When thinking about retirement, where you plan to live is a big factor. There’s a lot to consider when picking the place you want to live after retirement. Depending on your lifestyle, you may consider living abroad. Retiree’s who are interested in living abroad have a lot more factors to take into account, such as healthcare, transportation and language. Here are some important issues to think about before you make the move abroad:
Many couples have separate bank accounts, with a shared or communal account to pay household needs and expenses. Both may contribute equally to the account, but still maintain individual checking and saving accounts. With a second marriage or both working outside the home, an arrangement like this is common. But when it comes to retirement, how does having separate accounts affect your retirement?
10 million adults are helping provide care for their aging parents. If you're one of them, watch this video to learn tips on how to help!
It's easy to believe that American values have drastically shifted. Look at the Millennials versus the Boomers, right? Couldn't be more different... right? We read about the shift from community-driven to individual-driven, patient versus the need for instant gratification, "can do attitudes" to "need help" attitudes. Sometimes, it does feel like the good ole' days really may have been, well, good. What happened to saving, planning and investing in our local economies?
While divorce can be a sad and trying time for families, understanding the financial impact of the separation going into it can make you feel like you have some control in the process. The IRS published a helpful list on the tax impact of a divorce or legal separation. Here's a good list of key tips to understand if you get divorced:
College planning is an important aspect of your overall financial plan. Choices made around funding your child's education can have a huge impact on your retirement objectives. Now, there is some good news for students and parents-- rates on new loans issued during this academic year, July 1, 2015 through June 30, 2016 are slightly lower than they've been in the past. The details are listed in the chart below:
Your financial plan will be reliant upon many factors: income, family composition, assets & liabilities, goals and ultimately, your life stage.
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June, July, August... you know what that means... it's wedding season!