Financial Planning

Financial Planning

A Retirement Checklist: 8 Steps to Take Now

We all know people who dive head-first into retirement with seemingly little thought to whether or not it's the best time for them to stop working. Simply put, they haven't done their homework. Don't be like them. Consider these suggestions before taking the big step into retirement. ...
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Finances: Don’t Let Them Down

 

By Danny Smith

 

It’s easy to find classic rock tunes about parents and parenting. A few that come to mind are:

“Papa was a Rolling Stone” — The Temptations

“Mama Told Me (Not to Come)” — Three Dog Night

“Shop Around” — Smokey Robinson and the Miracles

“Let It Be” — The Beatles

“Memphis” — Chuck Berry

The list goes on and on. When it comes to rock tunes about grandparenting, excluding “Grandma Got Run Over by a Reindeer,” the list becomes much smaller.

Perhaps the most iconic classic tune on the topic is The Beatles’ “When I’m Sixty-Four.” Penned by Paul McCartney in the band’s early years, it remained unrecorded until it appeared on what is arguably the greatest LP of all time, “Sgt. Pepper’s Lonely Hearts Club Band.” The story goes that McCartney added the “Grandchildren on your knee Vera, Chuck, and Dave” lyrics around the time Sgt. Pepper was recorded because his dad recently turned 64.

You may be wondering, “Why did Danny do an article about grandparenting? I thought he was a financial adviser.” The following is a true story taken from my book that answers that question:

A couple who had consulted me came into my office and said, “Danny, we want to take our whole family to Hawaii, but we’re not sure we can afford it.”

I had been telling them for the longest time that they should do something like that. They had the assets, but if they kept putting it off, I was concerned that they might eventually run out of time. So I helped them plan their trip. I even introduced them to a good friend and travel agent who set it all up for them.

Before they left, however, I made them promise me that after arriving in Hawaii, they would spend that first night together as a family.

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The Best Things to Keep in a Safe Deposit Box

As digital records and cloud storage become the norm, the stodgy safe deposit box is under threat to join our growing list of things that will soon disappear forever. But don’t rush to declare the safe deposit box a relic of the past just yet. You still need to be able to produce certain original documents, rather than digital scans or photocopies, and some valuables simply can’t be digitized. ...
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Money Moves; How 529 Savings Plans Benefit You & Your Grandchild

“If education has been a family tradition and core value, it's a wonderful way to leave a lasting legacy,” she says. “The estate tax advantage of placing assets in 529 plans is also compelling. 529 plan assets are not included in taxable estates. This can save significant estate taxes for high net worth families.” ...
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Rockin’ and Rollin’ Your Way Into Retirement

How to begin the retirement planning process?  When I’m asked that question I have one simple answer with three parts: Let’s figure out what you’re trying to do, how long you want to do it, then I’ll analyze your financial assets to determine if you can afford it. ...
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How Much Money Do You Need? We’re Talking Retirement, Not Greed

Many people don't consider longevity when they set savings goals. Folks are living a lot longer and that makes retirement planning more challenging than ever. A healthy, upper-middle-class couple who are 65 today have a 43 percent chance that one or both partners will live to see 95. Savings need to be adjusted accordingly.. ...
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“Silver Tsunami” Prep 101 – Health & Money Issues

In 2016 voters listed terrorism as their first and most serious national concern, but only 80 Americans were killed in terrorist attacks between 2004 and 2013, while millions of individuals faced grave difficulties related to aging. ...
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Baby Boomers Have Financial Superpowers

They are passing $30 trillion down to their children and grandchildren, and this means they have the power to shape the next generation's financial futures. Here's how to use that power for their own good. ...
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