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A Debt Reduction Plan for 2020
Being debt-free is possible for everyone, regardless of income. Learning to manage our debt and spending habits and then focus on saving can be life-changing and positively affect your net worth. Net worth calculates by subtracting your liabilities (debt owed) from your assets (not financed). Both individuals and companies can calculate net worth. It is an accurate determination of how much someone, or something, is worth. In this article, we discuss how you can create a debt reduction plan for 2020.
Do What You Love, Love What You Do
My story of how I ended up where I am is unique, a little scary, and can be eye-opening. As it did for many others as well, September 11, 2001, forever changed my life. That morning I was attending an industry training when the World Trade Center was attacked, and thankfully, I escaped the 61st floor of the South Tower. That event gave me the first-hand experience that life is too short, and I vowed to myself that I would never settle. Living and loving life to the fullest, both personally and professionally, is vital to me.
Why Your Advisor Is Talking to You about Fixed-Indexed Annuities
Once thought of as a single retirement funding source, fixed-indexed annuities are becoming part of a retirement strategy. Not only for pre-retirees and those in retirement. Why? First, the reality of Social Security retirement is at risk. As well as the reduction of benefits is a concern as our population ages. Secondly, fixed-income annuities provide an income stream in retirement that you can’t outlive.
The Wealth Mindset
What is Wealth?
The Merriam-Webster Dictionary defines wealth as “an abundance of valuable material, possessions, or resources.” If you glance through social media or turn on the television, you will see this definition epitomized – people driving flashy cars, taking exotic vacations, wearing designer clothes, living in colossal homes, and eating exquisite meals. We are saturated with images of what it means to be wealthy, but is that the only kind of wealth?
Drawing Social Security Early and Still Working? The Social Security Earnings Test is Crucial.
Many people decide to ‘semi-retire’ early and start taking their Social Security Retirement benefit at the earliest age possible. It’s appealing to be able to work part-time or where you have an interest. You may start a small business while making an income and receive Social Security retirement benefits. While early retirement and a part-time job may be of interest to you, it can affect your Social Security Retirement benefits if you aren’t full retirement age. Take the social security earnings test to learn more about your social security benefits.
The SECURE Act Is Law- Notable Changes to Retirement Savings
Effective January 1, 2020, the SECURE Act, a progressive change to retirement savings plans, is now law. The last legislation to retirement savings happened when Congress allowed for the automatic enrollment of employees. Also the addition of Target Date funds to retirement plans in 2006.
While the new law intends to provide additional opportunities for Americans to save for retirement, other changes will affect both estate and retirement planning in these critical areas:
Why Fixed- Indexed Annuities? A Closer Look at Protecting Retirement Income
One of the most critical things in retirement is not having enough income to last one’s lifetime. An annuity can help you by protecting retirement income. Retirees need a reliable source of income that protects them from the complex issues of unpredictable market-creating havoc in their retirement portfolio. For this reason, fixed-indexed annuities are becoming a standard solution in financial planning, along with other client-appropriate investments.
Visualization and Creating Wealth
Oftentimes, the new year brings resolutions – with one of the top three normally being financially oriented. Many people resolve to “save more money,” “make more money,” or “manage finances better.” While it’s great to start off the new year with new goals, the problem often lies in the fact that less than 7% of Americans actually stick to their resolutions. What is the disconnect? Some experts say a lack of committed visualization.
Aging in Place: Growing Older at Home
The U.S. population continues on growing older, with the baby boomer generation now the largest generation ever. By 2035, one in three heads of households will be someone age 65 and older. The American population will have one in five people age 65 or older, an increase of 30 million people over the next thirty years. Not all people in this group have recovered from The Great Recession, leaving them with lower incomes and homeownership rates than previous generations. As our population ages, the demand for affordable housing connected to accessible services will continue to increase, and many will find their own homes the only affordable option.
Your Retirement Nest Egg- A Carton Full of Options
Many people refer to their retirement savings as a “retirement nest egg,” but in theory, it should be made up of many sources of retirement income-many eggs. Even if Social Security and a company retirement plan were their only retirement savings sources, likely they haven’t thought about their withdrawal strategy. It’s not as simple as just drawing down retirement income from one or two sources without a plan. Have the following been considered?
