How Smart the Millennial Generation is Saving for Retirement

Does it surprise you that the Millennial Generation (1980-99 birth dates) is a bigger generation than the Baby Boomers? In the United States, we have 76 million Baby Boomers and 87 million Millennials. And here’s another amazing fact. What do you think the average age in the U.S. is? Would you believe it’s 22? These facts, a conversation with a Millennial, and two reports from Dimensional Fund Advisors led me to these conclusions: 1. Millennials, now ages 15-34 are good but not genius retirement savers 2. Planning retirement savings isn’t any more critical than planning retirement consumption 3. The smartest savers, Millennials and other generations, […] Read more »

High Net Worth Individuals: Best Practices

learn how to maintain wealth

Becoming a high net worth individual (HNWI) is one thing; maintaining that wealth can be quite another. Here are some simple but often overlooked best practices for maintaining wealth.  1. Think why before how Don’t even think about how to grow or maintain your wealth until you understand your goals, comprehend your long-term needs and put your situation in context. Think about your financial “pain points.” How important is it to ease that challenge or pain? How will making a financial move affect your family? Why will making a move make you better off than you are today? 2. Understand how all your finances fit […] Read more »

The Business Owners Financial Checklist

business owners financial checklist

You may feel like April 15, 2015 is light-years away. It’s not. Start preparing for your tax bill and take stock of your business’s financial situation now. Small actions now could prevent the need for bigger, costlier actions later. Here are 10 simple steps business owners can use to improve a business’s tax and financial readiness.   1. Re-evaluate your business entity Many small businesses start out as sole proprietorships or partnerships, but eventually transition to another entity. For example, if your business is not incorporated, you may want to consider incorporating (either as a C Corp, S Corp, or LLC) to shelter you from […] Read more »

Women Retirement Shouldn’t Scare You

Women: Retirement Shouldn’t Scare You

If you read my free eWorkbook, 21 Critical Retirement Questions Answered, you know that retirement can be more challenging for women than for men. In that eWorkbook we talked about how women often earn lower wages than men, work fewer years and tend to live longer. And nearly half of women in the United States don’t have a retirement strategy. All those factors make planning for retirement even more crucial for women. One recent news report even said many women are terrified of retirement. On National Public Radio (NPR), Jennifer Ludden reported that retirement scares women. Many women, according to the report, lack confidence in their […] Read more »

Want to Retire? Make Your Money Work for You

Be honest. Don’t you think that most people spend way too much time and energy worrying about or trying to influence financial matters they can’t control? It’s true.  My advice is to not focus on financial matters you can’t control. Make Your Money Work for You. Focus on the things you can influence and that will make a big difference in your life. For example, you can’t control time, but you can control the time you spend preparing for retirement. You cannot control Social Security, but you can put money aside in a way that can provide a comfortable retirement whether or not Social Security is […] Read more »

Retirement Planning Starting Gate

retirement-planning-starting-gate

What’s the single most important thing you can do to start successful retirement planning? Just get started. As hard to believe as it might be, the single biggest factor in people not achieving a comfortable retirement is that they never make retirement planning a priority. There’s a great list of simple steps you can take to prepare for your retirement. The list is the free download, 21 Critical Retirement Questions Answered. But here’s something you can do first. Sit down with your spouse or significant other and see how many of these 20 statements you both can say “yes” to. Work on resolving any you […] Read more »

The Easiest Way to Create Retirement Wealth

Create Retirement Wealth

People who are far from retirement often widely misjudge the total savings they’ll need. A big reason for this is the pervasive impact of inflation over decades. We tend to assume a dollar is a dollar is a dollar. Not so. In 1970, the average cost of a new car was $3,900. By 1990 the average new car cost $16,000. Today the cost is well over $20,000. Let’s imagine that type of price inflation continues. It could drive the price of a car in 40 years to more than $100,000. What $1,000 Bought in 1970 Now Costs $6,000 Here’s another way to view inflation. According […] Read more »

4 Surprising Insights about High Net Worth Retirees

wealthy retires can struggle in retirement

Wealthy Retires Can Struggle in Retirement Did you know that only 13 percent of workers are very confident of having enough money to live on when they stop working[1]? That percentage is low even for people who have a high net worth. So let’s reveal some truths about retirees and workers who will soon face retirement. Insight #1: Wealthy People Often Struggle In Retirement I’ve seen it many times. Some wealthy people fail to understand the serious financial challenges that even their high net worth can’t protect them from when they retire.  They don’t see the many factors that can destroy financial comfort for anyone: […] Read more »

7 Deadly Investor Traps

7 Deadly Investor traps

Click to view this slideshow “7 Deadly Investor Traps” on Slide Share Was this helpful? Can I help you think through any other issues about your retirement? Please feel free to call me, Gene Offredi, CFP, RFC at 203.453.1017 or visit our website at Summit Investor Coach, LLC.   Tweet Read more »

Surviving Retirement’s High Health Care Costs

Surviving Retirement’s High Health Care Costs

A couple who retired in 2013 is expected to need $220,000 to cover their health care cost in retirement. By some estimates health care will cost you more than food when you retire. For example, in the United States the average cost of a hospital stay increased 90 percent from 2000 to 2010, climbing from $17,390 to $33,079 according to the Health Industry Distributors Association. The better you plan for these high health care costs now, the more comfortable and secure your retirement will be. So how do you plan? Step one is no surprise: educate yourself. Learn about your options for health expense coverage. […] Read more »