Wealth Wednesday

If you think hiring a financial advisor is something you want to explore, what do you need to know? Unfortunately, finding an advisor who is a good fit for you can also be intimidating. Our industry has not done a good job of eliminating its problems. There are conflicts of interest. Getting a license doesn't require an advanced degree. And there are often incentives that don't always encourage good behavior. Here are 4 key questions you should ask.

At some point in our lives, we will stop working. For many of us, we will choose when that will happen. But for others, it may not be your choice. An unplanned retirement can lead to some difficult decisions. Here is what you need to know if you are forced to retire early.

Social Security faces a major challenge. Projections show a significant funding shortfall. Right now, projections show a 24% shortfall in 2034. This would mean a pay cut for millions of retirees. This year is also an election year, and this will be a hot topic. How will they fix it?

Who wants to be a millionaire? Fidelity released their annual study and the number of 401k millionaires increased by 11.5% in 2023. What does it take to get there? We will share some insights from their data and translate that into how it can help you eventually become a 401k millionaire.

As much as financial planners like us want to think that number crunching is the key to creating a successful retirement, it likely has more to do with your mindset than anything else. Today we share three key traits that can lead to better outcomes.

One of the most important elements of any retirement plan is what you spend. As you reach your fifties, one important goal to focus on is paying off your mortgage and other debt before you retire. Let's look at how the average American spends in retirement, and why not having those big debt payments can improve your chances for success.

Personal finance radio personality, Dave Ramsey, ruffled some feathers not long ago with a rant about safe withdrawal rates. His claim: You can rely on an 8% withdrawal rate in retirement. Is this dangerous advice or are nerdy financial advisors like us stealing your hope for retirement?

A prolonged stay in a nursing home can be very expensive. For some, it could wipe out their retirement savings. Consider this, according to Morningstar, a 70-year-old couple who incur expenses for long-term care see their wealth decrease—on average—21% over nine years. As we get closer to retirement, it is something we should all be considering. Today, we tell you the statistics you should know about long-term care in 2024.

One of the most important elements of planning for retirement is understanding how much you will spend when you get there. Creating a budget is not a task most people enjoy. The tedious process of going through bank and credit card statements creates an obstacle to the planning process. If only there were an "easy button" to help you figure things out. As luck would have it, there is a useful guideline. Fidelity created some general guidelines to help people begin thinking about their retirement plans. Today we look at one of them: Using the 70% Rule to easily determine your retirement spending.