What to Do When You Inherit Your Parents' House

By: Daniel S. Miller, CFP®

Should You Delay Retirement?

By Daniel S. Miller, CFP®

The day has finally come, you have your stuff in a box, you have shaken everyone’s hand, and you are headed for the door. Your last day of work! No more being a slave to the alarm clock, and everything is all downhill from here. Nothing to think about, no more decisions to make, you can just coast on out into the sunset. RIGHT!!!

Today, I want to look at the various choices we have when deciding how to save for retirement. Which type of, or collection of accounts, is right for what you are trying to accomplish? In last month’s blog we discussed the concept of the “3-Legged Stool” which included what I consider to be the three key pieces to a strong retirement income stream.

If you are between 40 & 60, beware of these financial blunders & assumptions.

What financial, business, or life priorities do you need to address for 2019? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to lowering your taxes. You have plenty of options. Here are a few that might prove convenient.

How much have you saved for retirement? Are you on pace to amass a retirement fund of $1 million by age 65? More than a few retirement counselors urge pre-retirees to strive for that goal.

Imparting a legacy with your family is one of the most important things you can do in life. One of the ways to impart that legacy is to teach your children how to properly manage their money. According to a Pew Research Report, for the first time since 1880, young adults aged 18-24 (also known as Millennials) are more likely to live with their parents, than any other arrangement. Yikes!

What if something happened to me while my kids are still in school? Would they still be able to go to college? Would my spouse be able to stay in our current home? Would they have to downsize? What if one of the breadwinners in our house became disabled? Would we be able to maintain our current lifestyle and care for them?

Will I be financially ready to retire? What is the best way to save for my kids’ college? Should I take Social Security early? Is our home properly insured? When should I start looking at Medicare? Would my family be taken care if something happened to me tomorrow? What if I became disabled? Could we still maintain our lifestyle? YIKES!