Planning Bites

Claiming your Social Security retirement benefit as soon as you turn 62, 63, 64…or whatever age you visualized may seem simple…and it may be simple… But it may not necessarily maximize benefits for you and your family, and despite its simplicity, it may not be the best answer for you.

You may go to the doctor regularly for check-ups and you may bring your car to a mechanic for regular maintenance. They’re not only interested in the snapshot the numbers may provide, but also in how they may change over time. In the same manner, knowing and tracking some important lifestyle numbers can provide insight into your financial health and allow you to make better proactive financial decisions.

You may go to the doctor regularly for check-ups and you may bring your car to a mechanic for regular maintenance. They’re not only interested in the snapshot the numbers may provide, but also in how they may change over time. In the same manner, knowing and tracking some important tax numbers can provide insight into your financial health and allow you to make better proactive financial decisions.

You may go to the doctor regularly for check-ups and you may bring your car to a mechanic for regular maintenance. In the same manner, knowing and tracking some important insurance numbers can provide insight into your financial health and allow you to make better proactive financial decisions.Life insurance is a very complex financial instrument.

Back in “the old days” pencils had erasers that we used. And if we wrote something we didn’t like on paper we could rip it up or not send it. In today’s digital age, a click cannot be unclicked.

It’s been our anecdotal experience, that Social Security retirement benefits are being disrespected…they’re being given short shrift and they are not being considered as the powerful retirement income planning tool that they really are.

Buying a home may be the biggest purchase most of my clients will ever make. For many young homebuyers, the most critical part of the process is securing financing. That’s why I’m very happy to be able to spend a few minutes talking with Warren Goldberg. Warren is a Certified Mortgage Planning Specialist and president of Mortgage Wealth Advisors.

The feeling of uncertainty is very uncomfortable. We’d all like to know that there’s something stable that we can count on in our future. Unfortunately, uncomfortable uncertainty is a part of our future and we can count on that. The first step in addressing future financial uncertainty, is to understand the nature of the risks that give rise to the uncertainty.   

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Over the last few decades, there have been some significant trends appearing which are affecting the way we retire. People are living longer and therefore retired for longer, and the income options in retirement are changing as well. What are some factors you should be aware of when planning for your retirement?

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Once a child reaches the legal status of adulthood (age 18 in New York²), the parent may no longer be the automatic default decision-maker for financial and medical decisions just because they have the status of parent. Maybe you didn’t know that. Documents like health care proxies (sometimes called powers of attorney for healthcare) and living wills are stereotypically thought of only in connection with older people. However, they are useful for young adults as well, in the event they are faced with a medical emergency.

Success doesn't guess. If you are motivated to engage in a more rigorous and collaborative fact-finding exercise and planning process with an experienced, knowledgeable planner; isn't that worth something? 

We don't often know the deeper psychological attachments to finances; the meaning of personal belongings, maintaining a certain lifestyle, supporting others. Desired financial goals may be challenging to meet, there may be resistances and without really understanding these deeper attachments we miss an opportunity to make the most informed decisions. Essentially we may be missing an important piece of the puzzle and whatever the outcome, we deserve to know all the pieces. 

You have a job, which on the surface, should be enough to support you, but for some reason, you have also accumulated debt. Then, all of a sudden, there’s an unexpected large expense.  Perhaps it’s a house repair or a medical issue. You are a little overwhelmed. WHAT SHOULD YOU DO TO RETURN TO SOLVENCY AND TO MAINTAIN FINANCIAL HEALTH?

Have you ever been hacked? Has your identity ever been stolen? Has someone ever tried to charge something to your credit card without your permission? Has someone ever tried to file a tax return in your name to get your refund? In view of the cybersecurity breaches over the last few years, there’s a significant chance that you might answer yes to one or more of these questions.  

I see people all the time who tell me how much money they have; they tell me when they want to retire and based on that information, they want me to tell them whether they’ll be OK.

Over one trillion dollars. One trillion, sixty-one million dollars to be more precise. That's the estimated total U.S. credit card debt in February, 2019. These are the numbers reported by the Federal Reserve, released April 5, 2019*. Our clients have retirement goals and clearly credit card debt is one of the potential bad things that can happen along the way. So, how do we address this problem?

Divorce may be the ultimate disruption event in one’s life. It is often fraught with emotional and financial stress which is magnified when there are children involved. The resulting "blended families" end up with many complications, including the potential disinheritance of children from a prior relationship.