Spring cleaning need not – and perhaps should not – be limited to your home. Rather, you might be well-served to extend your spring cleaning into your financial life. The author of today’s article identifies seven areas of your financial life to consider including in such an undertaking (including estate planning, investments, debts, and old retirement accounts), tasks to complete for each area – and some specific tools to aid in that process. For more, CLICK HERE.
Does your estate need a Plan B? The author of today’s article warns that, while the assumption when drawing up a will is that you will pre-decease your heirs, “accidents and crimes can claim several lives in one swoop…Without proper preparation, those kinds of situations can snarl your estate plan, potentially reducing the value of assets you bequeath or putting them in the hands of people you never intended to receive them.” As such, she proceeds to outline several elements you may want to consider in your estate planning – including simultaneous death clauses and the so-called “Titanic” clause. To read more, CLICK HERE.
When it comes to the various financial needs that people approaching retirement seek to address, the author of today’s article places them in four groups: “liquidity for emergencies, income to last a lifetime, growth for inflation protection and estate planning for our legacies.” The problem with how most people go about addressing these needs, according to the author? They jump from one investment vehicle to the next in search of a silver bullet solution to their assorted retirement woes when no such one-stop solution exists. The author advocates instead for a “purpose-based” approach to retirement portfolios. To find out what this approach entails, CLICK HERE.
There’s a new special on retirement – The Truth About Retirement – that begins airing on public television stations this month that the author of today’s article recommends tuning into. The program, from financial planner Ric Edelman, focuses on investing, Social Security claiming and estate planning strategies for a secure retirement. However, if you want a sneak peek (or just the basics in written form), today’s article provides an overview of the investing section of the show. What is Edelman’s best piece of investing advice? What is his case against trying to time the stock market? What counterintuitive piece of advice may be the smartest but also the hardest to do? And why does Edelman urge caution regarding annuities? CLICK HERE to find out.