Review Category : Retirement

How you can tell if you have a good 401k plan

Does Your Company Have A Good 401(k)? A recent study done by The Pew Charitable Trust found that 35 percent of private sector workers over the age of 22 don’t work for a company that offers a 401(k) plan.  What’s scary is that the 65% that do have a retirement plan offered through the workplace today, still don’t even understand how the plans work and how to maximize the plan for their personal benefit.  Terms including matching, profit sharing, vesting, Roth 401(k), target funds, and many more can be overwhelming.   In a recent sample I did with my own clients, 10 out of 10 people did not know what a summary plan description was or where to find it on their company intranet. Having a 401(k) at work is going to be an important savings element for your financial future.  Far too often, employees don’t realize they can go to their owner, CEO, Benefits or HR department, and tell them ...

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When Mom Never Asked Dad About the Finances

This post was sponsored by Regions Bank.  All opinions are my own. Making financial decisions can be tough with or without the right tools. As young professionals juggle many financial priorities, it’s important to realize the gravity of our decisions and the influence those around us have on us, whether that be found in a role-model or through a family member. There is no doubt that your childhood and upbringing have a massive influence on how you manage your finances in adulthood.  These range from small items to how you handle traditions during the holidays to whether or not you decide to take grand scale type vacations.  My “boss” behavior was dramatically impacted with an event that changed my life forever and what got me into the business of becoming a financial advisor. While attending Boston College, I had always planned to do a double major in finance and accounting.  My real goal was to become an investment banker in ...

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How to Have a Proactive Retirement Plan

Ted Jenkin, ranked the #4 Financial Advisor in the U.S. by Investopedia, took some time to chat with us to discuss the importance of saving income, investing wisely and preparing for retirement. It’s no joke that America is not prepared for retirement. Emotional spending is rampant in our consumerist and social-media-driven culture, and sadly many seniors are relying on Social Security to get them through retirement. Many people are living longer in the 21st century with technology and healthcare advances and a meager savings is not enough income to sustain a happy day-to-day retirement lifestyle. Ted Jenkin, founder and CEO of oXYGen Financial, comments: “People are unequivocally not saving enough for their futures. They succumb to lifestyle inflation, which means – in theory – that their income expands. The problem is that expenses have a tendency to expand for more luxurious lifestyles as they make more money. One of the main culprits is social media, as there is peer pressure and images of luxurious vacations, gourmet dining, ...

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Can You Retire On 1 Million Dollars?

One million dollars used to be the gold standard when it came to figuring out how much money you would need to never have to work the rest of your life.   Now, we all know if you really put your mind to it that you could probably retire on a million dollars, but the real question is whether or not you could maintain the standard of living you have been accustomed to off of your current income.  With our society having become more of an outsourced society than a do it yourself society, here’s why 1 million dollars isn’t what it used to be. The Slient Killer – Inflation may be the number one item underestimated when it comes to overall retirement planning. Inflation is on the rise, and if it rears its ugly head at the 4% level you better seek shelter to figure out how to make your money last.  At a 4% inflation level, 1 million dollars ...

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What Fantasy Football Can Teach You About Diversification (or Your Financial Plan)

The football season is upon us again here as the fall rolls around and neighborhoods and workplaces are buzzing with Fantasy Football fever.  The Fantasy Trade Sports Association commented that the Fantasy Football market is more than a 70 billion dollar industry today and growing.   With so many people joining multiple leagues, what can this popular game teach us about how we manage our portfolios and diversify our assets. Do Your Homework? It’s shocking how many people don’t know what they own in their 401(k), IRA, or their brokerage accounts.  You may have purchased a target fund or some growth and income fund, but you don’t actually know what you own.   Moreover, you may not understand the risks on how much you could gain in one year or how much you could potentially lose in one year.  It’s important to read the prospectus before you invest, look at the track record of the investment you will be making, and learn ...

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7 Retirement Shirts I Won’t Be Wearing

When it comes to retirement, many people talk about how much of a lump sum they will need to make work optional. They discuss their future plans full of travel, golf, grandchildren, and giving back to charity. We often hear of the dreams of starting the business they always wanted to run and starting the volunteer work they never had the time for when they were working full time.  Over the past twenty-six years, I’ve seen many people retire and helped many retire successfully. At the risk of offending someone out there (because I am sure I will) I spent a few days up in New Jersey over the Fourth Of July and I saw a lot of bad shirts.  I mean really bad shirts.  Don’t know why it got me to this off the beaten path retirement topic, but I thought I would share my list of seven shirts you’ll never see me wearing during retirement.  Remember, if you ...

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Big Financial Pitfalls If You Plan On Working Longer

There are more people I meet every day who tell me that they aren’t planning to retire early, but instead enjoy life a little bit more and succumb to the fact that they are going to have to work later into their lives.  While on the surface this all seems fine and dandy, the harsh reality is that there are some major pitfalls with trying to work past the age of 65.   This strategy is often filled with some pretty unrealistic expectations and can have close to retirement families grasping for straws if their plan isn’t executed successfully.  Here are my pitfalls and tips to be thinking about if you want to work past the age of 65. Reality vs. Fantasy – In a recent study by the employee benefit research, 38% of the workers in the workforce expect to retire at the age of 70 and only 4% actually retire at the age of 70.   So, many workers are ...

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What Blackjack Will Teach You About Retirement

sponsored by Midland National You have made it to Las Vegas and settled into your favorite hotel.   After a few quality minutes of checking out your luxurious room, you decide it’s time to hit the main gambling floor.  Choices, choices.  You walk by the sports book, past the slots, the screaming at the craps table, and you wind up sitting down to play your favorite game – blackjack.   So, what in the world can playing blackjack teach you about your retirement? More importantly, HOW can blackjack teach you one of the most valuable lessons about protecting your retirement assets? Blackjack is an interesting game.  It’s part strategy and part social chatting depending on whether the dealer is giving you a run of easy cards to play or a set of more difficult choices depending on what the dealer doles you out.   In a perfect world, you would be getting blackjack after blackjack (or 21 after 21), but in reality you’ll ...

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