Don’t Let Healthcare Costs Break Your Bank – Advisor Insights With Ira Fateman, CFP

Retirement Planning and Healthcare Costs

“You mean we still have to pay for healthcare after we retire?” Iris asked when I met with her and her husband, Neil. Nearing retirement, they wanted to plan for their expenses on a reasonable but reduced income. My answer was a straightforward “yes.”

While Medicare pays for a lot, it doesn’t pay for it all. Continue reading…

5 Financial Tips When Starting a New Job

New Job Financial Tips

So, you’ve landed a new job. Congratulations! Not only does a new job often mean a bigger salary, it’s also a great time to level up your financial planning. We’ve got five tips to help you get the most out of your bigger paycheck and your personal finances right now.

1. Create or Update Your Financial Plan

If you’re one of the 30% of people who already have a financial plan, a new job is the perfect time to revisit it and reassess to ensure everything’s up to date. However, if you’re like most people and don’t have a plan yet, seize the opportunity. A new job is an ideal time to set some financial goals and create a plan to achieve them. Continue reading…

Why I Don’t Like Annuities – Advisor Insights

Why I Don’t Like Annuities

I do not like annuities. There I said it. Can this really be true? Yes, but, it is probably best to clarify by stating that I find some types of annuities acceptable if they are used appropriately within a plan to safely allocate risk across the total of retirement assets available to a client. I find objection when the annuity proposed is not suitable to the client and his/her needs or if it is intended to replace rather than to diversify a well-conceived retirement asset allocation plan.  Continue reading…

Retirement Planning: Is the 4% Rule of Thumb Right for You?

Retirement and the 4 percent rule of thumb

Rules of thumb can be great. They allow us to take complex topics and make them simple. For example, you’ve probably heard that you should change the oil in your car every 3,000 miles. We don’t need to understand much about cars to follow this rule. Simply read the little sticker Jiffy Lube puts in the window and take the car in when required. Following this rule of thumb helps us to believe we’ve protected ourselves and our vehicle from the bad things that would happen if we didn’t get the oil changed.

However, there are a couple potential problems with rules of thumb. First, they rely on everyone’s situation being the same. There are many types of cars and many types of drivers. Does it really make sense that they all require identical treatment? Continue reading…

How to Start Saving 10% for Retirement Without Psyching Yourself Out

Start saving 10 percent of your income now

Saving 10% of Your Income

The most-fundamental question in personal financial management is not “where should I invest?” But rather, “how much do I need to save to reach my financial goals?” The amount of money you save provides the foundation for nearly every financial decision, from what type of house you can afford to whether you will outlive your money in retirement. Continue reading…