As some of us get closer to retirement, programs like Social Security and Medicare become more important to us. We have paid into these programs with every paycheck we have earned. There has been an implied promise that these programs would add financial security to us in our retirement. These programs are not entitlements, since we have paid for them with involuntary deductions from our paychecks, earmarked for Social Security and Medicare.   Each year the Office of the Chief Actuary, publishes “A Summary Of The 2016 Annual Reports.” This is a summary of the Trustees Report of the Social Security and Medicare Boards of Trustees.Here are some amazing facts from the summary.   “Social Security and Medicare together accounted for 41% of Federal program expenditures in fiscal year 2015. “   “The OASI (Old Age and Survivors Insurance ) and DI ( Disability Insurance ) trust funds are by law...
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By the time you are in your 30’s you should be on the road to building a solid financial future. Whether you think you don’t have the means to save or continue putting it off and will “save later” keep this in mind; more than one-third of American’s don’t have anything saved for retirement. (US Department of Labor) Many of you that are younger may find investing interesting, but not sure where to begin. Below are six great ideas of what you should be doing to prepare for retirement as young as 30.    1. Paychecks Save at least 15% of your income on an annual basis. You can even automate it, so saving is systematic.    2. Guard against lifestyle inflation. As your career grows, your salary is likely to grow. Yet, just because you have more money in the bank, doesn’t mean you should spend it all. Each time you...
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Both, Clients and Financial Advisors, need to be on the same page in order to work together effectively. The start of the New Year is a good time to discover whether your resolutions are compatible. So, whether you are looking for a financial advisor for the first time, reassessing the one you’re working with or looking to work with someone new, be sure to ask to speak with current and past clients of the advisor you are considering working with.  Get as much information about the successes, experience, education and ongoing training of the advisor that you can. If you are reassessing, be honest and tell your current advisor why you are reconsidering the relationship if appropriate. It’s your life and your money, so be committed to understanding everything your advisor suggests before diving in to a specific course of action. If you don’t understand something, keep asking questions until you...
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The beginning of a New Year is the best time to establish your investment strategy for the year. If you work with a financial advisor, it’s important that you are both on the same page, so this is a great time to see if your resolutions are aligned. If you are the client of a Financial Planner or are looking to hire one, the first and most important step is to set a resolution to Get a Plan. That means establishing your financial objectives, deciding where you want to end up and how much you can comfortably contribute to your plan on a regular basis along the way. If you are a financial advisor, it’s integral that your resolution includes putting together workable plans for your clients based on their plans and objectives. You’ll want to remind your clients that as their income increases they may want to contribute more in...
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