Do you know where to locate your birth certificate? How about your passport? How about your will, power of attorney, or health care directive? Many of us store these documents in a 'secure' location such as a fire-safe at home or bank safe-deposit box. But what if you need quick access to any of these documents?Read More
Now that the dust has settled a bit over the much-hyped ‘fiscal cliff’ with regards to the tax portion of the issue, I thought it would be helpful to put some thoughts together regarding what this all means for you. I have decided to break this post into categories based on whether or not one is working/retired and level of income. What follows is not meant to be exhaustive and is certainly not meant to be specific to any one individual. But based on how this is put together, I think you will have a pretty good idea of how …Read More
I have written in the past regarding the benefits of delaying Social Security benefits for your investment portfolio. I recently came across another post that indicates that a proper strategy of delaying Social Security could result in extra income for a married couple of $124,342 over their lifetimes. The research looked at the benefits for a single woman, a single man, and a married couple. In all cases they compared the strategy of taking Social Security at age 62 (the earliest most can claim a benefit) versus delaying the benefit until age 69 or 70. In all cases, the income …Read More
One of my clients recently forwarded to me an interesting article about the American retirement system. The economist quoted in the article says the system is failing and the blame is squarely on the 401k system that most of us now use to save for retirement. She correctly points out that most Americans are simply not wired for the complexities of choosing investments for their own retirement. Furthermore, I would argue that most do not even know how much they should be saving for their own retirement.
The pension model from what seems to be a bygone era actually …Read More