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How to Meet Your Net Worth Goal Before Retirement

9/28/2022

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Your retirement is supposed to be a comfortable and freeing time when you can meet your goals and explore the world around you. In order to be able to do this, you have to have your financial needs met by the time you enter retirement. If you can get your net worth to a comfortable place before you retire, you can make sure that you will be financially secure throughout your retirement years.

Choose the Right Investments

Many people reach their desired net worth through investments. But if you want to use this strategy, you have to make the right investments so you don’t end up with less than you hoped for. You need to balance risk and reward so you are constantly building your investments, rather than losing more than you can afford. By finding a way to choose smart investments that complement each other you can make your investments go a long way. Diversify your portfolio and talk to an expert if you are struggling to figure out where to invest the money you are making through your work.

Max Out Your 401(k)

You also should be taking advantage of your 401(k) account. This is important because, unlike many other investments, it is tax-protected, and can help you to save more for retirement with less effort. The more you know about the benefits of your retirement plan, the easier it will be for you to get the most out of what you are being offered. For example, employees over 50 can make an additional $6,500 catch-up contribution. There are also additional benefits that you can learn about and use to get more out of your retirement fund.

Simplify Your Life

Another important step you can take to work towards an amazing retirement is to simply make your life a little more manageable. Downsizing your home and figuring out your priorities can both help you to havea stronger financial situation by the time you reach retirement. Your goal should be to figure out your primary priorities and make sure they are being taken care of. Then you can remove elements of your life that are not as fulfilling or important to you and your family. As you continue making lifestyle changes, you will create the life you have been waiting for.

Your future can be bright if you take the time to prepare for it now. Your retirement needs funding to be able to be as successful as you want it to be. It is never too early to start saving for retirement, so make sure you do what you can to keep your finances in great order before you actually retire.

Check out this article on the big decisions you need to make before retiring!

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How to Start Getting Serious About Estate Planning

9/28/2022

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Are you one of those people who keeps telling yourself that you'll get around to estate planning "someday?" If so, it's time to start getting serious about it. The fact is, no one knows when their "someday" will come, and failing to plan for the future can have some serious consequences. Here are a few tips that will help you get started on your estate planning journey.

Set Up a Power of Attorney

A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf. This can be helpful in a number of situations, including if you become incapacitated or unable to make decisions for yourself. While setting up a power of attorney may seem like a daunting task, it's actually fairly simple to do. You can start by talking to a lawyer or financial advisor about your options. They can help you understand the different types of power of attorney and how they can be used. Once you've decided which type of power of attorney is right for you, the next step is to choose someone you trust to manage your affairs. This person will need to be responsible and organized, and you'll need to be comfortable giving them a great deal of control over your life. Once you've chosen someone, the two of you will need to sign the document and have it witnessed by a notary public. After that, it's simply a matter of keeping the document in a safe place and updating it as needed. While estate planning may not be the most exciting topic, setting up a power of attorney is an important step in protecting yourself and your loved ones.

Create a Will

One way to get serious about estate planning is to create a will. This legal document can be used to specify your wishes for how your assets should be distributed after your death. Dying without a will can complicate matters for your family. In addition, a will can be used to appoint a guardian for minor children, ensuring that they will be cared for according to your wishes. While creating a will may not be the most pleasant task, it is an important step in protecting your loved ones.

Create Trusts

The final way to start getting serious about estate planning is to create trusts. Trusts can be revocable or irrevocable, meaning that they can be changed or dissolved at any time, or they can be set in stone. There are many different types of trusts, but some of the most common are living trusts, charitable trusts, and trusts for minors. Trusts can be a great way to protect your assets and ensure that your wishes are carried out after you die. However, it is important to consult with an attorney or financial advisor to determine which type of trust is right for you and your family.

Estate planning is an important step in protecting yourself and your loved ones. Taking the time to create a power of attorney, will, or trust can ensure that your wishes are carried out according to your specifications. While it may not be the most pleasant task, estate planning is essential for anyone who wants to protect their assets and their wealth for future generations.

Check out this article on how to live a longer life in retirement!

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How to Make Things Easy for Your Loved Ones When You Die

8/10/2022

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No one likes to think about the day they will no longer be here to enjoy time with family and friends and bask in the wonderful things of this earth. However, death is one of the few certainties of life and it is important to think about how to make things as easy as possible on your loved ones when you pass. Here are three ways that you can ease the burden of your passing for your loved ones.

Take Care of Debt

When you pass away, your estate will be accounted for. This will include all your assets, including real estate, bank accounts, retirement funds, and other property. When you die with debt, that debt is passed down to your descendants to be paid for from the estate. By paying off your debts before you pass, you significantly increase the amount that will be left to your beneficiaries. This will help them to cover probate fees, burial costs, estate taxes, and more.

Create a Plan

Creating an estate plan is one of the most beneficial ways to help your loved ones manage your passing. Without a clear plan that is easy to implement, your family will be tasked with the nearly impossible job of blindly managing your estate, guessing at your wishes, and grieving for your loss all at the same time. There are several factors to consider in an estate plan. Do you want a memorial or a funeral? There are important distinctions between the two. For example, unlike memorials, funerals usually take place with a casket present. Additional factors to include in your estate plan are your will, assigning durable power of attorney as well as medical power of attorney, and completing your advanced health care directives.

Develop a Living Trust

Few things will simplify your passing like a living trust. When you have a living trust in addition to a will, your loved ones can avoid probate, eliminate squabbling, reduce estate taxes, and keep your estate off the public record. Additionally, a living trust can protect your interests if you are alive but become incapacitated. Furthermore, developing a living trust can save money by avoiding probate fees, lowering taxes, and increasing investment gains through the services of an investment professional.

You have always taken excellent care of the people you love. You can continue to care for them after you pass with a living trust, a clearly defined estate plan, and paying off your debts. By doing so, you will significantly ease the burden that your passing places on your loved ones, offering them one last gift of love.

Check out this article on how to protect your assets in the event of your death!

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Moves To Make Before Rates Rise Further

8/4/2022

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As the months continue to pass interest rates continue to rise as the federal reserve attempts to stave off some of the wild inflation that has taken a grip across the country. With prices rising several percent across the board year to year, if interest rates keep rising the financial options at your disposal will continue to change. To set yourself up for the long term, you need to start acting now and get a few things done before rates rise again. Here are three moves that you need to make before rates rise further.

Pay Down Credit Card Debt

The first thing that you should do to set yourself up before rates rise further is to pay down your credit card debt now. According to The Balance, the interest rate you pay on your credit card is variable over time, and most people aren’t aware that this happens. As the base rate changes (the base rate is what the federal reserve adjusts) so too does your credit card interest, but usually at a much faster rate. If you are carrying around balances on your credit cards, now is the time to pay those balances off to avoid even larger interest payments down the line.

Refinance Your Mortgage

Another critical move to make before interest rates rise further is to refinance your house. When you buy your house with a mortgage loan, you usually lock yourself into a fixed interest rate loan. But if your current interest rate is higher than the mortgage rate you could qualify now, this is the time to refinance. If current rates are lower than your mortgage rate, Equihome Mortgage reminds us that refinancing can save you money. The key is refinancing before rates rise and you can’t get lower interest, so be sure you are taking action right away to make a difference.

Buy A Car

The final move that you should make before rates rise any further is to buy yourself a car. If you are nearing the time for a new vehicle in your life it is probably in your best interest to purchase now. This is especially true if you are planning to lease a car, as the interest rates will impact the monthly price you pay. Cars often require loans too, so keeping that interest rate low is also crucial.

Interest rates are still climbing, and it doesn’t look like they’re going to stop anytime soon. To prepare yourself for this, make these three moves that will help you avoid the negative impact of higher interest rates. Doing so will save you money in the long run and give you more financial flexibility.

Check out this article on when you need a lawyer to help with financial matters!

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Why Bonds Shouldn’t Be the Only Asset in Your Portfolio

8/3/2022

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When you are new to the world of investing, you may start with a single type of investment to get your portfolio started. In many cases, this tends to be bonds because they are a fairly dependable investment that can yield consistent results. However, you don’t want to continue building your portfolio with only bonds. Having a mix of different asset classes will help you to have a healthy portfolio.

Diversification

One of the most important parts of your portfolio is that you want it to be diverse so you have a little protection from risk and more potential for gain. Bonds can be a good source of positive investment but they are unlikely to yield a huge amount of profit. When you add a variety of other investment types you can help to beef up your portfolio. You can start to think about diversifying in ways that will make investing more fun and more successful for you.

Inflation

You also need to think about how inflation can impact your investments. With bonds, you aren’t really going to see any benefits from the inflation that the world experiences. But other kinds of investment assets can actually gain value as investment goes up. For example, gold tends to gain value during times of inflation. When you keep inflation in mind you can start adding additional assets that can take advantage of that aspect of investment.

Flexibility

When you have only invested in bonds, it can be difficult for you to make sure you have the flexibility to manage your investments the way you wish. When you are working with any one single type of investment you are always going to run into issues with flexibility. And when you want to make changes to your style of investing, it is hard to do with only a single asset class. When instead you make sure you have various types of investments, you can make sure that you are constantly moving forward and have the ability to make changes when you need or want to.

It is important that you take time to research all of your investment options so you can make a solid portfolio for yourself. That gives you an option to make sure that you are supported by your investments and not just the other way around. When you diversify your portfolio and move away from only having bonds you can get more from your investments.

Check out this article on what you can do with the equity built up in your home!

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How to Help Your Parents With Estate Planning

8/3/2022

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Estate planning is an important part of making sure that you and your family are taken care of over the years. But many people put it off and then become overwhelmed when they have to take care of it later in life. If this is the case for your parents, it can help for you to be there for them with support and information so they can complete their estate planning in an easy, successful, and stress free way.

Run Their Plan by a Professional

Most people don’t really know what they need to do for their estate plan or what kinds of things need to be included. But there are professionals who specialize in that kind of work and can help you figure it out. Sometimes the best course of action is to help your parents make their plan and then to go together to a financial advisor who can look over the plan. They will be able to fill any gaps and give you advice on things like the wording you use and what to include in the estate plan. They can also offer general and specific guidance on the kinds of changes your parents may want to make to their estate plan.

Make Sure They Have a Will

In general, people don’t want to think too far in the future because there is a lot of worry and stress there. But it is essential to have a will so that your assets are properly distributed. This is also true for your parents. Probate will be much more straightforward when there’s a will. Which means that there will be less stress for everyone involved when your parents assets need to be distributed.

Be Available to Answer Questions

It is a good idea to encourage your parents to plan their estate, but you may want to let them take the lead. In this case, your best course of action may actually be for you to simply let them know that you are available if they need help. That way they can take control of their own estate plan but also rely on you if they have questions or want to talk things out. This will help you to keep your relationship going strong while they estate plan so that you aren’t overstepping any boundaries.

When you help your parents plan their estate you can give them peace of mind. This is because they will know that their needs and your needs will be met over time. Figuring out an estate can take time, but it is worth the effort.

Check out this article on how to produce regular income streams in retirement!

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Big Decisions You Need to Make Before Retiring

8/3/2022

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If you’re coming up on potential retirement, congratulations! That is no easy task. Before jumping right into it, however, you’re going to need to plan some things. Here are a few big decisions to consider before putting things in motion.

When to Retire

The answer to this question is going to be different for everyone. You might find yourself locked in a battle between your wants and your needs. For example, it might be best to hold off on retirement for financial reasons, even if you’re very close to what you need. When it comes down to your savings, it’s better to be safe than sorry – you don’t want to get caught in an emergency after retiring that drains your bank account drastically. Carefully calculate when you will have more than enough to retire. Keep payments on homes, loans, or insurance in mind. Know the economy and the market well enough to make an informed decision.

Where to Live

If you can afford it, you might want to consider picking an entirely new location to retire in! Many of the world’s typical vacation spots, unfortunately, are already struggling under the weight of foreign retirees. Hawaii and New Zealand are two examples of this. Rich foreigners retiring in these locations cause prices to skyrocket, gentrifying the neighborhoods and making living there very difficult for the natives. Even if you could afford to live in these places, the high tourist rate would mean that you never could have a moment’s peace! Try considering options in states or countries that aren’t such hotspots. Some of them would even want you to do so – many countries like Mexico welcome foreign investment.

How to Stay Busy

Many people retire and find, to their surprise, that they become bored quickly – especially after retiring in a foreign, isolated place, maybe far from friends or family. Make sure you have hobbies that you love doing and that you can take with you wherever you decide to retire. Or, even better, learn something new! Learning in old age can help you stay mentally, emotionally, and physically fit. Don’t be afraid to experiment. Connect with the culture and the nature of your location. If you’ve stayed in the same place that you’ve always been in, then make more time for friends and family that you have.

Retiring is an adventure in and of itself. Regardless of what you decide to do, you’ve earned it. Relax. Have fun. Enjoy the free time, and don’t necessarily rush to fill it with activity. Plan and make decisions now so that later you can have the best time of your life.

Check out this article on how to stave off boredom in retirement!

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How to Fill Gaps in Your Retirement Plan

7/27/2022

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Your retirement years should be a time when you can relax and enjoy yourself in ways that you might not have been able to when working full-time. However, it can be difficult to relax and enjoy yourself if you’re still worried about any financial gaps in your retirement plan. Consider implementing the following tips to fill any gaps in your retirement plan.

Continue Working Part Time

If you have the physical capacity and desire to do so, continuing to work part time can be an excellent way to bridge any gaps in your retirement plan. Many companies are happy to let you continue on part time, especially when you’ve been a valuable employee for many years. You can continue on in a similar position at a company you’re familiar with. However, retirement can also be a good time to rethink your job options. If you’re planning on continuing to work part time, you can switch things up to stay excited about your work. For example, if you’ve always had a love for home improvement projects, you could consider getting a part time job at a hardware store near you. You’ll have the chance to help people find the perfect tools for their projects and might even get a discount yourself. Get creative with the part time work you do during retirement.

Consider Possible Inheritance

Another way you can bridge the gap in your retirement funds is to consider any possible funds you may have inherited. When an individual passes away, they have the opportunity to divide up their assets between any remaining heirs. If you inherit any of these assets, you can utilize them to help bridge any financial gaps you may have. For example, Inheriting property can provide extra income if you decide to rent it. If you have a larger home that you may not use all of, consider renting out some or all of the property to add some extra income. Many retired individuals downsize to smaller, cheaper properties to save some money. However, if you do so, consider keeping your other, larger property and renting it out. Doing so can allow you to make an active income on the property you otherwise wouldn’t use.

Consider Investing

The final way that you can bridge any retirement income gaps is to consider investing in high ROI investments. Investing is a slightly more passive way to make money in retirement. Instead of working part time at a business or company, you can take your income into your own hands. Investing gives you full control over where you put your funds, and you can choose the investments that work best for you. For instance, many people choose to invest in real estate during retirement. This can be as simple as renting out a previous home, as mentioned above. However, you can go more in-depth and purchase investment properties to make you more money.

During retirement, you want to make sure you have enough money to remain comfortable for the rest of your life. It’s difficult to plan ahead for any gaps that may come up in your retirement income. However, these options can allow you to bridge those gaps and stay financially comfortable during retirement.

Check out this article on important topics to discuss with your children as you retire!

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How to Live a Longer Life in Retirement

7/20/2022

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Most people spend their working lives dreaming about retirement years, and that means you want your retirement to be as long and happy as they can be. There is a lot you can do to help extend your retirement years and make sure you are living them in a fulfilling way. By taking your health into your own hands, you can gain control over your retirement and ensure you live a long and fulfilling life.

Stay Active

If you really want to live a long life in retirement, it is important that you take the time to stay active and maintain your body. Your particular choices for activity don’t have to match up with anyone else’s, but you should be active in a way that you enjoy. For some people that might look like going to the gym or taking classes, for others it might be hiking or cycling. Whatever you choose is fine as long as it helps you to get active and gives you some enjoyment along the way. 

Stave Off Disease With a Healthy Diet

Your diet can also help you to maintain your health. You should make good choices about the foods you consume on a regular basis. A plant-based diet can prevent cardiovascular disease and diabetes. It’s totally fine to treat yourself from time to time, but you want to make sure that you have a solid foundation of a great diet to support you along the way.

Maintain Close Relationships

Having a support system and great people on your side can help you to live longer and be happier in general. It is important that you work to maintain your close relationships in your retirement years so you have the support you need and can improve your mental health. Make sure that youhave a thriving social life in your retirement years, whatever that looks like for you. Spending time with friends and family can help to extend your life and reduce your stress. Taking classes can help you to expand your friend group and have even more great relationships. And all these things will help you to be happier and live longer.

You deserve a long and fruitful retirement that makes you feel good. By taking care of yourself during your retirement years, you can make this dream a reality. And that means that you can have some of the best years of your life after you have reached retirement age.

Check out this article on how to stave off boredom in retirement!

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Illiquid Assets to Cash Out Before Retirement

7/18/2022

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The march towards retirement is not one that most people take casually. IN fact, for most of your adult life, you have probably been doing things to prepare yourself financially for the realities of retirement. This has likely led you to collecting a wide range of assets that have maintained or grown their value over time to give you greater wealth than saving could have ever done. But if these assets are illiquid, meaning they are not easy to exchange, then it can be hard to enjoy that earned value. Here are three illiquid assets that you should cash out before retirement for easier access to your hard-earned money.

Real estate

The first illiquid asset that you should cash out before retirement is your real estate. While real estate, especially investment real estate, can be a great source of rental income during your retirement, it can also be a pain having so much value stored in a property without access to it all when you're retired. If you want to enjoy the return-on-investment from owning your property, you should seriously consider selling it before your retirement. This way you can enjoy the full lump sum rather than monthly payments.

A Business

Another illiquid asset type that you should cash out of before your retirement is any businesses you may. While owning and running a business is one of the most common and popular ways available to the average person to grow their wealth, they can be difficult to operate and maintain in retirement. Retirement is a great reason to cash out and sell your business. Selling your business can take a few months, so make sure that you have the time to put into the sale before going down this road. Selling your business can net you as much as ten times your expected annual profit.

Art

The final illiquid assets that you should cash out before your retirement are art pieces and sculptures. While not all art and sculptures are valuable, if you have invested in fine art and sculpture as a method of wealth growth, then it can be a good idea to sell them off before your retirement. Owning priceless artwork can be wonderful, but you can also get a great return on investment from selling your famous art if you own any.

Having assets of any type is great, but during retirement you especially want liquid assets. For many retirees the best plan is to liquify their illiquid assets before retiring. If you own these three asset types, you should consider cashing out before retiring too.

Check out this article on when you need a lawyer to deal with financial matters!

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    My name is Dan Hopwood and I first started my career in the insurance business back in 1988.  2018 will be the start of my 30th year in the business. My agency is a member of the Better Business Bureau and holds an A+ rating.

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