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Prepare Your Accounts Before the Holiday Season
4. Have you planned for rising interest rates? Do you remember the high interest rates of the ’70s and ’80s? They have been all but forgotten, thanks to the low interest rates of the past nine years. But interest rates have increased recently, lowering the values of many bonds and increasing rates for principally protected insurance and bank products. Variable loan rates have increased as well, which will reduce cash flows and budgets. Ask if you should reduce bond exposure; and, if so, what you should be investing in. 5. Do you have a plan at all? I’ve talked about this many times in the past, but it bears repeating. Winging it without a plan is dangerous. If you want to enjoy the retirement you’ve always envisioned, your goal should be to get proactive and eliminate or reduce the risks that are within your control before they occur. These are just a few tips to help you get into a good place before the holiday rush. Take advantage of this slow time right now, because it will be January before you know it. Our doors are always open to you to answer any and all questions you may have. Let us help you address all the above-mentioned items in order to build a smart written plan tailored for you so that you can enjoy the retirement lifestyle you so richly deserve! –Adam Wolf, CPA, CFP ® Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.
September is a weird month. With the kids and grandkids back in school, we’ve officially left behind the unscheduled and spontaneous months of summertime. But we’re not quite yet into the constant chaos and busyness of the holidays. We’re in a bit of a lull; and while it’s tempting to kick back for a moment and just take a breather, I believe September is the best time to plan your battle strategy for the rest of the year. for others, it might mean hammering out exactly where they’re going for Thanksgiving this year. I can’t give you any suggestions for your holiday plans, but I can say that your holidays will be a lot more relaxing if you don’t have to worry about what your financial accounts are doing. Here are a few retirement risks you should think about now, before you get too busy during the holiday season. 1. Does your portfolio have too much risk? Are you taking too much risk? Do you know what your returns are? Do you know what the worst-case loss scenario is in your portfolio? While focusing only on potential loss is counterintuitive to focusing on growth, knowing what your losses could be helps you to build a smarter plan that better balances your risks and rewards and establishes a Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Wolf Retirement Navigation LLC and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision. For some people, this might mean starting their holiday shopping now; and
safety net in the event of that worst-case scenario. 2. Are excessive fees eating away your accounts? We will dive deeper into the topic of excessive fees inside this issue, but the first step is to learn how much you are paying in management fees. Excessive fees can significantly reduce how much you keep and enjoy in retirement. Hundreds of thousands of dollars could go from your accounts into someone else’s pocket over the course of your retirement. Learn what your fees are and figure out how you can reduce them. 3. Have you planned for federal tax increases? The big story at the beginning of this year was how the new tax plan reduced federal taxes for many people. This is great news, but it’s probably not sustainable. Based on my research, the federal government will inevitably have to increase taxes to pay for our country’s bills. Seventy-five cents of every dollar in the $4 trillion budget goes towards paying Social Security, Medicare, Medicaid, and interest on the debt. The rest is borrowed. With 10 baby boomers retiring daily, this price tag will continue to increase. The government will have to increase taxes to pay for it. You need to be prepared for this.
This information is designed to provide general information on the subjects covered; it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Wolf Retirement Navigation LLC and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
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