{slider What type of clients do you work with?|closed} We serve successful individuals and families, business owners and retirement plan sponsors. Each client has their own needs, desires, roadblocks, and big picture goals. What they have in common is a desire to do...
Every year around tax time, reports of email phishing scams increase, though no season is immune to its own set of scams. Phishing is the act of using computers to fraudulently acquire sensitive information such as credit card numbers, social security numbers, and user names & passwords. To accomplish this, thieves will send electronic communications designed to look like they are coming from a trustworthy entity. One example of a recent phishing scam appears to come from the IRS:
By Marc C. Shaffer
The idea of retirement and the reality of retirement can often be drastically different. For many people, retirement is the idea that at a certain age you will leave your career and enter into a life of leisure. Be it golfing, visiting sunny locations or spending time with grandchildren, retirement has been painted as the final phase of life where you haven’t a care in the world. Every day I talk with people who are retired or planning their retirement, and let me tell you, it’s time we start thinking differently about retirement. The 17th Annual Transamerica Retirement Survey showed that a majority of workers dream about traveling, spending more time with family, and pursuing hobbies, and 28 percent dream of doing some form of work in retirement. What does retirement mean to you? Does waiting until normal retirement age to pursue your dreams make sense to you, or would you like to consider an “alternative” retirement? The “what you want to do” and “how much you’re going to need” may look a lot different than you’re prepared for, so considering which type of retirement is right for you and the financial considerations to get you there are key. Let’s look at 5 types of retirement styles I talk about frequently:
At times, we can be so focused on our financial health – maintaining a healthy cash flow, monitoring a budget, building a retirement plan – that we can forget about the importance of our physical health and how it may impact our financial future. It’s much easier to talk the talk about staying young than it is to walk the walk. Starting in our 20s and 30s, we commence a long, seemingly inevitable physical deterioration. Our maximum heart rate declines, and with it the amount of oxygen-bearing blood the heart can pump. Muscle is gradually replaced with fat and weight edges upward. And decade by decade, as oxygen intake drops, it becomes a little harder to just get around. Eventually, in our 70s, 80s or 90s, most of us lose our “functional independence,” the ability to live on our own. We move to assisted-living or nursing homes because, literally, our living needs to be assisted.
Few tasks in life can be as rewarding and challenging as being a primary caregiver for your loved ones. And caregiving comes in a variety of forms, from looking after ailing relatives to raising children as a stay-at-home parent. Whether you purposefully chose the role or life’s circumstances required you to fill it, you face myriad responsibilities that can distract you from managing your own financial life. To feel secure in your future and the future of those you care for, you need to make sure you safeguard your finances.
Whether you’re interested in buying a condo in your favorite vacation spot or are interested in rental income, it’s critical that you consider how the purchase fits into your lifestyle and financial picture. Owning a second home can seem glamorous and potentially offer you another source of income, but it can also be a time and money pit. Whatever your reasons for considering another property, here are some factors to consider before taking the plunge.
By Michael J. Searcy
Nope, we’re not talking about crashing markets or the end of the economic world here. We are talking about the name of a letter one of our clients has written to be given to his survivors. He has instructed them to only open it in the case of his death or incapacity. The purpose? To make things easier for his survivors and point them in the right direction of what needs to happen next. We talk about these things with clients on a regular basis but seldom do they actually implement this type of communication. Far too often it lands on the “good idea when I get around to it” list. This is understandable because who really wants to face their own mortality? We applaud this client for being proactive.
Are you or one of your children typing the knot soon? For any couple heading to the altar, financial matters can emerge as a major challenge. As much as you may love each other, there’s no guarantee you’ll be on the same page about money. In fact, it’s not unusual for a “spender” and a “saver” to join together in holy matrimony, only to find out they’re at odds over finances once the honeymoon is over.
By Michael J. Searcy
As you navigate through the financial stages of your life as a physician, careful planning not only prepares you for each stage, but also helps you maximize your time in each and fulfill goals along the way. The work-life balance for a busy physician can become lopsided when your priorities are not defined. We often hear physician clients who enter retirement say, “I wish I would have spent more time focusing on the things I love along the way.” Consider these goals and action items that are important during the 5 typical financial stages of life:
By John C. Fales
The temptation to spend funds meant for another purpose can be high when your savings and investments are lumped together. When saving for education, having a “bucket” earmarked specifically for that purpose can get you started on funding educational needs and a 529 Plan may be a powerful tool on your savings journey.
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