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
What Have I Done? 5 Retirement Decisions that are Permanent
It’s unfortunate, but as a financial advisor in New Haven County, I often talk to retirees after they’ve made a mistake with their retirement plans. Even more unfortunate, certain decisions cannot be undone. While there’s usually an opportunity to make up for a bad decision, it can be expensive both in time and money. It’s my personal goal to try to reach as many pre-retirees before these mistakes are made. Proper research and the help of a qualified financial advisor […]
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Date: May 17, 2021
Retirement Planning Connecticut: Staggering Benefits and Retirement with Your Spouse
Some say that a part of the American dream is for a couple to retire at the same time and enjoy their Golden Years doing everything together. The American reality may be something different. How to arrange your finances so that you, as a couple, don’t outlive your money and still have an enjoyable retirement lifestyle can be a complicated process. You cannot ignore the psychological effects that can accompany retirement, effects that can multiply if you both retire at […]
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Date: April 19, 2021
Navigating Taxes IN Retirement
The road to lower tax paid runs through your entire lifetime, both pre- and post-retirement. The decisions you make before retirement critically impact your tax situation after retirement. But don’t dismiss the additional steps you can take within retirement to keep your taxes as low as possible. (This is especially important for a high net worth retirement, because the more money you have, the higher the taxes you’ll face.) How is Social Security Taxed? Social Security benefits are subject […]
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Date: March 8, 2021
How to Get Accurate and Realistic Retirement Projections
Decisions about retirement have both objective and subjective components. Generally, the objective components deal with your money – how much you’ll have and how much you’ll need. To get accurate and realistic retirement projections, you’ll also need to consider other factors, such as your age, health, debt and estate plans. On the subjective side is deciding when to retire, where to live after retirement, and what to do with yourself in retirement. Do you have family that you want to […]
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Date: February 22, 2021
Do You Really Need a Financial Advisor? Investing Mistake #1: Not Considering Inflation!
As a financial advisor in Woodbridge, CT, as well as the founder and president of Heritage Capital, I see some of the same dangerous mistakes made by DIYers (and sometimes bad financial advisors) when putting together a financial plan. It is not properly factoring in the detriments of inflation. Inflation is a general rise in prices over time, which reduces your purchasing power. In other words, it cuts your standard of living. It’s been tame for years, but don’t be […]
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Date: January 18, 2021
New Year’s Resolutions: Using What We Learned From 2020 (And 1986)
The year 2020 will not soon be forgotten. For some, the market created significant new wealth. But for many folks, the year was terrible in terms of health and finances. Even so, it’s an ill wind that blows no good, so we would do well to pay attention to the year’s hard-learned lessons. Perhaps the best way to do this is to apply some new wisdom to our 2021 New Year’s resolutions. Another year worth studying is 1986, leading up […]
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Date: December 14, 2020
Does Your Retirement Plan Cover You for Life?
One factor that can complicate your retirement planning is not knowing how many years your retirement will last. While no one can know for sure, if you haven’t considered your realistic life expectancy, you risk shortchanging your later years or even running out of money. According to the U.S. Census Bureau, the average length of retirement is 18 years. People retire at age 63 on average, and a general life expectancy is 81 years. That means a typical retirement plan […]
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Date: December 7, 2020
Why People Don’t Participate in Their 401(k) Plans … And Why That’s a Big Mistake
Here’s a shocking statistic: In 2018, almost 30 percent of private sector workers with access to a 401(k) or similar plan did not participate. Here’s another one: About 20 percent of participants don’t take full advantage of their employer’s matching program. As the founder of Heritage Capital, this boggles my mind. Failure to fully take advantage of a 401(k) is truly a big mistake and can mean a shortfall of hundreds of thousands of dollars at retirement time. Why are […]
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Date: November 17, 2020
