Read our latest blogs | Simple Impact

When the market goes on one of its periodic roller-coaster rides

It's useful to have strategies in place that prepare you both financially and psychologically to handle market volatility. Here are 11 ways to help keep yourself from making hasty decisions that could have a long-term impact on your ability to achieve your financial goals.

Estimate Your Retirement Income Needs

Estimate Your Retirement Income Needs.  Planning for your retirement is important, and the first step is to estimate how much income you will need to fund retirement. Retirement planning is not an exact science, so an Independent Financial Consultant may help define and address specific needs depending on your goals and other factors.   A starting point is your current income   One method is calculating annual retirement income as a percentage (typically 60% to 90%) of your current income. The appeal lies in its simplicity, and there is a common-sense analysis underlying it: If your current income sustains your present lifestyle, taking that income and reducing it by a specific percentage to reflect discontinued expenses such as payroll taxes, theoretically can you sustain your current lifestyle?

Personal Residence Issues in Retirement

As you grow older, housing issues become an integral part of your retirement plans. You may be living on a fixed income and want to get additional cash by borrowing against the equity in your home. You may feel isolated in that big house you bought 30 years ago when your children were young. Perhaps your health isn't what it used be, and you may desire more convenient access to medical services or may need around-the-clock care. Maybe you want to leave your home to your children and avoid estate taxes if possible. These are just a few of the personal residence issues you may be facing in retirement. It is important to make a timely examination of the primary residence issues in your life. Financial, emotional, and physical considerations will drive your decisions. Careful planning may allow you to enrich the quality of your retirement years, get the health care and services you need, and maximize the financial benefits of homeownership for you and your family.

Financial Basics for Millennials

With age comes responsibility, so if you're a young adult in your 20s or 30s, chances are you've been introduced to the realities of adulthood. While you're excited by all the opportunities life has to offer, you're also aware of your emerging financial responsibility. In the financial realm, the millennial generation (young adults born between 1981 and 1997) faces a unique set of challenges, including a competitive job market and significant student loan debt that can make it difficult to obtain financial stability. Poor money management can lead to debt, stress, and dependency on others. Fortunately, good money management skills can make it easier for you to accomplish your personal goals. Become familiar with the basics of planning now, and your future self will thank you for being responsible.

 

 

Choosing a Beneficiary for Your IRA or 401(k)

Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries. Retirement Plan Consultant offers effective retirement solutions that are designed to support participants on their way to retirement effectively.  Although taxes shouldn't be the sole determining factor in naming your beneficiaries, ignoring the impact of taxes could lead you to make an incorrect choice. In addition, if you're married, beneficiary designations may affect the size of minimum required distributions to you from your IRAs and simple IRA retirement plan while you're alive.

Asset Protection in Estate Planning

Asset Protection in Estate Planning

You're beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others. While finding the a financial advisor can be bennficial to your retirement.

Trust Basics

What Is a Trust?

 Whether you're seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Here you will also need to hire Financial Advisor Services to make the worthy decisions. Their power is in their versatility — many types of trusts exist, each designed for a specific purpose. Although trust law is complex and establishing a trust requires the services of an experienced attorney, mastering the basics isn't hard.

Tax-Savings Opportunity for NQSO Holders

If you’re lucky enough to hold nonqualified stock options (NQSOs), you may be wondering what they’re worth right now. Perhaps you’ve been fortunate enough to see your company’s share price increase since you received your NQSOs, but you’ve been waiting to exercise your options. Now, given the recent market downturn and volatility, you may feel as though you missed your chance to lock in maximum profits. That’s not necessarily true. But, true or not, the current market environment could present a different kind of opportunity when you exercise your NQSOs.

Gender Lens Investing

“It is my humble opinion that gender equanimity in our financial structure is a cornerstone to continued trickle down economic growth” says Sutherland, “I vigilantly watch to identify strategies that share this investment premise.”

CalSavers Education, If You are a California Employer You'll Need to Know This!

By now you may have heard the news that California business owners with five or more employees will be required by a new mandate to set up a retirement plan or enroll employees into CalSavers. So, what's driving the law?......