When your income has climbed to a certain point and you’re saving based on a percentage of your income, then your contribution amounts will increase as your salary increases. However, there is a hidden risk with aggressively saving to your 401(k) - you run the risk of maxing out too early.
In financial planning, we often talk about how everyone has a unique money situation. This remains true for the two individuals that make up a couple, or who are in a long-term relationship together. Just because you share a life with one another doesn’t necessarily mean your financial life is the same – and this can cause some tricky dynamics in your relationship.
On June 4th, 2018, Illinois’ Governor signed his first budget package since being in office from 2015. For the 2019 fiscal year, many budget changes were introduced – with three heavily impacting Illinois teachers.
The right for same-sex couples to marry simplified many financial planning issues faced by the LGBTQ community. However, since the legalization of same-sex marriage, several things have changed for this community that provide enhanced retirement planning opportunities.
While you may have assets in other countries – either part of an ongoing financial plan or not – it’s important to make sure they fit into your current situation and make sure these assets are treated correctly.
Like most people, you probably have mixed feelings about the debt load you carry. That’s because, while no debt is truly “good” there are some forms of debt that can help to improve your financial standing. Alternatively, many people hurt themselves financially by taking on “bad” debt – which is labelled as such as it doesn’t improve your situation by taking it on, or the terms of the debt were not ideal.
When a chronic, debilitating illness strikes, no time should be wasted before putting together a financial and estate plan tailored to your new circumstances. The more your financial and legal advisors know about your condition, they can work with you to develop plans tailored to your circumstances.
Your pension payout is a major cornerstone of your retirement, so your choice of options should be based on a financial plan that considers several key factors.
Age-gap couples face a number of potential problems when planning their financial future. However, with foresight and proper planning, couples could turn some of those potential problems into opportunities. The key is to look far out ahead and get your planning done well in advance.
You’ve done the planning. You’ve crunched the numbers. Recent stock market movements have carried you over the top, assuring you of a worry-free retirement (hopefully!), but you can’t bring yourself to pull the trigger. Did you ever think you would have to be dragged kicking and screaming into retirement?
Like the famous lyrics go: “More money, more problems”. The more money you have, the greater the number of complexities you have in your plan. As your wealth increases, so do the risk exposures that can take your wealth away.
Searching for the right financial advisor for you can be a very daunting task. There are more than 600,000 financial professionals in the U.S. However, if you know how the advisor gets paid, you’ll know what to expect in terms of type and level of advice the advisor can offer.