Creating a Successful Business Succession Plan

An exit strategy helps business owners ensure the long-term success of their company A good succession plan creates a blueprint for ownership transfer as you exit your business. It helps you prepare for your retirement, ensuring you have the income you need. And setting a well-conceived plan into motion protects the people around you, including your heirs, employees, and customers …

Understanding Your Retirement Income Plan

Manage cash flow in retirement with multiple income streams  When you retire, you get to bid farewell to the working world. That’s the good news. The bad news? You’ll no longer have a paycheck coming in from your employer. To address that, you’ll need to piece together a steady stream of income from different retirement sources, such as Social Security, …

How to Make a Wealth-Transfer Plan

A well-designed plan protects your wishes and helps avoid conflict among your heirs. A wealth transfer plan guides the movement of your assets from your estate to your beneficiaries. Baby boomers are already in the throes of the most significant wealth transfer in history. Over the next 25 years, they are expected to leave $68 trillion in wealth to their …

The Importance of Long-Term Care Planning

Long-term care coverage can fill in the gaps other health care insurance leaves behind.  Long-term care insurance helps cover the cost of assistance with daily living tasks, including bathing, dressing, eating, and mobility. This type of care is not covered by Medicare, supplemental Medigap policies, or other traditional health care insurance. If you’re relatively young and healthy, you may feel …

What You Need to Know About Investing During an Election

Elections can move the market, but that doesn’t mean you should change your approach Like any big news event, U.S. presidential elections can cause ripples and even waves in the stock market. In November 2016, for example, Donald Trump’s victory sent Dow Jones Industrial Average futures plunging 900 points on election night, as investors reacted to the unexpected outcome. The …

Preparing for Healthcare Costs in Retirement

For many Americans, navigating the maze of health insurance options—from employer-based plans to individual policies—can be dizzying. Much of that changes at 65. That’s when individuals generally are eligible for Medicare, which covers routine health care expenses such as visits to doctors and prescription drugs. But the program doesn’t cover everything. Here is a breakdown of how Medicare works—and your …

6 Steps to Protecting Your Wealth During Divorce

A divorce is one of the most difficult transitions you can go through. When you add uncertainty about money, that transition can get even more stressful. Here are six steps to help keep your finances intact during—and after—a divorce:Step 1. Assess your finances and make a budgetAs divorce proceedings get underway, take stock of your finances. Start by reviewing your …

Understanding Retirement Income Tax

When you retire, you’ll likely draw your income from several sources—such as retirement accounts, taxable investment accounts, and Social Security Benefits. Each of these sources is taxed according to its own rules. So, in order to accurately plan for your retirement, you need to know what these rules are, whether (and when) you’re required to make withdrawals, and how paying …

How to Protect Yourself From Identity Theft

Online banking and electronic payment options offer consumers unprecedented access to their financial accounts. Yet, this convenience comes at a price—a greater risk of identity theft. Identity thieves can use your personal information to open fraudulent accounts and steal your money through unauthorized purchases and withdrawals. Luckily there are steps you can take to protect against identity theft and reduce …

5 Rules of Long-Term Investing

These best practices can help you stay invested during the market’s ups and down The COVID-19 pandemic helped put an end to the longest bull market in history. The stock market plunged, and many investors were tempted to pull their money out of the market to avoid additional losses. But periods of uncertainty offer a good reminder to investors that …