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The Surprising Pitfalls of Retiring at the Same Time as Your Spouse

Four Considerations for Your Joint Retirement Plan

09 March 2022

The Surprising Pitfalls of Retiring at the Same Time as Your Spouse

On paper, retiring at the same time as your spouse sounds like a no-brainer! If you both retire together, then you would be free to travel the world, take up some new hobbies, and spend more quality time together as a couple. Chances are that you’ve not been able to enjoy these luxuries much over the past 20, 30, or more years. This is because, by the time we are nearing retirement, we have only recently said our goodbyes to our youngest child, and spouses have seen little of each other as day-to-day obligations eat up alone time.

It is for these reasons that simultaneous retirement has its appeal. However, it is vital, especially for women, to know where the pitfalls lie.

Long-Term Care - It’s Not as Scary as You Might Think

Take Care of Your Future Self by Making a Long-Term Care Plan Today

23 February 2022

Long-Term Care - It’s Not as Scary as You Might Think

Sometimes, the unknown can be a bit scary. Previously, I’ve shared several financial tips that will allow you to plan for your financial independence and to own your future. Today, I want to ask you to give me a few somber minutes of your time.

I am asking you to turn off your emotions and turn on your intellect only. This way, you will be protected from your emotions entering in and shutting you off from discussing a tough but important topic: Long-Term Care. Come out from under the blanket for a few moments to learn about this important element of financial planning. Let’s look at what it is, and I promise you, it’s not as scary as you might think.

Attention Married Couples: How to Get in Sync with These Nine Essential Money Practices

Put You and Your Partner on the Path Towards Financial Success

09 February 2022

Attention Married Couples: How to Get in Sync with These Nine Essential Money Practices

Oh, the dichotomy of money talks with your spouse. They’re so vital to have, yet they are often uncomfortable. So, not surprisingly, most married couples aren’t properly communicating about financial habits and money values.

When a couple marries, they bring their individual money values into the union, which can be as unique as their fingerprints. These values have been created over a lifetime, often through observing parents, and most people are deeply entrenched in them. The trouble is that most couples don’t discuss these values.

The money discussion is an important one to have, though. To make the topics easier to broach, think of your spouse as a business partner. Viewing your household as an operating business may help set emotion and discomfort to the side and allow you to engage in meaningful conversations.

If you’re ready to get on the same financial page as your spouse, check out these nine ways couples can get in sync and avoid money conflicts.

Weighing the Benefits of Stocks or Bonds to Save for Retirement

How to Determine What Investment Strategy is Right for You

24 January 2022

Weighing the Benefits of Stocks or Bonds to Save for Retirement

If you are planning for your future then, hopefully, you have put some thought into saving for retirement. When planning for retirement, there are many important factors to consider, such as how much investment risk is appropriate for your financial goals – and your comfort level. If what I have mentioned so far resonates with you, then the next question is, should you invest in stocks or bonds for your retirement savings?

There is a lot to unpack here because every investment has risks. When the stock market goes up, the usual pattern is that the bond market goes down (usually due to the Federal Reserve Bank increasing interest rates), but market cycles can be very strange indeed. In 2018, both the stock and bond markets lost money. In 2019, both the stock and bond markets had great returns. In 2020, the stock market had a sharp decline in the Spring and recovered, while the bond market had a steady, positive return as we dealt with the COVID-19 pandemic. This is precisely why everyone needs a solid education in investment planning, whether working alone or with an advisor, to determine risk tolerance and, on that basis, the right asset allocation to maximize after-tax risk-adjusted returns.

Outsourcing in the New Year So You Can Do What Matters

Delegating Certain Responsibilities and Tasks Can Allow You the Freedom to Do What You Love

10 January 2022

Outsourcing in the New Year So You Can Do What Matters

We all know the classic saying, “time is money,” right? We also know that time and money are the two things we often wish we had more of. The key to time management and overall life quality will always be finding that balance between what you have to do, what you want to do, and figuring out how to afford it all.

I know that I usually share about financial planning topics here. However, today, I wanted to share about something that’s equally important and still related: The idea of outsourcing specific tasks and responsibilities in your life to free up time to do the more valuable – and profitable – things.

The Organization for Economic Cooperation and Development (OECD) ranked the United States 29th out of 34 countries in work-life balance. Outsourcing some of your daily tasks may be a more efficient use of resources than taking the valuable time to do it all yourself. Sure, we could all learn to change our oil or fix a leaky faucet, but by paying a professional to handle these tasks, we free ourselves up to focus on other things, like our work, which, in the long run, will make us more money rather than losing it.

For example, if you make $100 an hour at your job, and it takes you 3 hours to do a deep clean of your house, it essentially costs you $300 to clean your house. If you can have a service clean it for $150 in 3 hours, you’re saving money and outsourcing the labor. This is called “Opportunity Cost” – the next highest valued alternative use of a resource.

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