Social wellness should be top of mind whether you’re approaching retirement or already retired. Social wellness refers to nurturing yourself and your relationships. It can provide you with a positive social network that improves your self-esteem and overall quality of life.
Whether you’ve had an estate plan for years or only recently set one up, it’s essential to update your estate plan from time to time. So when should you update your estate plan? That answer depends on your unique circumstances. However, most financial experts recommend that you review and revise your estate plan every three to five years or after you’ve undergone a significant life event. Here’s a closer look at circumstances that may warrant an update to your estate plan:
No matter your age or stage of life, it’s essential to conduct a yearly financial review with your financial professional. A financial review will allow you to take a close look at your finances, assess the success of various strategies, and determine whether you need to make any changes.
If you currently invest in real estate or if you plan on investing in today’s real estate market, it’s essential to understand its risks.
Inflation is the rate at which the cost of goods and services rises. Inflation affects and is measured by the consumer price index (CPI), which monitors the average prices of goods and services across categories like food, vehicles, apparel, and healthcare services.
People are living longer and will likely need long-term care (LTC) at some point in their lives. The unknowns in most financial plans are how many years you will need LTC and what it will cost. Periods of high inflation significantly increase the cost of health care and LTC, even when prices return to normal. According to a study by Healthview Services, retirees will have to pay for healthcare in retirement, with inflation currently at a 40-year high. Other study findings include:
..Teachers often have defined benefit pension plans, but similar to other industries, states are ending the use of pension plans requiring teachers to set up their retirement savings plans themselves. In this article, we explore why teachers need financial planning.