Discussing an estate plan is no walk in the park, but it may be easier to address when you think about what it truly is - the gift of passing on a legacy in a tax-efficient manner to your loved ones.
You may have done the math on your retirement accounts, figuring out how much you should contribute each month to reach your goals, maybe even calculating the effects of compound interest and the effects of the markets. But have you ever calculated how much you’ve been paying into Social Security throughout your working years? Because it’s automatically withdrawn from your paycheck before you even see the money in your bank account, it might surprise you to know that between you and your employers, you’ve doled out up to 12.4% of your annual income. That’s a substantial amount, and one that could make your 401(k) look like chump change down the road.
We’ve rounded up the four most common mistakes soon-to-be retirees make regarding their money, so you can prepare now to make your transition into retirement a bit smoother.
Marriage, kids, divorce, mortgage protection and running a business — 5 life stages to consider reevaluating your life insurance needs.
Before you make a final decision, we’ve rounded up some of the key differentiators between each group so you can sign your contract with confidence.
Avoid turning your golden years until a struggle to survive by avoiding these 6 typical mistakes retirees make when it comes to their finances.
We hear messages all the time about the importance of life insurance and the devastating effects a death, expected or unexpected, can have on our finances. But in 2018, more than 4 in 10 people didn’t own a life insurance policy in any amount and 20% of those who did said they were underinsured. Whether it’s because life insurance is confusing, too much of a hassle, or too costly, many people who need life insurance aren’t sufficiently covered. While there’s no one-size-fits-all solution to everyone’s life insurance needs, here are four questions that will clarify life insurance and help you make the right decisions.
Over 67 million Americans receive Social Security benefits, most of those retirees. With a program that impacts so many individual lives, you would think people would be more prepared to claim their benefits, but unfortunately, that’s not the case. Close to 63% of future retirees are not confident about how the program works, and 88% don’t know how benefits are calculated or how to maximize their Social Security payments.