To make sure your retirement isn’t derailed, consider these tips: 1. Start saving now. Because of the power of compounding, starting to save for retirement just a few years earlier can make a huge difference at the end. For example, a 30-year-old puts $400 per month into a tax-deferred retirement plan (like a 401(k)), which generates $1,015 per month in retirement income for 30 years beginning at age 65. For the 35 years that the individual is saving (from age 30 to 65), she
Many people believe they don’t need a will. But how valid are the more common reasons for not preparing a will?
Your estate is too small. Some believe that if their estate won’t be subject to estate taxes (in 2021, your taxable estate must be over $11.7 million before estate taxes would be owed), there is no need for a will. However, a will’s purpose is not to save estate taxes, but to: Provide for the distribution of your assets. Without a will or other estate-planning doc
Retirement planning is a lifelong process. Below are some of the key retirement-planning actions you need to be taking from your 20s through your 60s. Your 20s Start saving. The sooner you can start saving for retirement, the less you’ll have to save overall. If you start saving $5,000 per year at age 25, you’ll have just under $775,000 by age 65, assuming annual returns of 6%. Wait until age 35 to start saving and you’ll have about $395,000 — more than $300,000 less. Also, s
Organizing and planning an estate is not a simple process. After deciding who should receive major assets like your house, business, investments, and retirement accounts, you may need to use a variety of vehicles to distribute those assets, such as wills, gifts, and trusts. Dealing with major assets may be so time consuming that you don’t even think about your personal possessions, leaving distribution decisions up to your heirs. But disputes over personal possessions are mor
None of us know when a crisis is going to hit, and a job loss or sudden disability can be financially devastating. Financial professionals suggest you should have at least six months’ worth of living expenses readily available to meet urgent short-term needs.
If you haven’t established a cash reserve, here are some steps you can take to build that rainy day fund: Budget a savings amount as part of your regular household expenses. Use payroll deductions so the money automati
Life is so precious and fragile. Since last I wrote we as the Hattig family and our community of friends and family have experienced a huge range of life’s highs, lows and back again. I know we all go through this winding trail of life full of hills and valleys, boy this year and month have been a true reminder! I hope and pray you and your loved ones are healthy, happy, and ready for your next adventures! Portia was Baptized on April 3, 2021, it was such a great experienc