Setting financial goals isn’t always the most challenging part of building a financial plan. Too often, individuals have a laundry list of goals - and as they move through life, that list grows. However, when it’s time to organize a strategy for pursuing those goals, things get a little bit more difficult.
When you’re not sure how to prioritize your financial goals, you tend to try and knock them out all at once. Trying to funnel your limited cash flow to multiple goals simultaneously isn’t always effective - especially when done without a strategy.
If you’re gearing up for retirement, it’s important to build a road map for your lifestyle and finances during this new chapter. Too often, people jump into retirement with a loose plan for their money and assume that it will sustain them throughout their years as a retiree.
One of the ways you can start finding more fulfillment in your finances is to align your spending with your values. This can be done by cleaning up your daily budget and spending less on things that don’t have a positive impact on your daily life, but it can also be done by allocating a percentage of your cash flow to giving back to the people, causes, and organizations you care about.
As a woman fee-only financial planner, many of my clients are women. In fact, I pride myself on working with women who come from all walks of life and are each in a different place on their personal financial journey. It’s one of the primary reasons I entered this field of personal finance.
Over the years, I’ve heard many gendered financial stereotypes mislead women investors, and cause other financial planners to approach their clients’ saving and investing strategies differently as a result. Gendered financial ideas aren’t always based in reality - but there are some key things that women investors need to know about savings patterns and behavior biases.
Many pre-retirees and retirees ask their financial planner:
How much money should I plan to leave my kids when I pass away?
Many pre-retirees look at downsizing as a kind of miracle solution to their financial and lifestyle woes. In some ways, choosing to downsize your living space before you retire can be a positive change of pace - financially and personally. However, depending on your situation, downsizing can come with some drawbacks. It isn’t always the solution for everyone - and you may be asking yourself: If downsizing isn’t the answer I’m looking for, how can I cut costs in retirement?
When you worked full time, summer may have been full of week-long vacations or long weekend trips. Now that you’re retired, you have the opportunity to “vacation” any time that you like. So, how do you plan for the summer as a full-time retiree? There are several activities you might want to consider during this new season of life.
Many pre-retirees and retirees consider a reverse mortgage to help supplement their income for monthly expenses. As is the case with every financial decision, it’s important to know exactly what you’re getting from a reverse mortgage, and whether it fits into your financial plan. This blog is intended to provide an overview of this complex topic. More information can be found through the links provided throughout the post.
For many people, retirement isn’t an easy transition. Aging can be a challenge, and the financial burdens that come with it can weigh down even the healthiest of people. In many cases, retirees have family members who help them through the aging process. There’s a support system in place for when you need medical assistance or can’t live on your own anymore.
Solo agers, however, don’t have the same family ties that many retirees do. Traditional family life isn’t always for everyone, and that’s okay! It just means that, if you’re a solo ager, you have to think ahead and do some more planning for your own retirement.
When people hear “financial advisor” they often think of someone hunched over multiple computer screens, day trading, and trying to “beat the market.” In reality, this image couldn’t be farther from the truth.
While many financial advisors help their clients create and implement an investment strategy, they certainly aren’t day traders who exclusively spend their time crunching numbers and trading stock! This specific view of advisors often lends itself to people believing that financial advisors are only for the wealthy, or for people who are nearing retirement.
The American workplace is changing. In today’s world, more and more people are turning to less traditional work schedules, and even working remotely for their employers. Part of this shifting landscape is the rise of the gig economy. Right now, 36% of Americans participate in the gig economy either through a primary or secondary job - and those numbers are growing each year.
Have you considered working during retirement? For many retirees, working full or part-time for a portion of their retirement years can have financial and emotional benefits. Let’s take a closer look at how working during retirement could positively impact you, and how to determine whether it’s a good fit for your lifestyle.
Do you have a graduating high school senior in your life? Supporting soon-to-be college students is a priority for many families, especially as tuition rates continue to climb. Luckily, there are several ways you can consider supporting your new grad as they start this next chapter in their lives.
Many pre-retirees plan to have Social Security as part of their retirement income strategy. However, few plan ahead for when they want to start taking their Social Security benefits as part of their larger retirement plan.