For many of us in life, regardless of what it might be, we typically try to figure how to do things by ourselves. It could be fixing the car, something around the house, or as we’ll be covering here, managing your own investments and finances.
At some point in our life, though, lack of time and knowledge becomes an issue. Most of us can figure out the basics of investing and financial planning, but eventually, you simply don’t know what you don’t know if it’s not your profession.
When I got into this industry over 16 years ago, I’ll be honest and admit I really didn’t have a clue what I was doing. I started the Monday after I graduated from college and was thrown into the “bullpen” and told to start studying for my exams that I was to take over the next 4 months—I won’t bore you with the details.
Once I passed those, I then went through some really terrible sales training. When I returned back to the office, I was basically told to start bringing in new clients and good luck. Seriously, that was it.
As you transition into retirement, one of the most pressing issues to consider is applying for Social Security. Although these monthly payments probably aren’t your entire income source, they can be a vital part of your retirement budget.
If you’re married when applying for Social Security, your spouse may also be entitled to benefits, even if he or she is not at retirement age. However, while this process is relatively straightforward for current married couples, what if you’re on a second marriage?
Remember when saving for retirement used to be so easy? Yea, I don’t either because I wasn’t alive back then. However, if you were, all you had to do was work 40 years at your employer, get your pension and social security and then sail off into the retirement sunset.
Today, on the other hand, it's a totally different story. It now basically falls completely on your shoulders. There are so many questions. How much should I save in my 401k? What do I even invest in? What about a Roth IRA? The list can go on and on. Let's take it step-by-step to get you moving in the right direction so you can get to retirement – or what I like to call financial independence – sooner rather than later.
What kind of legacy are you going to leave when you die? If you haven’t pondered that question yet, now is the perfect time to start. If you have money or any property that you want to pass on, it’s well past time to get a plan in place for when the inevitable happens.
However, when it comes to estate and legacy planning, you will want to include your children in this process. It may be tempting to try and figure everything out on your own, but it’s often much better to keep them involved.
This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.
This article WILL NOT teach you how to win the lottery. However, it will teach you how to invest any large lump-sum of money that you come into unexpectedly. if you're looking for lottery get-rich-quick schemes, this is not the right article for you.
If you’re nearing retirement, you might have life insurance or an annuity you no longer need. If so, you should be aware of what’s called a 1035 exchange.
A 1035 exchange can help you if you’re unsure about what to do with an old life insurance policy or an annuity.
Most retirees don’t really understand how their Social Security benefits are calculated. The more we learn, the more surprised we are. Social Security has evolved over the years to become a major piece of the retirement puzzle for most Americans.
In short, those who understand Social Security can get the most out of the benefits they earned. On the other hand, if you start drawing Social Security without fully understanding the impact on your situation, it could cost you big time.
As our economy seems to be coming out of a dark economic era, it’s important to know what lies ahead. As a consumer, you want to know if you can trust the perception and what appears to be true. Is the economy back on the rise?
And how can we know for sure? One thing we can do is be more mindful of consumer sentiment. But ,what is consumer sentiment, and how is it measured?
Not everyone wants to spend the next 30 years paying a mortgage. Most of us want the wprivilege that comes with homeownership but feel it’s a lot to have to carry for so long.
Wouldn’t it be great to be a homeowner and not have to carry the burden of a 30-year mortgage for, well, 30 years? What if you’re pretty close to retirement but still foresee a lengthy mortgage payment in your future?
Your Social Security benefits could be reduced if you also have a pension. Don’t be caught off guard by all the unique rules surrounding pensions and Social Security. Knowing the facts about Social Security taxation, the Windfall Elimination Provision, and the Government Pension Offset is essential.
Armed with the correct information and guidance, you can avoid surprises and cover your bases. A common concern for retirees with a pension is how this will affect their Social Security benefits. Let’s take some time to understand which rules apply to your situation so you can plan accordingly.
Saving for retirement is a big deal. The average American will spend nearly a million dollars between the time they retire and their death. Social Security payments won’t cover those expenses, so having savings and investments is essential.
One of the most common retirement plans is the 401(k). It’s a benefit that some jobs offer. You and your employer generally get some sort of tax advantage, which makes it a popular choice.
Annuities can be incredibly confusing, but they don’t have to be. Once you understand the most common annuity acronyms, it’s a lot less scary. Each annuity contract will be unique to your needs, the insurance company, and the optional riders available.
When buying an annuity, it’s best to zoom out and look at your entire financial picture first, and then decide if an annuity is right for you. We don’t want you to get excited about one particular type of annuity first, and then figure out how to make it fit your goals. Your life and retirement goals should drive all your retirement decisions.
Looking for financial advice can be confusing and overwhelming. But it doesn’t have to be. The financial industry uses ambiguous and overlapping terms, but what do they really mean?
If you’re like most people, you just need an honest answer to tough financial questions. Yet, when you start looking for help, you’re met with a variety of terms like adviser, advicer, manager, and planner – all with the words financial, wealth, fiduciary, and investment added to spice things up.
This post was last updated on March 31, 2026, to reflect all updated information and best serve your needs.
Receiving an inherited IRA is a significant and emotional event. Sadly, inheriting a retirement account means someone close to you has passed away. The last thing anyone wants to think about is having to avoid tax penalties on the account they inherited, but it’s a real concern.
This post was last updated on March 30, 2026, to reflect all updated information and best serve your needs.
Rising costs and running out of money are a huge worry for many retirees. However, moving forward, you may be eligible for a new “tax freeze” on your Missouri personal property bill. Every little bit helps!
This post was last updated on March 30, 2026, to reflect all updated information and best serve your needs.
The Tax Cuts and Jobs Act (TCJA) of 2017 significantly changed our tax landscape. Most changes were temporary and set to expire or “sunset” at the end of 2025. However, this didn’t exactly happen.
This post was last updated on March 28, 2025, to reflect all updated information and best serve your needs.
SECURE 2.0 didn’t cause any real major changes, but collectively, all the small changes have a significant impact. Put a different way, SECURE 2.0 probably won’t make or break your retirement, but you certainly need to update your financial plan.
This post was last updated on March 27, 2026, to reflect all updated information and best serve your needs.
There are three main phases of retirement planning: accumulation, transition, and decumulation (retirement). Depending on which you’re in, you’ll need to focus on different aspects of your financial life. The advice and expertise you need also change as you move through these phases.
Annuities and required minimum distributions (RMDs) are some of the most confusing and buzzworthy topics in retirement. But do you need to worry about either one? Maybe, maybe not.
Annuities often create confusion because of their complexity and the high-pressure sales tactics used to get you to buy them. RMDs are annoying because nobody wants to be forced to do anything in retirement, let alone pay taxes on top of it. It’s important to understand what type of annuity you’re talking about, whether RMDs are going to be an issue for you, and what alternatives you might have.
