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You hear it all the time: you should make sure your retirement savings at least keep pace with inflation. But what is inflation and how does it really affect your retirement savings? Let’s explore. In simple terms, inflation is defined as an increase in the general level of prices for goods and services.
An early retirement is on everyone’s “wish list.” A relaxing lifestyle in a warmer climate, or the pursuit of a hobby or personal interest typically characterizes the vision of a comfortable retirement.
There is a lot of talk about the consumer lately. Are we spending enough to keep the economy moving forward at a healthy pace? After all, consumer spending accounts for almost 2/3 of our nation’s Gross Domestic Product. Are we saving enough? Are debt levels getting too high?
A trust is an instrument set up to hold the property of an individual, often called the grantor, for one or more designated beneficiaries. The following glossary provides a brief description of various types of trusts. Because trusts are complex, it is essential that you consult a professional.
When it comes to estate planning, large estates often call for particularly strategic planning. One flexible and powerful tool many estate planning professionals recommend to their clients is the irrevocable life insurance trust (ILIT). But, just where does the ILIT fit into the overall estate planning process?
When your children are grown and leave home, you are released from being the financial “provider”: No more bills for everything from food and clothes to visits to the dentist. Along with this “freedom” may come immediate temptation to spend your “extra” money on the things you have been waiting for over the child rearing years.
Today, many people find themselves inundated by a constant stream of financial news from television, radio, and the Internet. Yet, does all this “information age” data really help you manage your finances any better than in the past? The truth often is that the “old-fashioned” practices, such as periodic financial reviews, lead to greater success in the long run.
According to a recent survey of CPAs, the top three financial fears for people heading into retirement are: running out of money, being able to maintain your lifestyle and rising health care costs.