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Have you heard the term “shirtsleeves to shirtsleeves in three generations”? It refers to the trouble of building generational wealth: The first generation builds wealth, the second generation spends it, and the third generation gets nothing. If you’ve spent years saving and investing wisely to prepare not just for your retirement, but to build a legacy of wealth that you can share with your children and other descendents, then this is probably not what you have in mind. But statistics bear out the old saying. In fact, it’s reported that 70% of wealthy families lose their wealth by the Read More

Understanding Your Retirement Readiness Being ready for retirement is about so much more than hitting a certain retirement age. Here we look at three areas that you should consider when determining whether you’re in a position to retire. Approaching retirement comes with so many questions. Will you have enough money? Will you be able to accomplish what you’d like to do with the money you have? Will you be satisfied with retirement life? While it’s true that success in your retirement years is due in large part to finances, there are other factors to consider, as well. As you Read More

The end of the year isn’t the only time to tackle financial to-dos. The first of the year can be a great time to wrap up tasks you didn’t quite get to in Q4, or to set yourself up early for wealth planning success in the coming months. If you’re ready to start 2021 on solid financial footing, rather than putting things off until later on in the year, then check out our first-of-year wealth and financial planning checklist. #1 Review your 2020 finances and investments and make necessary adjustments. Take a look at your spending, savings for retirement, cash Read More

The perks of 401(k) plans are many: They offer tax-deferred savings, employer matches, and a consistent, reliable way to ramp up your retirement planning. But does that mean you should make the maximum contribution? With an employer-sponsored plan, your 401(k) contributions are deducted from your paycheck, pre-tax, which automates and accelerates your retirement savings — certainly a no-brainer. But what takes a little more brain work? Determining exactly how much is the right amount to contribute in a given year. Should you contribute the minimum (usually 3%) to get the employee matching contribution (also known as free money), or Read More