One of the most common questions that we get from clients nearing retirement is, “How much income am I going to need to be comfortable?” It’s an important question that gets right at the heart of the retirement puzzle.
Blog Posts
Treat All Money as Equal
By Michael J. Searcy
Does the source of money you receive impact how you spend, save or invest that money? Do you treat money you earn differently than money you have won or received as a gift or bonus? If earned money feels more precious and worth saving, while the other types feel like “fun money” with which you can splurge, you may be practicing mental accounting. Beware – in mental accounting, all money is not treated as equal. You can stop mental accounting from hindering you from making the best decisions with your money, and by being aware that it’s happening, you have already made the first step.
Projecting the Investment Horizon
Projecting the Investment Horizon: Don’t Let Emotion Get the Best of You
By Michael J. Searcy
If you’re like the majority of the investing public, you may think this diagram depicting the emotional rollercoaster of investing is a great representation of how you feel these days. The diagram takes us through a simplified market cycle starting with a period leading toward strong performance (a bull market) and then falling into a period of weak performance (a bear market), then back to an upturn, thus showing the cycle is never ending. Fluctuation through these cycles can leave investors with feelings of euphoria when things seem to be going great, despair when they’re going bad, and optimism when it seems like poor performance is on its way back up again.
4 Plan Review Best Practices for Plan Sponsors
By Jessica Kmetty
Did you know that the Internal Revenue Service requires most employers to restate their retirement plan documents every 6 years? This helps ensure that retirement plans are operating under the most recent laws governing plans and all regulations are being met. Even though Searcy Financial manages retirement plans for other businesses, we also have to restate our own company plan. Our plan came up for restatement this year so we are sharing some best practice guidelines we follow or suggest during a restatement period.
Are You Mentally Prepared for Retirement?
Are You Mentally Prepared for Retirement? How to Thrive Before and After the Transition
Retirement is about much more than money. It’s also about finding a new path in life and a new identity as a retiree.
For most investors, retirement is their primary financial goal. As financial professionals, we help our clients chart a course to get them to retirement. We work together with our clients to answer financial questions like: When can I afford to retire? How much money will I need to live comfortably? Surveys show that many Americans are woefully unprepared for retirement and financial worries can make the retirement transition stressful. Fortunately, working with a professional can help ensure that you enter retirement with confidence in your financial future.
3 Questions to Ask About Your Long-Term Care Needs
If you’re like many Americans, you might be worried about how to prepare for your own or your loved ones’ long-term healthcare needs. In previous generations, elderly parents and grandparents could count on moving in with relatives when they became unable to live alone. However, today’s family dynamics have changed and many Americans are reluctant to burden their families with caregiving duties.
Financial Lessons from the Mall
Financial Lessons from the Mall: Teaching Your Teens About Credit
By Jessica Kmetty
I was in Kohl’s the other day with two of my sons with the intent to only purchase a few articles of clothing for my daughter, but they happened to be having some great sales so we ended up purchasing quite a few clothing items for each of my children.
Financial Lessons from Shark Tank and Uber
Financial Lessons from Shark Tank and Uber: Teaching Your Teens (and Maybe Yourself) About Business
By Michael J. Searcy
All the time, I hear people say, “I just don’t understand all that business stuff” and “I’m no good at business, how am I qualified to teach my children about it?” I tell them the answer could be as simple as watching some television, reading and just plain observing your surroundings. If you become more aware of business around you, you should start noticing trends and asking more questions. This is helpful for teenagers, young adults, and yourself to start THINKING about business. I am not talking about accounting statements, banking or business structure here, just a practical understanding of how things work.
The Financial Funnel
By Michael J. Searcy
Yes, you have seen some variation of this image before. Yes, some long time clients tease us about drawing it too often. And yes, it is pretty simplistic. However, it gets the point across, is easy to understand, and it impacts everybody, including those with substantial six-figure incomes.
Screwed Again! Why Quality Advice Matters
By Michael J. Searcy
Screwed again!
Well, that title was supposed to illicit an emotion and cause you to want to read what I have written. It also has to do with two screws I recently had to deal with at Home Depot – and the advice I received.
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