Articles and Advice
Are You Prepared for a Successful Retirement?
What are the most common characteristics for people who retire successfully? Here is my list of seven principles for a pre-retirement client. Success is difficult to quantify, but for those who answered yes to the question, “Where you prepared for retirement?” these are things that typically appear:
1. Clearly Defined Purpose – Successful retirees decide what they are going to be doing after leaving a career. This factor is not about the money, but it is directly proportional to how good...
401(k) Plans Still Best
Why invest in a 401(k) plan? First, the savings can be tax-deferred, so more of your savings is invested, and it builds up faster. Second, it is automatic and out-of-reach, which provides discipline to save. Money in a 401(k) that is withdrawn early (before 59 ½) incurs an additional 10% IRS penalty, subject to certain exemptions. That’s a good incentive to leave it in there to build up. Third, and the most powerful advantage, most employer plans offer a matching contribution. It’s a g...
College Planning
The projected national average cost for a four-year state college education, if starting in 2025, for tuition, books & fees is $110,400. Add room and board to arrive at over $200,000. And that assumes in-state tuition. Out-of-state or private university will be much higher. While you can get financial aid and loans, that level of cost can overwhelm any mom or dad. Investing years in advance for College is no longer an option for most families.
Starting to save early is a critical step ...