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Health Care Costs are Expensive After Retirement

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It is never too early to plan for your retirement. Most people are aware that health care costs are high, but, not everyone understands that a person’s health care expenses tend to increase after retirement. Health insurance can help with some of those costs. There are other things that can help as well. According to calculations done by Fidelity Investments, a 65-year-old couple who retires in 2012 is estimated to need around $240,000 to cover their medical expenses throughout their retirement. That is a lot of money! This total amount has increased by 4% since last year, and it has … Continue reading →

Interview: John Hauserman on 401k Retirement Funds

Today I’m continuing my interview with John Hauserman of RetirementQuest.com. Yesterday we chatted about the money that was withdrawn from 401k plans when the economy took its tumble. You can read the full article here. John, you indicated that pulling money from our 401k accounts might have been action spurred by the emotions of the moment. Can you tell us a little more about this? Savvy long-term investors might have noticed something—history tells us very clearly that panic-driven dips generally turn out to be an unusually rewarding time to be buying stocks (assuming you have time to wait out the … Continue reading →

Interview: John Hauserman on Retirement Planning

This morning I had the chance to chat with my friend John Hauserman of RetirementQuest.com. I’m a little ways down the road from retirement, but that’s the perfect time to start thinking about it—when it’s not an urgent, pressing need. By then it’s too late. I asked John a couple of questions that have been on my mind. John, I’m not a risk-taker, and I love it when people can give me a heads-up so I don’t make a huge mistake. What do you consider the single biggest mistake people make when it comes to planning for retirement? The single … Continue reading →

Benefits For The Self-Employed Part 2: Retirement

We have already discussed some of the options available to home-based professionals for one of the benefits that they often give up when they leave a traditional job. While health insurance is probably the most common benefit received by people in the world of traditional work, retirement plans are a close second. Not every job offers a retirement plan, but many do, and people that are thinking of making the leap to self-employment often wonder how they will plan for their retirement on their own. Fortunately, there are a few retirement planning options that self-employed people can choose from. It … Continue reading →

Estate Planning and the Step Family

For too many of us, estate planning is the thing we’re always going to get to but often don’t. It’s like flossing, but with exponentially greater potential for harm. I understand why we procrastinate, believe me I do, but a failure to act in this department can have a devastating effect on your family. Our financial planner had been after us to create an estate plan for a year; as we began preparations for an extended trip through Mexico, it seemed irresponsible not to have something in place. We contacted an attorney who came highly recommended, and blithely scheduled an … Continue reading →

Tips for Retirement Planning

Every year you should take the time to evaluate your long-term financial plans. If you are very close to retirement, you might need to do this more often than once a year. Try to come up with a schedule that works for you. Look at it each year on your birthday, the New Year, each fall when school starts, at tax time, find a time that is best for you. During this time, your retirement plans should be part of this process. When you do sit down to review, consider these tips: 1. Every year we see inflation rising. Your … Continue reading →

Couple Retirement Planning

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Ideally, couples should plan their long range and retirement goals together. Of course, it isn’t always easy to formulate a plan that both agree on. As a couple, you will need to take the time to sit down and discuss both individual goals and joint objectives. If you take the time to work together and come to some agreement on mutual goals and expectations, you are far more likely to come out ahead. It is easier to gain financial momentum when a couple can combine their assets and strengths. You don’t even have to have the same goals to do … Continue reading →

Take a Class in Financial Planning

Before you spend a dime to hire a financial planner, look into enrolling in a class. Many Junior colleges and community centers offer these types of finance classes. You will find them on a variety of subjects, from budgeting to estate planning. Usually the cost is less than $50 for a couple hours of instruction time. A financial planner will cost you far more than that, in both time and money. Numbers and money management is not everyone’s cup of tea; but even if you failed math class, you can still benefit from a financial planning course. It should be … Continue reading →

Kindness Wedding Planning Tips

We talked about the kindness trend in wedding planning earlier today and I’ve discussed the idea of registering to give in an earlier article. The idea of asking for donations to favorite charities and more is a growing devotional for many couples who are planning their weddings. If you are looking for some ideas and tips to incorporate kindness into your wedding – here are a few ideas: As suggested in Registering to Give; Rather than Receive ask your wedding guests to make contributions to a favorite charity or chosen cause that is important to you or important to them. … Continue reading →

Five Steps to Help Couples Manage Money Together

One important key to money management in a relationship is to have both partners involved in the decisions and planning. It is essential that both partners be on the same page as far as long-term goals, savings, and spending are concerned. If you disagree on the goals, then the spending and saving habits will not coincide, and there will be disharmony in the relationship. One person in a relationship may handle the day to day finances, balance the checkbook and pay the bills. It is important that the other person be aware of the situation, and be informed of changes … Continue reading →