Have you been daydreaming of owning a second, seasonal home? A vacation home situated on a mountainside with a fireplace or two, ski-in access and powdery slopes nearby – or perhaps a lakefront property with a front porch and a sweeping view of the sunlight on the water…sure sounds enticing.
From the outside looking in, it may appear that transferring a business (through a sale to an outside party or succeeding control/ownership to an employee and/or family member) is an easy, if bureaucratic, process. But the tiniest of scratches to the surface reveals all sorts of issues that require careful consideration; not the least of which is maintaining the success and profitability of the business throughout the ownership transition.
Here they come: the golden years. This decade could be the most critical when it comes to retirement planning. You have a career, a good income, and a plan in place for sending your children to college. However, chances are there are still things you need to do to strengthen your finances in order to retire.
In life and matters of the wallet, rest assured that we all make mistakes. Mistakes are a critical part of our education process – but when it comes to your finances, some lessons and consequences can be quite lasting. In an effort to help you learn from others, and potentially save a great deal of money and heartache, you may wish to review some of the following most common financial mistakes, and ways to avoid or mitigate them.
When it comes to finances, that old cliché holds true: “hope for the best, but plan for the worst.” This is especially true for women. Why? On average, over the course of our lifetimes, women:
It may seem a bit ironic to use the words “collaborate” and “divorce” together, but it is an alternative approach to dissolving a marriage that’s worth a close look if you are facing this major life transition.
Just when it seems things can’t get any busier – December arrives. This month is typically loaded with family obligations, year-end business deadlines, and increased spending. This potent mix can wreak havoc on your budget and ultimately your ability to meet your own financial goals. To sleep a little easier this month and next, it may help to set aside a few hours now to firmly review your financial position and consider your goals and commitments in the coming New Year and “tax season”.
What is this "cliff" pundits are referring to? It's actually a possible culmination of a number of government tax and benefits changes scheduled to impact our economy simultaneously. Specifically, the Bush tax cuts and payroll tax cuts are due to expire (which would impact workers' take home pay) and extended unemployment benefits will also expire (which would eliminate an income source for those out of work.) To further complicate the situation, higher Medicare taxes will take effect and certain government discretionary spending is scheduled to halt.
Wouldn’t you love to have a very accurate, high definition crystal ball? One that gives you a clear view of what might come in the days, months, and years ahead? Of course there’s little use in wishing to see the future. All we can do is work with the facts and statistics of what we know today, to help prepare for tomorrow.
It may seem a bit unusual to be examining insurance with a financial advisor, but looking at long term care insurance is a critical step in the retirement plan process. It is much easier discussing the risks potential health problems can pose to your retirement plan now, while you’re healthy, rather than later when it may be too late. Exploring the viability of long-term care insurance can provide peace-of-mind and flexibility to you and your family in the future if something were to happen.
