Portfolio rebalancing, how to budget your money, what’s an HSA and who needs one? Preparing for retirement is hard. From personal finance basics to retirement planning and everything in between, we’ve got a few ideas to make life a little simpler. Contact MCF with any questions.
Most people need to save more — often a lot more — to build a nest egg that can meet their needs. Many financial experts recommend putting away 12 to 15 percent of your pay for retirement, starting as early in your career as possible1. There’s a relatively painless way to reach that goal.
To be eligible for Social Security benefits, individuals must have earned 40 calendar quarters of wages that were subject to Social Security tax. The amount of the benefits you would receive at full retirement age (FRA) is based on the average of the 35 highest years of earnings.
Do you find yourself stretched thin between caring for an aging parent and your own children? If so you are part of what is known as the “sandwich generation”. The responsibility is not only mentally exhausting but can feel financially straining. This growing population are now “sandwiched” and must stretch their income to provide financial support on both sides. If you are part of the sandwich generation, there are financial planning tips you can follow to ease the stress that this brings.
It's important to work with an attorney and possibly a tax advisor / planner on your estate plan. The attorney will guide you through the creation of fundamental estate planning documents. These may include a will, health proxy and a durable power of attorney. A tax advisor / planner can help you with any associated tax issues. You will make the final decisions, but your attorney and tax advisor can help you understand the implications of each option.
Much has been made of the current state of the American worker as it pertains to their retirement savings. The bleak outlook can largely be attributed to a lack of education when it comes to retirement planning - and more specifically investment allocation. With a growing number of millennials feeling ill-equipped to make investment-related decisions - even within their own retirement plans, the numbers prove that ignorance is not bliss.
Regret aversion is a construct in behavioral finance theory that suggests investing decisions are, at least in part, driven by fear of later regretting a “wrong” choice.