When it comes to managing your investments in retirement, the author of today’s article notes that “hiring a financial advisor can set you back 1 percent or more of your investable assets – if you have $250,000, you’ll spend $2,500 per year in expenses. That’s money that could have gone toward reinvesting and growing assets, taking a vacation, paying taxes, enjoying local theater or exploring new restaurants.” So if you instead choose to go it alone, what do you need to know about managing your own investments? CLICK HERE.
How can you get control of your spending without having to devote precious time to tracking every expense? Today’s article outlines one spending system that can be employed to accomplish this: bucket budgeting. This is the system the author’s husband uses, and she notes that it “allows him to prefund his expenses, keep his spending in check and avoid having to track every penny….” For more on setting up a bucket budgeting system – including some buckets (and sub-buckets) to consider including – CLICK HERE.
The GOP’s new tax bill – the Tax Cuts and Jobs Act (TCJA) – is far from a done deal (see the GOP’s failure on healthcare reform). Still, the author of today’s article advises that “those living in retirement and saving for retirement should start to review their sources of income, their expenses, prior tax returns, and conduct what-if analyses to learn how the TCJA might affect them personally.” So what do those currently in retirement – and those currently saving and investing for retirement – need to know about the bill’s provisions? CLICK HERE.
While many investors will not begin to think about taxes for several more months, today’s article argues that “anytime is a good time for tax planning” and that this time in particular – the fourth quarter of the year – is a particularly good time for this, stating that “planning before the end of the year increases the number of opportunities you have to potentially lower you bill.” The authors outline a number of steps investors can take in the fourth quarter to prepare their returns and potentially reduce their tax liability. To see what these steps are – including why some unemotional stock selling may be in order and the savings opportunity presented by bunching expenses – CLICK HERE.
Might the generation that is the furthest away from retirement – millennials – actually be the most retirement savvy? Today’s article argues that “despite the long time horizon, millennials recognize the importance of saving for their retirement” and outlines the specific ways in which this generation is “getting it right”. What can be learned from millennials about tacking expenses, saving, and the benefits of Roth IRAs over Traditional IRAs, among other things? And what four “key retirement guidelines” does the author suggest be kept in mind “regardless of your age and retirement horizon”? CLICK HERE to find out.