As you approach your retirement planning, and as you partner with your financial planner, you’ll discover a number of unexpected demands on your retirement funds. These unwelcome ‘surprises’ are simply realities of life in our modern times, but challenges nonetheless to your financial outlook in your retirement years.
If you’re thinking about getting into the real estate market, or expanding your real estate portfolio, you’ve likely heard the term REIT. A REIT, or Real Estate Investment Trust, is a company that owns or finances real estate properties. You invest in the company that owns multiple income-producing properties, and you are not the landlord getting 3 AM calls about broken heating or dripping faucets. Someone else handles that. You own, and you collect your dividends without bailing water out of a flooded basement or changing light bulbs on a 20-foot ceiling.
Reverse mortgages are a relatively new product to the financial industry. The concept of a reverse mortgage can be very beneficial especially for seniors who have run out of assets to draw from to maintain their standard of living. In simple terms, a reverse mortgage allows a borrower to cash out a certain amount of money from the equity in their home to use as they wish.
President Obama took a shot across the bow of Wall Street recently by suggesting that big brokerage houses and insurance companies be held to the Fiduciary Standard when it comes to dealing with 401k and other types of retirement plans.
Downsizing your living arrangements has become a popular topic in the financial community and rightly so. There are many financial benefits to downsizing your home such as reduced expenses and increased cash flow. Pair those with other lifestyle benefits like freedom and flexibility to do the things you always have wanted to do, and the argument for downsizing becomes more prominent.
We are all familiar with the old adage that to be a successful investor you must buy low and sell high. I’m not sure anyone would argue this fact but unfortunately for most people this is a rather elusive concept. Why?
An umbrella insurance policy, sometimes known as excess liability, is additional personal liability coverage that supplements auto and homeowner insurance liability coverage and protects you from a wide variety of risks. Umbrella policies have been historically purchased by wealthy individuals with substantial assets to protect, but anyone with assets and a decent income can benefit from the extra coverage.
A 401(k) retirement plan is an employer-sponsored retirement savings program that enables employees to save for retirement by making pre-tax contributions. A 401(k) is the dominant retirement plan scheme that most people in the U.S. will use to provide a decent income once they retire.
When you ask people what are the largest financial transactions they will make in their lives, the most common answers are a home, college tuition or saving for retirement. For about half the population, these answers are correct. But for the other half, couples who are contemplating divorce, the largest financial transaction, without question, is their divorce. If you happen to be one of these people, be aware that there are many financial pitfalls in divorce that if you avoid, can result in both you and your soon to be ex getting a better financial settlement.
One of the most common questions that I get as a professional money manager has to do with market timing. People seem to think that financial advisors have some investment ouija board that will let us know exactly when you should get in and get out to maximize your return. Unfortunately, if you think timing the market is a sound investment strategy, read on.