The novel Coronavirus has brought with it a lot of tragedy, devastation, and chaos; many are losing loved ones, finding themselves in financial peril, and questioning their job security. However, it also brought with it a lot of quality life lessons and a significant pause which provides a rare opportunity to turn inward and focus on what you want for your financial future. Normally, people wait until the end of the year to set out short- and long-term goals, but right now is ripe with potential for those who choose to take advantage.

One of the biggest lessons we’re learning is how fragile and short life can be; for those of us who are lucky to be healthy and safe, it’s important that we do what we can to make the most out of what we’ve been given and where we are at. It’s time to think about what you want your life to look like five, ten, twenty years from now – specifically, where you will be in your financial journey. One way to do this is to start a decade into the future – and work backward to understand how you’ll achieve your goals.

The following tips offer a roadmap to follow as you begin planning for a financially successful decade ahead.

Oh, the dichotomy of money discussions. They’re so important to have, yet they are often uncomfortable and, therefore, avoided at all costs. Couple that with the fact that money disagreements are a leading cause of divorce,[i] and it’s no surprise most married couples aren’t properly communicating about financial habits and money values.

[i] https://www.cnbc.com/2015/02/04/money-is-the-leading-cause-of-stress-in-relationships.html

When it comes to estate planning, do you have your ducks in a row? Even if you have all the proper documentation in place, you may be missing an important piece of the puzzle if you don’t have a wealth transfer plan.

Estate Plans

Estate planning documents are the best way to ensure your assets are distributed according to your wishes when you die. When you pass away without a will or trust in place, state law will determine who receives your assets. Unfortunately, this may not be in accordance with what you would have preferred. When you record your wishes in a legal document, however, you get to choose exactly who benefits from your estate.

Another reason to have an estate plan is that, without one, your family will be left with some or all of the following:

Did you know that you can still collect Social Security benefits if you are living abroad? It’s true, outside of a few specific countries: Cuba, Ukraine, North Korea, or Vietnam or if the country has differing Social Security policies in place (like Lithuania and Monaco). To check if the country would pay you your Social Security visit:

https://www.ssa.gov/international/payments_outsideUS.html

Each age comes with different life obstacles and expenses that can often derail a good savings plan. So, in this article, we will walk you through how best to save at different points in your life. It may feel like your nest egg is growing too slowly, but time and perseverance can get you where you want to be.