If you hope to leave your heirs with an inheritance, plan carefully. Start with a budget, include all current and future expenses plus a sufficient emergency and health care fund. Also, meet with a financial advisor and attorney to protect your funds and ensure they will be utilized as per your wishes.
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Not all heirs are financially stable. Protect your hard-earned retirement accounts from misuse by considering an IRA trust to manage distributions of your IRA upon your death.
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Remarrying just before or during retirement has unique consequences. Prepare in advance, discuss you finances with your fiance, and adjust your policies and portfolio to ensure a smooth transition to married life.
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Providing financial support for adult children at the expense of parents’ retirement savings can lead to negative consequences. But with advance planning, that support can be reduced or eliminated to help parents’ recover and be better prepared financially for their retirement.
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A specific type of 401k plan exists just for small business owners. Details vary with the focus on helping self-employed people save for retirement.
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Extra income during retirement is always welcome. But resist the temptation to spend it all immediately and consider using the funds to payoff debt and invest wisely to maximize growth for your senior years.
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With the Social Security Fund expected to run out of money, people should prepare themselves by meeting with a financial professional, creating a balanced and diversified retirement plan, and saving early on.
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After the loss of a lifelong partner, the risk of death for the surviving spouse rises. Many people tend to neglect their own needs, health and finances, contributing to this alarming fact.
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Resist the temptation to rely on luck to get you through the tough times in retirement. Prepare by having an emergency plan and fund, and talking with your loved ones about your needs and expectations.
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Annuities can play a vital role in securing a stable retirement by providing steady and lifetime payments. But understanding the details is essential before determining their place in your retirement portfolio.
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