Your investment strategy may need to change, too. No longer are you saving for a date that is many years away. Now you are going to need to begin drawing on your assets to replace your income and that may have to continue for many years before Social Security benefits begins to kick in. Long term drawdowns of this type can increase the risk that your investments may not recover as easily if you keep an aggressive investment approach.
Are you ready for retirement? You may hear this question often as you enter your late 50’s and early 60’s. It is a loaded question with many elements to consider: the conclusion of your career; where/how you will live; your emotional readiness to face this milestone; your health status; changes in family dynamics and work social connections; opportunity for more leisure time and travel; and last but not least, financial readiness. This blog focuses on financial readiness and how you can be financially better prepared to retire.
These 3 tips will not only keep your child out of the red financially, but also reduce the money stresses that can derail their college experience
A Home Equity Line of Credit (HELOC) can be an attractive option for homeowners looking for short-term financing. However, it’s important to understand that a HELOC isn't suitable for everyone. Years ago, I spoke with a man that had a good size 1st mortgage as well as a HELOC. The HELOC was used to buy two cars and to travel. Not ideal.
When buying a family vacation home, it is very important to determine who is it for. This may sound like a rhetorical question but actually it is not. Parents especially are in the business of creating great memories for their children and often buying a vacation retreat brings visions of a place to rest, relax, and be together. When your kids are young this seems simple. But as your kids become young adults with friends and other interests, there is no guarantee that they will come to your dream vacation home.
Have you created a Login.gov account to access your Social Security information yet? The Social Security Administration is changing the way everyone accesses Social Security information online.