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Understanding the How the Debt Ceiling Pertains to You
Making Sense of the Debt Ceiling First, let's understand what the national debt ceiling really is: The national debt ceiling is the maximum amount of money that the US government can borrow to fund its various expenses, such as Social Security and Medicare benefits, tax refunds, military salaries, and interest payments on existing debts. Due to the country's budget deficit, [...]
How Do You Know If Your Retirement Plan Works for You?
As life expectancies increase and the concept of retirement evolves, it is essential to prepare for a potentially longer and more dynamic period of life after leaving the workforce. Retirement planning has evolved beyond merely saving for a short period of leisure; it now involves creating a comprehensive strategy that allows for flexibility, fulfillment, and continued engagement in life. This [...]
Understand the Fees of Retirement Planning
Retirement planning is a crucial process that requires careful consideration of various factors, including investment options, risk tolerance, and fees. Fees are an essential aspect of retirement planning, as they can significantly impact the overall value of retirement savings. Therefore, it is crucial to examine and understand the fees associated with various retirement planning options to make informed decisions and [...]
Don’t Forget to Plan for Long Term Care
Long-term care planning is an important aspect of retirement planning that is often overlooked. As people are living longer and healthcare costs are increasing, it is crucial to consider the cost of long-term care in retirement planning. According to Forbes, one of the major healthcare costs as we age is long-term care, which is the extra help we need when [...]
An Investment Guide for IRAs
Investing in an Individual Retirement Account (IRA) is an excellent way to save for retirement. However, selecting the right investments for your IRA can be challenging. In this article, we will explore some strategies to help you choose the best investments for your IRA. Understand the Traditional and Roth IRAs First, it is essential to understand the two main types [...]
Succession Planning for Business Owners
For many years, you’ve been the captain of your ship. Running your own business hasn’t been easy and success was never guaranteed. Retirement planning is the next uncharted water for you, and there’s no one-size-fits-all map. Ultimately, when you own your own business, you must create your unique retirement strategy. This means setting up a succession plan for your business, and a [...]
Where Will Your Retirement Income Come From?
Once you’ve sold your business, you’ll need to make a lump sum of savings last for the rest of your life. This can be difficult, even for those who already have a substantial amount saved. Retirement can last for decades, and the risk of running out of money is very real, especially if we see high inflation and a volatile market. So what can you [...]
Taxes and Estate Planning
If you’re a business owner and know you eventually want to retire, make sure you understand how passing down or selling your business works. Business sales are increasing as more Baby Boomers retire and the potential for changes to the tax code may be partially driving the trend. As a business owner, it’s important to know what the rules are [...]