Greg Grimsley, Wealth Strategist

Greg Grimsley, Wealth Strategist Providing Federal Employee Families Financial planning solutions Important disclosures can be found here: http://bit.ly/31qFwdn

FINANCIAL FACT FRIDAY:Many Americans spend their lives working hard and dreaming of the day they can finally retire. But...
07/09/2021

FINANCIAL FACT FRIDAY:

Many Americans spend their lives working hard and dreaming of the day they can finally retire. But planning for retirement requires more than dreaming — it means being strategic and focused on saving money, among other things. The average age of retirement for Americans is 66, according to a Gallup poll, which is up from age 60 in the 1990s. With Americans living an average of 78.7 years, that’s a good 12 or more years to enjoy life after work, at a hopefully slower pace.

According to the U.S. Census, the average income for 47.8 million older Americans (aged 65 and above) is only $38,515 and their average net worth is $170,516. With numbers like that, saving for retirement can be challenging.

(Source: Yahoo Finance)

FACT or FICTION: Your Residence Is Your RetirementFICTION: For many contemplating retirement, one’s future living arrang...
07/08/2021

FACT or FICTION: Your Residence Is Your Retirement

FICTION: For many contemplating retirement, one’s future living arrangements is the most thought about – yet least acted upon – aspect of retirement planning. According to the U.S. Bureau of Labor Statistics, even though housing is the largest average cost in retirement, older Americans move far less often than the general population. The home is the last bastion of the status quo, and many remain in their existing homes unless forced to move due to failing health. Yet from a financial standpoint, this rarely makes sense. A house is generally a poorly diversified, cash flow intensive investment that historically only maintains a price commensurate with inflation. At a time when human capital is exhausted and financial capital is being decumulated, a house should be seen as a lifestyle choice, not an investment. Living in place is a consideration, but changing residence at retirement may be the better move.

As you grow older, your Roth IRA has the potential to grow with you thanks to the power of compound interest. Let's say ...
07/07/2021

As you grow older, your Roth IRA has the potential to grow with you thanks to the power of compound interest. Let's say you're 23 years old, contribute $6,000 every year for the next 40 years, and invest in high-quality assets. As long as you're not tempted to touch any of your contributions, you can achieve millionaire status by 60 if you're earning a 7% return. Because your money is tucked away inside a Roth IRA, you'll be able to use every dollar earned any way you want without worrying about taxes.

(Source: The Motley Fool)

Wealth Wednesday Tip #351: Check-in on your retirement from time to timeYou should check to make sure you are not overl...
07/07/2021

Wealth Wednesday Tip #351: Check-in on your retirement from time to time

You should check to make sure you are not overly concentrated in a certain area:
That your investments are performing well.
That you’re not paying too much.
Then it becomes a bit more important to know what’s inside your account. It’s important because down the road you want to have some money of your own and not be relying totally on social security.

(Source: NBC)

Financial insecurity has overwhelmed Gen Xers since before the pandemic. Also known as the “sandwich generation” for the...
07/05/2021

Financial insecurity has overwhelmed Gen Xers since before the pandemic. Also known as the “sandwich generation” for the financial squeeze that simultaneously caring for parents and children has put on them, this group of workers often juggles child care, elder care and mortgages with their careers and saving for a post-career life. For many, the pandemic had knocked over any stability that grounded their financial wellness, experts say.

(Source: Plan Sponsor)

Planning for retirement can be a daunting task, we can help guide you. Call us today!
07/05/2021

Planning for retirement can be a daunting task, we can help guide you. Call us today!

FINANCIAL FACT FRIDAY: Your Residence Is Your RetirementFor many contemplating retirement, one’s future living arrangeme...
06/25/2021

FINANCIAL FACT FRIDAY: Your Residence Is Your Retirement

For many contemplating retirement, one’s future living arrangements is the most thought about – yet least acted upon – aspect of retirement planning. According to the U.S. Bureau of Labor Statistics even though housing is the largest average cost in retirement, older Americans move far less often than the general population. The home is the last bastion of the status quo, and many remain in their existing homes, unless forced to move due to failing health. Yet from a financial standpoint, this rarely makes sense. A house is generally a poorly diversified, cash flow intensive investment that historically only maintains a price commensurate with inflation. At a time when human capital is exhausted and financial capital is being decumulated, a house should be seen as a lifestyle choice, not an investment. Living in place is a consideration, but changing residence at retirement may be the better move.

(Source: Forbes)

FACT or FICTION: There Rush To RetireFACT: In September 2020, about 3.2 million more baby boomers were retired than a y...
06/24/2021

FACT or FICTION: There Rush To Retire

FACT: In September 2020, about 3.2 million more baby boomers were retired than a year earlier, according to a Pew Research Center report. In each of the previous four years, the number of retirees increased on average by fewer than two million people annually. So, there was more than a 50% increase in retirements in 2020.

About 2.7 million Americans who are age 55 or older said they are contemplating applying for Social Security benefits before full retirement age, according to a Census Bureau survey. Only 1.4 million in the survey said they planned to continue working to full retirement age or beyond.

(Source: Forbes)

If you haven't started saving for retirement, it may not be too late to begin. If you have roughly 20 investing years le...
06/23/2021

If you haven't started saving for retirement, it may not be too late to begin. If you have roughly 20 investing years left, then saving $250 each month could be enough to set you up to earn as much as $10,000 per year in recurring dividend income during your retirement years.

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