Is there something I should be doing today to prepare for paying on Required Minimum Distributions (RMDs) in retirement?
Tax efficiency is a popular topic in retirement planning. While I embrace the idea of paying as little in taxes as possible, these “tips” are often rooted in the assumption that you’re going to be in a lower tax bracket in your retirement.
September is Life Insurance Month. It also happens to be one month after all of us here at Family Financial Partners celebrated our 20th year in business. And speaking of 20 years, yours truly recently got a letter in the mail from FFP letting me know that one of my 20-year term policies is expiring. Getting a letter from my own office is a funny thing; at first, I smiled because it meant our processes are working. Then that smile faded when I realized that I had bought that policy right after the birth of my first child — he turns 21 this spring!
You already know that taking care of your body by working out, eating well, and getting good sleep is incredibly important for your physical and mental health. But what a lot of people don’t consider is that it can help improve your financial health as well, both in the short and long term.
September is Life Insurance Awareness Month, and each year around this time I write about the importance of making sure your family is correctly covered should one of you pass early and the other is left to cover the household bills alone. This usually corresponds with benefit election season in the workplace, and we encourage you to let us look at your benefit packages with you before just clicking the same buttons as last year.
If you’ve been following our team for a while, you know that we talk a lot about what you can do to work toward financial freedom. Today I want to switch gears and look at what might be holding you back from that goal.
Of all of life’s great milestones, maybe the most beautiful is having a child. My wife and I are expecting our newest next month, which will make it three girls under 4 years old.
As wonderful as these gifts are, they come with a price. According to recent studies, the average cost of raising a child from birth to 17 for a middle-class married couple has surpassed $300,000. That’s before factoring in a dime of college expenses.
We believe that those of you who have been working with us at Family Financial Partners for a while likely feel well-prepared for a fun and relaxing summer. Many of you have saved for the vacation, have your legal documents in order, are adequately insured, and have a plan for fall tuition. We’ve reviewed your financial strategies together and know what we need to do to keep you on the right path.
There’s a saying in our industry that Americans spend more time planning their summer vacation than they do their retirement.
Now most people probably hear that and think it’s a bad thing. But I look at it differently: You’ve got better things to do with your time today than worry about your financial picture. That’s where I come in.
Just as important as tidying up your home is taking a closer look at your finances. We’re between the rush of the holidays and the excitement of summer break, so now is the perfect time to make sure your money is doing its job in those hard-to-reach places.
As a wealth advisor, I have many conversations with young and more seasoned families (not old; age is just a number) who are interested in what I do but have one major misconception about investing: You need a lot of money to start.
*Representatives are licensed to offer insurance and annuity products in AL, FL, GA, IL, IN, KY, MA, ME, MI, MO, NH, OH, SC, and TN and are licensed to offer investment products in AK, AL, AR, AZ, CA, CO, CT, FL, GA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, MS, NC, NE, NH, NM, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, Washington DC and WV. This website and its content are not intended for residents of other states. Securities offered through: The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way, Cincinnati, OH 45242. 513.794.6794 Investment Advisory Services offered through The O.N. Investment Management Company. Estate Planning Services provided in conjunction with your licensed legal advisor.