How Interest Rate Changes REALLY Impact Retirement
Yes, higher interest rates are here. No, they do not signal the end of your assets or savings. Despite market volatility in the markets and drama in the news, you can still retire with confidence in CT. In fact, retirees and those planning to retire in the New Haven and Hartford areas do not need to panic. Read on and I will explain both why and how you may even be able to increase your returns. Inflation, Interest Rates, […]
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Date: May 20, 2022
Reduce Your Retirement Tax Bill With a Backdoor Roth Conversion
Capital gains and other taxes spike for higher income brackets, so reducing tax liability is crucial in high net worth investing strategies. Roth IRAs present a rare opportunity to accumulate gains and withdraw them tax-free in retirement. However, direct contributions are not allowed for higher-income individuals. If your individual Modified Adjusted Gross Income (MAGI) is $144,000 in 2022 or your joint MAGI is $214,000 in 2022, you cannot contribute to a Roth IRA. However, there is another long-term investing strategy […]
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Date: March 21, 2022
Inflation is Here: How to Protect Your Retirement
Working with a registered investment advisor in CT, can help alleviate a rise in blood pressure caused by the recent rise in inflation. While retirees are likely to be some of the most affected, an investment advisor can help you prepare with a retirement strategy that accounts for any crisis often resulting in inflammatory periods. Before you can make an informed plan on how to protect your retirement, you need to understand what causes inflation to rise, what you might […]
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Date: March 7, 2022
The One Mistake Jack Made that Ruined his Retirement
They say we learn from our mistakes, but when it comes to retirement, the lesson may come too late to be of any value! With that in mind, here’s an opportunity to learn from someone else’s – a cautionary tale about the importance of a second opinion and switching financial advisors. An investor, who I’ll call “Jack,” was a mid-level manager at a large Fortune 500 company. He liked his company but admitted that it didn’t offer much advice on […]
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Date: November 29, 2021
5 Times a DIY Strategy to Financial Planning Doesn’t Work
If you have the time and expertise, you might be able to do your own financial planning. However, most people lack both, which is one of the many reasons to use a financial advisor for guidance. Taking on a task you’re not properly suited for can end in costly, avoidable mistakes. Unfortunately, it takes many DIYers a few big mistakes to finally ask for help. We see this a lot at Heritage Capital, when prospective clients come to us, asking […]
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Date: October 4, 2021
I’m 55; Is It Too Late to Plan for Retirement? 5 Reasons the Answer is No
Maybe a job loss early in your career prompted you to “temporarily” pause your retirement contributions, and once you got resettled, you simply forgot to return to your original plan. Maybe you misguidedly assumed Social Security or a promised inheritance would carry you through your Golden Years and you’re just now realizing it likely won’t. Or maybe life’s short-term goals simply took priority and you felt you just couldn’t save for retirement, especially when it was still decades away and […]
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Date: September 20, 2021
What You May Not Know About Robo Advisors and Target Date Funds
The initial enthusiasm for something new is sadly often followed by disappointment when more facts come to light. In the investment world, two items that have become popular in the last decade are target date retirement funds and robo advisors. Each promised to provide cost-efficient investment management and superior results. But what has become clear is that whatever their merits, these two methodologies have a number of flaws that require careful consideration. This is especially true when it comes to […]
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Date: September 13, 2021
How to Recover from Financial Loss Right Before Retirement Age
After carefully contributing to your retirement accounts for decades, it can be quite devastating to experience a financial loss just as you prepare to retire. However, while it may feel like it, the world isn’t coming to an end. You can take steps to recover from an untimely loss, but it requires that you keep your perspective rather than surrendering to fear. At Heritage Capital, we can help. How? Here’s an example. When and Why This Can Happen An […]
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Date: September 6, 2021
Retirement Planning CT: Can I Still Retire Post-COVID-19?
As the world transitions to life post-pandemic, some things will never be the same. For a lot of people, that’s retirement. According to recent reports, about 50 percent of working adults say the economic consequences of COVID-19 will make it harder for them to achieve their financial goals. Of these people, 44 percent believe it will take them three years, if not longer, to get back to where they were a year ago. This includes many high-income business owners, especially […]
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Date: July 26, 2021
Financial Planning for Women: Q&A
Several studies have shown that women are better investors than men, in that they earn higher returns, are less prone to volatile trading and pay less in commissions. You can agree or disagree, but that’s what the data shows. Some men have a difficult time accepting this. Yet, women face several gender-specific financial challenges throughout their lives, including unequal pay, taking time out for family reasons, higher costs for medical care, and a longer life expectancy than that for men. […]
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Date: July 12, 2021
