirement savings tool. According to a study from the Employee Benefit Research Institute, there are more than 25 million IRAs open in the United States, and those accounts hold nearly $2.5 trillion in total assets.1
The IRA is a popular savings vehicle for a number of reasons. They often allow for a broad range of options, and you can use them to rollover your 401(k) assets when you leave a job.
There may be a hidden risk in your retirement plan that has escaped your attention. If you don’t address it now, it could threaten your ability to enjoy a comfortable and financially stable retirement. Don’t think it could happen to you? Imagine the following scenario.
You’re closing in on retirement. It’s less than 10 years away. You’re already planning life after you leave the working world. Perhaps you’re looking forward to enjoying vacations, your favorite hobby, or spending time with family.
Is retirement quickly approaching? It’s a big milestone for many Americans. It’s your time to finally take control of your schedule and spend your time the way you wish.
While retirement should be a happy time, it can also be a challenging transition for some. Some retirees find that they miss having the challenge that comes with a busy career. Others may feel that they lack purpose or direction. And some simply have trouble adjusting to a wide open schedule every day.
It’s National Financial Literacy Month. The goal is for financial institutions and organizations to educate Americans on some important but often overlooked financial issues. Often, the key to a successful financial future is in minimizing risks and threats. One of the most dangerous financial threats any family faces is the unexpected death of a parent.
Despite the threat posed by death, studies show that many households have little or no life insurance protection. A 2015 study from Bankrate found that only 60 percent of Americans had life insurance, and half of those had less coverage than they needed. Among families with children, 37 percent had no life insurance protection, while 32 percent had less than $100,000 in coverage.1
Often in retirement planning, much of the focus is on asset accumulation. No doubt it’s important to save and grow your money so you’ll have a sizable nest egg when you retire. However, it’s also important to minimize expenses in retirement. The higher your spending is, the harder it may be to make your savings last throughout your retirement years.
If you’re like many Americans, your 401(k) plan may be your largest retirement asset. A 401(k) plan is a tax-advantaged tool designed to encourage long-term savings. As long as the funds stay in the account, the growth isn’t taxed. This allows your funds to compound more quickly and can help you accumulate a substantial balance in a shorter amount of time.
If you’re like most Americans, you’ve probably been dreaming about retirement for most of your adult life. You may even have a clear vision of what your retirement will be like. Perhaps you see yourself travelling the world or pursuing one of your favorite hobbies. Maybe you’ll spend time with family or simply relax and enjoy your freedom.
It’s always helpful to visualize your retirement and plan how you will spend your time. You can use those visualizations to guide your planning and even to make financial decisions.
Are you one of the 64 percent of Americans who don’t have a will? That’s according to a 2015 study from Rocket Lawyer. There are many reasons why people choose to not have a will, the most basic element in any estate plan. Some may feel they’re too busy or they may not want to think about their own death. You could be like the 27 percent of respondents who said there’s no urgent need for a will or the 15 percent who said they don’t need one at all.1
If you’re under the assumption that you don’t need estate planning, you may want to think again. Estate planning is important for anyone who wants to leave a legacy for their loved ones or to a favorite charity.