Millennials invoke a lot of opinions – they’re the “me” generation, they are accused of acting entitled in job searches, they’re living in their parents’ basements. There are several articles on the internet that would tell you millennials are worse off than their parents. However, recent studies show that millennials who are starting families are saving at higher rates...
Continue ReadingFor many young couples, estate planning can be a topic that slips through the cracks or is seen as something reserved for retirees and the elderly. Then, something tragic happens and a spouse or other family member may be forced to make tough decisions under duress, because they are completely unprepared for making end of life decisions. We think...
Continue ReadingMany people, including federal employees, think estate planning is just for the well-to-do. FedSmith’s article, “Estate Planning for Federal Employees,” says that at the very least, you should understand what estate planning is, so you can make a decision regarding the legal documents you need. You don’t want to create a stressful problem for your family and loved ones. We also want...
Continue ReadingMany people only focus on what’s happening inside their portfolio at this very minute. A recent Kiplinger article asks, “Is Your Retirement Plan Completely Backward?” According to the article, many investors have their tools, but not a plan. That’s backward, because retirement planning is a process. Consider these steps: Your financial strategy should help protect and preserve the assets you don’t draw from...
Continue ReadingPeople all over the globe watched the festivities as American actress Meghan Markle and Prince Harry said their “I do’s” at Windsor Castle near London, England on May 19. Everyone acknowledges it was the wedding of the year, but now word is out that the groom’s grandmother, Queen Elizabeth was thinking about estate planning, as well as how the...
Continue ReadingThe National Council on Aging found that one in 10 Americans over the age of 60 has experienced some type of elder abuse. One southwest Virginia community has placed a new emphasis on seeking justice for those victims. Wise County, Virginia’s MDT which stands for “multi-disciplinary team,” recently gathered for the very first time. WJHL.com’s recent article, “Fighting elder abuse with...
Continue ReadingThe contingent beneficiary receives the insurance proceeds of a life insurance policy when there is a primary beneficiary and a contingent beneficiary when the primary beneficiary predeceases. What if that beneficiary is alive, but refuses to collect the benefit? A recent nj.com article asks “Who would get this life insurance payout?” The article explains that an individual who’s designated as a beneficiary of...
Continue ReadingQuestion: Which of these has the greatest effect on your retirement standard of living? MarketWatch’s recent article, “The single most important retirement strategy,” says that a new study by the National Bureau of Economic Research found that the two options have roughly the same impact for the majority of investors. No, really! It’s hard to believe because not spending 1% of...
Continue ReadingA durable power of attorney is a written document, whereby a person (“the principal”) can authorize or grant authority to another individual (or individuals, called the “agent” or the “attorney-in-fact”) to perform certain tasks on behalf of the principal, whether or not the principal is under a disability. nj.com’s recent article, “Don’t mess up this estate planning document,” says that whether two...
Continue ReadingInvestopedia’s recent article, “2 Ways to Reduce Taxes and Save More for Retirement,” provides two great ways to start accumulating more tax-free retirement savings: a Spousal IRA and a Backdoor Roth IRA Contribution. Spousal IRA Under the usual situations, a person who wants to contribute to an IRA has to earn income. However, there’s an exception, if you’re a non-working spouse. Your...
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