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For decades, financial advisors have used the metaphor of a “three-legged stool” to describe America’s retirement system. The equation for late-life security is having a healthy pension from work, ample personal savings, and a monthly Social Security payment. Of those income streams, only Social Security has proven to be steadfast and strong. Here are important […]

Dispelling myths, dispelling rumors and misinformation is an ongoing battle for financial advisors. Estate planning is a topic especially prone to myths, starting with the belief that it’s only for the rich. There are many myths about estate planning and what it is and what it isn’t. Here are the key ones. Myth #1: I’m

Life has changed for many Americans at or near retirement over the past two years. People lost jobs, health concerns abounded, and this all resulted in uncertainty and fear for boomers’ financial future. How can you help prevent financial doom and design the life you want? It starts with facing your fears. What keeps you

You can’t control the market, how long you’re going to live, inflation, healthcare costs, your healthcare needs, tax changes, pension or Social Security solvency, economic shifts, government intervention, and the list goes on. There is so much uncertainty in life. All this uncertainty surrounding retirement is why annuities are so popular. They are a way

Saving money is often mentioned as one of the core steps toward financial success. Also important is deciding where to save money, as there are numerous options to consider. 401(k)s, IRAs, Roth IRAs, nonqualified accounts, and others have their own rules, benefits, and tax implications. Among all of these, though, there is one account that

If investing and saving for retirement were based solely on objective mathematics, a healthy nest egg could be a forgone conclusion for many of us. Realistically, however, investors are human beings, with wants, feelings, conflicting priorities, and a wide range of emotions. In fact, a subfield of behavioral economics called behavioral finance studies how psychological

For many people, one of the most daunting financial challenges in life is figuring out how to pivot into retirement. It’s quite a leap to move from earning a paycheck to being responsible for generating your own stream of income and regulating how to spend down your savings. In a 2020 Schwab study, nearly three

What comes to your mind when you hear the word “retirement”? Do you think of traveling the world or hosting a family game night with the grandkids? Are you picturing dinners at deluxe restaurants or around the kitchen table? Retirement can span decades, and it changes as you age. Everyone’s retirement will look different, but

Choosing a financial advisor is a major life decision that can determine your financial trajectory for years to come. A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.1 The value of working with a financial advisor varies