While you may have to prioritize things that are taking place in the present it is also important to keep an eye on the future. The baseball manager Dusty Baker is credited with saying "The measure of intelligence is the ability to hold multiple thoughts in mind at the same time (or something to that effect)." This ability comes in handy on a financial planning level. As you are looking forward toward the future and setting a retirement date one of the things that you need to know is your age … [Read more...] about Social Security & Medicare: When Will I Be Eligible?
Being proactive about seeking out estate planning advice is certainly a good idea. It is important to recognize the fact that you are gambling with the well-being of your loved ones when you are going through life without an estate plan, and this is really not acceptable. While it is wise to take action, in fact advance planning opportunities are usually going to come to you. Most people are first introduced to a basic plan for the future when they get their first "real job." A high … [Read more...] about Workplace Introduction To Advance Planning
Because people who spend at least 20 years in the military receive a retirement pension these individuals have some truly interesting options when they are planning for retirement. There are a couple of different routes that service members can take. If you were to stay in the service for at least 40 years your military pension would be equal to the entirety of your base pay. When you combine this rather generous pension with your Social Security benefit you would be enjoying a nice stream of … [Read more...] about Advance Planning for Retired Veterans
Homeowners who are at least 62 years of age who could use an infusion of cash may have the option of taking out a home equity conversion mortgage. These are reverse mortgages that are supported by the United States Department of Housing and Urban Development. With a reverse mortgage you surrender equity in your home to a lender and you receive liquidity in return. This can sound appealing, but you have to understand some of the pitfalls. A home equity conversion mortgage is a loan, not a gift … [Read more...] about HECM May Be Questionable Choice
You would do well to understand the facts about Social Security when you are planning ahead with retirement in mind. A lot of baby boomers are finding that they are unprepared, and it could have something to do with the impression that Social Security will be taking care of everything. At the end of 2012 the average Social Security monthly benefit was all of $1262. The average is just that, and of course some people qualify for more. However, the maximum is a bit over $2500 per month, which is … [Read more...] about Social Security Recipients May See Smaller Inflation Adjustments
When it comes to financial planning in many instances the more conservative route is going to be the more fruitful one. Some people feel as though the ideal is to retire as soon as possible, but you may want to consider a different approach and exercise some patience. In a perfect world you would have accumulated sufficient resources to retire without concerning yourself with your Social Security benefit at all. Unfortunately, few of us live within this realm. The vast majority of Americans … [Read more...] about Revise the Plan to Enjoy Comfortable Retirement
The premarital agreement is often used by people who are entering into second or third (or fourth or fifth) marriages. Many of these individuals have children from previous marriages, and they want to be certain that they have control over personal assets so that they can arrange for their children to receive inheritances. Entering into a prenuptial agreement can be a very prudent decision because the majority of these marriages do not last. Just about everyone is aware of the fact that they … [Read more...] about Define Personal Resources With a Post-Marital Agreement
As you are looking ahead toward the future you have to make some decisions regarding your projected retirement date. Understanding exactly when you will become eligible to receive Social Security is generally going to be part of this equation. This is a little more complicated than it may seem on the surface. It should be noted that these figures are always subject to change, but right now you can start to collect Social Security when you are as young as 62. But, you would be receiving a … [Read more...] about Work on Your Own Terms as a Senior
There are those who observe the lifestyles of some of their peers. These observers are still working though they are in their 70s. They watch other seniors going on vacations, playing golf regularly, and doing extraordinary things for their children and grandchildren. These individuals marvel at how "lucky" some people can be. If they knew the whole truth they would recognize the fact that these successful retirees had the foresight to plan ahead carefully as young adults. They measured every … [Read more...] about How Bright Is Your Future?
Self-employment can be a very fruitful avenue for many individuals. There are a multitude of possibilities, and due to the advent of the Internet a lot of people can actually work from home these days. Those who work for an employer are often offered the opportunity to contribute into a 401(k) plan as they look forward to retiring someday. People who work for themselves are not going to have this option, so they must take matters into their own hands. You can in fact open a self-employed … [Read more...] about Working for Yourself? Consider a Self-Employed 401(k)