One common question people have as they approach retirement is, “How will Social Security fit into my plans?” No matter how much you have set aside for retirement, you’ll want to make sure that you have adequately planned with all the tools in your arsenal; and that includes Social Security.
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Investors should select an advisor that is obligated to act as a fiduciary. Investment advisors that act as a fiduciary have the fundamental obligation to act in the best interest of the client. It requires the advisor to put the client’s financial interest before their own.
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It is never an easy topic to discuss what will happen to us when we are gone. But sometimes it is the simplest aspects of planning for our loved ones that can be the most beneficial.
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There is an old story in investments concerning a potential client and a Wall Street broker anxious to impress him and win his business. The broker took the client to a nearby marina to show off his yacht and those of the other brokers who worked for his firm. The businessman looked down the line of beautiful craft and asked, “Where are the client’s yachts?” The broker didn’t have an answer.
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Over 27 million Americans have been victims of identity theft and only 52% of these victims learned of the fraud by obtaining a credit report. The remaining 26% were contacted by their banks and 8% found out the hard way – by being turned down for credit.
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Recently I’ve been wondering how many people would own annuities if they fully understood what they were getting. I also wonder how many advisors would sell annuities if they received normal fees and commissions on the sales. I suspect that in both cases, the number would be a lot lower than it is today.
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Earnings season hits Wall Street four times a year. Publicly traded companies will release their quarterly financial statements at the end of each quarter: In the beginning of April, July, October and January.
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Social security will not be around forever but it remains a tremendous benefit for Baby Boomers in retirement. Many Americans don’t realize that they aren’t maximizing the benefits they could be receiving. Here are three basic rules when it comes to maximizing Social Security benefits:
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To show how affective early investing is, we have an example of two participants:
Participant A starts to invest $2,000 per year starting at age 21 and stops at age 30. At age 60, the estimated value of Participant A’s portfolio is worth $367,000.
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There are several options to look into when you want to start an IRA or continue to put away money for the future. The two primary choices are a Roth IRA or Traditional IRA. It is important to ask your accountant or advisor if you qualify due to income limits and 401k disqualifications.
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Good news! Your employer offers a 401K plan. But in order to fully benefit from your company’s plan, you need to allocate your portfolio to best fit your situation.
To begin the process you should ask yourself the following questions:
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