Planning for retirement can be overwhelming, but it becomes much easier if you start early. If you plan to retire next year, there are specific things you must consider and implement now as you prepare for an independent retirement. Here are seven tips to help you prepare to retire.

#1- Pay off debt.

Before you retire, it's essential to eliminate as much debt as possible. Whether credit card debt, mortgage loans, or student debt, any outstanding financial obligations may affect your retirement savings. Eliminating these debts can help you manage your monthly expenses and have more cash for your golden years.

#2- Estimate your retirement income needs.

The first step in retirement planning is estimating how much money you need to...

Financial planning, including tax planning, is vital to personal financial health and wealth accumulation. Financial professionals often specialize in tax planning, determining one's wealth growth trajectory and overall tax liability. They frequently collaborate with tax professionals to provide proactive tax-planning services for their clients.

This focus on tax planning and other specialties can help clients work toward financial independence, knowing that their financial affairs—and taxes—are in capable hands. Here are some reasons why discussing taxes and tax planning is essential.

Tax laws

Tax laws evolve continually, and staying updated with these changes can be overwhelming for individuals unfamiliar with the intricacies of tax legislation....

Numerous factors can influence retirement savings and the longevity of one’s retirement nest egg. Among them are longevity, liquidity, inflation, mortality (the stock) market, and taxes (LLIMMT). Each plays a crucial role in shaping an individual's retirement outlook.

This article covers LLIMMT and a comprehensive understanding of how each may impact planning for retirement.

Longevity— Longevity pertains to life expectancy or the length of time that a retiree expects to live beyond the average retirement age. With advancements in healthcare, the average lifespan has been gradually increasing, which means that retirees need more money to cover their expenses for a more extended period.

If retirees underestimate their longevity, they might exhaust...

The estate tax, also called the death tax, is a tax on transferring assets from a deceased person to their heirs or beneficiaries. One significant component of our current estate tax law is the sunset provision, which implies that specific policies within the law have a set expiration date after which they cease to exist. The impending estate tax sunset on December 31st. 2025, may significantly impact high-net-worth individuals transferring their estate to heirs and those who inherit these assets.

In this article, we review the current estate tax exemption, the step-up basis rule, and how proactive estate planning and the implementation of strategies may help lighten the tax burden on heirs.

Today’s Federal estate tax exemption

Currently, the estate...

As the end of the year approaches, it's time to start thinking about what comes next for your finances in the New Year. Reviewing your financial situation can help you evaluate your financial health and set the stage for working toward goals in the coming year. Here is an eight step end-of-year financial checklist to work through as you pursue being on top of your financial game in the New Year.

1. Review your budget.

The first step in your end-of-year review should be assessing your current budget. Did you stick to your planned budget throughout the year? If not, identify areas where you overspent or underspent, then make necessary adjustments for the coming year. For example, did you underspend on your retirement savings contributions? If so, adjust your...

One of the major concerns people have when planning their retirement is how to protect their retirement savings from unforeseen medical expenses. Healthcare costs have steadily risen, but adequate planning can help maintain these costs in retirement. This article outlines four ways to help protect one's retirement savings from unexpected healthcare costs in retirement.

1. Maintain regular health checkups and screenings.

Additionally, monitor your health and go for regular checkups. Regular checkups can help detect any health issue early, reducing potential medical costs. A healthier lifestyle can also decrease your likelihood of developing chronic illnesses, which can be costly to manage in the long run.

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When giving gifts to our children or grandchildren, or others close to our heart, we often default to the latest toys or gadgets. However, the value of these items tends to diminish over time in terms of both interest to the child and monetary value.

A different approach to gifting can focus on investing in a child's future. This perspective offers more than instant gratification; it provides lasting benefits that may help provide an independent future for your loved ones.

Savings account

A savings account is a traditional way to invest in a child's future. Opening an account in their name provides them with a financial safety net and can familiarize them with saving from an early age. It encourages them to think about finances and manage money...

Asset protection is a crucial aspect of entrepreneurship that women entrepreneurs must be aware of, regardless of the industry in which they operate. Women entrepreneurs must create a barrier to their personal and business assets. With a comprehensive approach, they can protect their wealth and business continuity.

Crafting an asset protection plan involves working with financial, insurance, and legal professionals to implement strategies to help protect personal and business assets from potential claims and lawsuits.

This article emphasizes asset protection strategies women entrepreneurs must consider to help protect their personal and business assets.

Tip #1- Keep business and personal assets separate.

A pivotal asset protection strategy for...

The fourth quarter of the year is crucial as it represents an opportunity to assess the past year's portfolio performance, gauge current investment strategies, and lay the groundwork for the coming year. These end-of-year reviews are more than just reviewing the highs and lows of market performance. Instead, they provide thoughtful insights that can impact the financial strategies used as one works toward their goals in the forthcoming year.

Here are the five critical areas that a fourth-quarter review will assess.

Portfolio performance

Fourth-quarter reviews enable investors to measure how well their portfolio has performed against projected outcomes and predefined goals. This assessment helps investors and financial professionals evaluate the...

As the U.S. population ages and life expectancies continue to increase, Social Security policymakers and experts are considering various adjustments and updates to the program to help lengthen its long-term sustainability. Three significant discussions are underway that may impact Social Security retirement benefits starting in 2025.

Using a different index to determine COLA

Another proposed change concerns calculating cost-of-living adjustments (COLA) for Social Security retirement benefits. Some policymakers have suggested using a different index, such as the Chained Consumer Price Index for All Urban Consumers (C-CPI-U), to accurately reflect changes in the cost of living. This adjustment could result in a lower annual increase in benefits but may help...