Any actions you take today can significantly benefit your future self. The sooner you establish a comprehensive personal financial plan that includes tax planning, the greater your long-term benefits will be.
The goal of tax planning is to minimize the amount of income tax you pay so that you may optimize your savings for retirement, as well as for other long-term financial goals such as wealth transfer and philanthropic giving.
The risk of outlasting your retirement savings, also known as “longevity risk,” is one of the greatest sources of anxiety among retirees.
Of those who reached the age of 65 in 2022, men have an average life expectancy of just beyond age 84, while the average life expectancy for women is over 86 years of age. Keep in mind that these are just averages and that many individuals live well into their 90s.
Living without a financial safety net can threaten your financial well-being and can cause huge amounts of stress if an emergency occurs. Being prepared with an emergency fund gives you the confidence and financial support you need to tackle any of life’s unexpected events.
In this article, we cover what an emergency fund is, what it is used for, how much you should be saving, and where you should keep your money.
Your family’s financial security is of the utmost importance but taking the time to establish a long-term family financial plan tends to fall to the bottom of the to-do list for most families. This is especially true when everything seems to be going well in the present moment.
But just because you are comfortably providing for your family’s needs and wellbeing today, it does not mean that you have set a stable financial future for your family’s security.
Following, we specify five ways to help stabilize your family’s financial security.
Investment professionals are often turned to for guidance on wealth plans. However, if you are a high-net-worth individual or family it’s likely that your financial situation is more complicated than the average, which means there are times your investment professional may wish to engage specialists on your behalf.