Blog Posts

When our parents retired, living to 75 amounted to a nice long life, and Social Security was often supplemented by a pension. The Social Security Administration (SSA) estimates that today’s average 65-year-old woman will live to age 86½. Given these projections, it appears that a retirement of 20 years or longer might be in your future.

Are you prepared for a 20-year retirement?

How about a 30-year or even 40-year retirement? Don’t laugh; it could happen. The Society of Actuaries predicts that an average healthy woman that reaches age 65 has a 44% chance of living past 90, and a 22% chance of living to be older than 95.

Are you confused as to what documents to keep in your files? Records relating to tax and legal matters, healthcare issues, assets and liabilities, as well as other important transactions should be kept in case they are needed in the future.

By Marc C. Shaffer

As a financial advisor, I always have principles of financial investing in the front of my mind, but I love to take those principles and apply them to other areas of life. That might include investing in health, people, experiences, career development or something else, but the principles can translate very well. You set goals, make plans, get started and adjust along the way.

In what ways are you investing in your life? In what ways are you avoiding making investments in your life?

By Marc Shaffer

Connections. This book is about connections and their immense value. I tend to think my life is also about connections, which may be why I am so drawn to “Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork,” by Dan Sullivan with Dr. Benjamin Hardy.

The initial opening of the book is a story about Michael Jordon, who I grew up idolizing as a child as the best basketball player that ever lived. You see, although he was arguably the greatest player, he couldn’t win a championship for his first six years in the NBA.

When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes.

Unfortunately, even the deceased can’t escape taxation. If the departed family member earned taxable income during the year in which they died, then federal taxes may be owed. An executor or a survivor must, therefore, file a final federal income tax return (Form 1040).

Similarly, if the deceased individual had a sizable estate or assets that might generate income in the future, the estate may owe taxes. Federal estate tax forms pertaining to the decedent’s estate may need to be filed (Form 1041, Form 706).