The world is in the throes of a pandemic. People are getting sick, lives are being lost and the stock market is in a free fall. COVID-19 is affecting every aspect of daily life--and likely will for months to come. It's left a lot of people wondering what to do about their retirement and their 401(k) accounts.
Preparing for retirement is a major focus of your years in the workforce, regardless of what type of career you are pursuing. All too often, confusion and stressfulness mark the retirement preparations of many - but it doesn't have to be that way!
Too many people let retirement sneak up and take them by surprise and enter their golden years inadequately prepared. But you don't have to let that happen to you! There are definite steps you can take and decisions you can make now that will positively impact your life and income stream then.
In accordance with the REAL ID Act of 2005, the state of Florida began issuing driver's licenses and state ID cards that are compliant with the act as of 2010. Over the past 9 years, the majority of Floridians have updated their credentials so they are prepared for the restrictions that take effect in 2020. You will know if you are compliant by the presence of the gold star on your driver's license or identification card. For those that have yet to update their credentials or are unaware of the upcoming restrictions, please see our short guide below on REAL ID compliance.
Despite its usefulness, many people assume estate planning is really only for those who are absurdly well-off. Creating an estate plan is actually beneficial in a wide variety of situations and its effectiveness does not depend on sizeable wealth. While a plan is most useful for those with a sizeable amount of assets to deal with, here are 3 reasons why even the average person might want to consider giving estate planning a go.
Handling your personal finances responsibly doesn't always need to be a complex slog. While you could spend many hours setting up your estate plan or developing the ideal asset protection strategy, sometimes you just want to focus on the easier steps first. An often overlooked step is finding out what works for you.
If you are considering taking steps towards asset protection now, then you are making a smart choice. Choosing to put a plan to protect your assets in place can be like buying insurance in some cases, in that you hope you never need it but will consider yourself fortunate if you do. In a world of uncertainty, knowing your livelihood and legacy is protected from wolves and frivolous lawsuits is a comforting feeling.
Saving for retirement is often touted as easy and simply a case of putting your mind to it. For something that is supposedly so easy, a large portion of the population fails to do it year after year. If you're waiting for that magical time period where tucking $15,000 or more per year into your nest egg is going to become gleeful second nature, well you'll be waiting a long time. Saving is hard and there are a lot of hard choices you need to make in order to effectively save for retirement, especially if you are low income.
Creating a financial plan and sticking to it is one of the best choices you can make for yourself. Whether your plan is aimed at retirement or other personal financial goals, having a focused, goal-oriented system in place can deliver the confidence you need to stick with it. Still, in your rush to throw together a financial plan there are some things you may overlook or leave out that can be detrimental to your success, or at the very least your enthusiasm.
Risk is one of the most common words associated with investing as part of financial planning. To some people, the very idea of taking risks with their money is unacceptable and brings on anxiety. Those individuals prefer building their money extremely slowly but relatively safely over time through only the most traditional ways, such as building interest from a bank account. To others, there is no real reward without risk, and so they choose, carefully or less so, the best options to further their personal and financial goals.
We are a professional financial services firm located in Sanford, Central Florida.