How to Make Sure Your Retirement Savings Lasts

One of the big concerns that many of us have entering retirement is whether we have set aside enough funds in our 401(k) plan to keep us funded until we pass. It’s hard to plan just how much money you will need because you don’t know when you will die. You’re saving money for a time without knowing how long …

Revisit Your Life Insurance Needs Annually

How long has it been since you last reviewed your life insurance coverage? If you are like most people, chances are you long ago filed your policy away and haven’t thought about it since. But life is not static, and circumstances change. Major life changes can shape how much financial protection you and your family need. But more than major …

Savings or Annuities: How do They Compare?

If you’re quickly approaching retirement, you’re probably asking yourself an all-too-common question: should I invest in a bank CD or an annuity? You’re not alone. Consumers across the nation are struggling with the same dilemma. The first step in making this important decision is to understand the differences between these two products. Annuities and CDs (short for bank certificates of …

Seven Costly Estate Planning Mistakes

You’ve worked many years to create a financial legacy for your family. But estate planning laws are complicated. One or two simple mistakes can derail an estate plan and cost your heirs dearly in time, money and stress. Here are some of the most common estate planning mistakes and how to avoid them. 1. Trying to do it yourself Online …

Health Care Costs Consume Most of Retirees’ Social Security Income

Many retirees end up regretting not having waited to retire later and collect a paycheck for a few more years when they are suddenly hit by unexpected costs from health issues and life events. Had they held out a few more years, they could have seen a significant increase in the amount of Social Security income they collect and hence …

When to Call Your Financial Advisor

If you’re experiencing a major life change of any kind, or facing a crucial financial decision, it’s a good idea to make an appointment with your financial advisor. Here are some examples of major life passages when you may need some good financial advice – and some action items to bring up: 1. Marriage. At a minimum, it’s critical to …

Why Even Single People Should Consider Life Insurance

Most singles, whether they are in their 20s or even 60s, do not carry life insurance. They reason that since they don’t have spouses or dependents, there is no reason to purchase life insurance as their death won’t leave anybody in a financial bind. But that reasoning is not always sound and there are a number of circumstances when a …

You Can Insure Against Outliving Your Assets in Retirement

Life expectancy continues to increase in the United States. While a male born today can expect to live about 75 years and a female nearly 80, once you reach the age of 65, statistics from the Social Security Administration say you’ll likely surpass those marks. A 65-year-old male can expect to live more than 16 additional years, and a female …

Beware Medicare Doesn’t Cover Everything

Many retirees get an unpleasant surprise after turning 65 and signing up for Medicare: It doesn’t provide complete coverage of health care costs. In fact, there are some very large gaps that can be financially devastating to ordinary Americans. A recent study from Fidelity estimated that the average 65-year-old married couple would need about $280,000 in savings to cover out-of-pocket …

Who Will Pay Your Mortgage in the Event of the Death of a Breadwinner?

Sadly, thousands of Americans lose their homes every year because they can no longer make the insurance and mortgage payments on their home following the unexpected death or disability of a family breadwinner. In many cases, this is unnecessary. Term life insurance in amounts more than sufficient to pay off a home or replace most of a breadwinner’s income is …