Jim Bray, CFP, CEPA, Managing Director Senior Financial Advisor

03/02/2023

FACT or FICTION: It Is Too Late to Start Saving in Your 50s?

FICTION: Age is no boundary when it comes to retirement saving. Astoundingly, the Human Interest survey revealed that almost half of respondents from a variety of age groups shared this belief – they thought you could be "too old" for long-term planning. However, our advice remains constant: It's never too late to begin taking steps toward financial security and building longevity in your nest egg!

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03/01/2023

Retirement planning has shifted from the conventional wisdom of prioritizing savings to now emphasizing debt repayment. High-interest debts should be tackled first, as it can ensure a more secure future for retirees and help them maximize their hard earned money.

The road to retirement could become a lot tougher when delayed debt payments are thrown into the mix. Unchecked interest rates can quickly drain your salary away and make it impossible to save for the future, making timely action on existing debts just as essential as beginning a savings plan.

Source: https://wapo.st/3Z0Vu6z

Here are some new rules for retirement.

03/01/2023

Understanding Financial Health.

Understanding your financial health is an important step to achieving long-term success. Although it can be intimidating, taking time for self-reflection and asking the right questions is key. Ask yourself if you are sufficiently prepared for unexpected costs by having a reliable emergency fund? What's your net worth—is it positive or negative? Are you able to afford what life requires as well as those wants that bring joy into our lives? Is more than half of your debt high interest credit card related expenses such as loans ,etc.? Have you saved enough in retirement accounts like 401ks or IRAs so far to meet future goals ? Lastly, make sure insurance policies have sufficient coverage; this includes both short term (health) and long term (life).

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02/28/2023

What adjustments should be made for inflation?

With inflation on the rise, your retirement income can quickly become outdated. Social Security benefits are adjusted for inflation, but other sources of income must be planned with this factor in mind. Historically speaking, annual increases due to inflation have averaged about 3 percent - although we've seen highs as high as 13.5 percent and lows around 1.6 percent over the last century alone! When planning ahead financially it is always better to prepare for a sky-high rate rather than taking too many risks that could leave you unable o afford life's necessities once retired.

Source: https://bit.ly/3EARoKn

02/27/2023

Meditation is an effective and valuable tool for people of all ages, but seniors may benefit from its many health-boosting properties even more so than younger generations. Evidence suggests that meditation can help to reduce stress, anxiety, and symptoms associated with chronic illnesses such as dementia or memory loss; in addition it has the potential to improve sleep quality and digestion - important factors when considering healthy aging.

Source: https://bit.ly/3SvBbMs

02/24/2023

The traditional IRA remains the most popular of the individual tax-advantaged retirement savings accounts.

Source: https://bit.ly/3XzA0fK