Financial Planning Archives

31 05, 2022

Why Today’s Retirees Might Fear Running Out of Money
Why Today’s Retirees Might Fear Running Out of Money

Why Today’s Retirees Might Fear Running Out of Money

BML Wealth Marketing2022-05-31T08:31:42-07:00May 31, 2022|Financial Planning, Retirement Income, Retirement Planning|

You might have been aiming to save a certain amount for retirement - and maybe you’ve already achieved that goal. But, considering inflation, an unpredictable market, and a lack of guaranteed income once your paycheck stops, you might be reconsidering whether you’ve actually saved enough. There are a few reasons why today’s retirees might fear running out of money and why they need to have a financial plan. Inflation at 40-Year Highs Daily life is arguably the most expensive it’s been in 40 years. April’s year-over-year inflation rate was 8.3%. Gas prices recently hit a [...]

23 05, 2022

You Can’t Stop Inflation, But You Can Prepare
You Can’t Stop Inflation, But You Can Prepare

You Can’t Stop Inflation, But You Can Prepare

BML Wealth Marketing2022-05-23T08:34:33-07:00May 23, 2022|Economy, Financial Planning, Inflation|

Did you ever hear your parents or grandparents talk about how much less everything used to cost? They weren’t exaggerating - in 1960, a gallon of conventional whole milk was 31 cents, and today it’s $3.77 on average.[1] A few dollars might not seem like much, but that’s a 1,116% increase. You’ve likely noticed higher prices recently, even if they aren’t 1,116% higher. Unfortunately, you can’t stop inflation. But, you can prepare by working to protect your money from inflation. How Much is Inflation Costing You? In March alone, U.S. gas prices rose by more [...]

20 05, 2022

Your Business Succession Plan Checklist
Your Business Succession Plan Checklist

Your Business Succession Plan Checklist

BML Wealth Marketing2022-05-20T09:46:45-07:00May 20, 2022|Estate Planning, Financial Planning, Retirement Planning|

For many years, you’ve been the captain of your ship. Running your own business hasn’t been easy, and success was never guaranteed. Now that you’re getting closer to retirement, you’ll have to make some big decisions. In order for your business to outlive you, you’ll need to map out a path forward. This means setting up a succession plan for your business. Here’s a preliminary checklist to get you started. Identify Your Successors Name both managers and owners of the business, and codify their roles in writing, active or non-active, for all family members. And, [...]

16 05, 2022

Four Common Retirement Mistakes You Could Be Making
Four Common Retirement Mistakes You Could Be Making

Four Common Retirement Mistakes You Could Be Making

BML Wealth Marketing2022-05-16T00:11:19-07:00May 16, 2022|Financial Planning, Retirement Planning|

Practice makes perfect, but unfortunately, retirement isn’t something you can practice. It typically happens one time, and there may not be many opportunities to learn from your mistakes. The best way to avoid making mistakes in the first place is to educate yourself and create a plan. Here are some common retirement mistakes you could be making. Wishing for the Best Instead of Preparing for the Worst We saw record highs in 2021, but 2022 may turn out to be an entirely different story. The market may continue to react poorly to the prospect of [...]

2 05, 2022

The Retirement Rules Could Change Soon – Have a Response
The Retirement Rules Could Change Soon – Have a Response

The Retirement Rules Could Change Soon – Have a Response

BML Wealth Marketing2022-05-02T09:02:27-07:00May 2, 2022|Financial Planning, Retirement Planning|

If you have a financial plan in place, you may think you’re set. However, the rules of retirement are always subject to change. We’ve seen new retirement legislation in the last few years and could see more soon. It’s important to understand how you could be affected and think about how you will respond. The End of the “Stretch IRA” The first SECURE Act, passed in 2019, changed the rules for inherited retirement accounts: Instead of allowing those who inherit 401(k)s or IRAs to “stretch” distributions over their lifetime, they now must empty the account [...]

25 04, 2022

The History and the Future of Money
The History and the Future of Money

The History and the Future of Money

BML Wealth Marketing2022-04-25T08:36:02-07:00April 25, 2022|Financial Planning|

We’ve come a long way from trading pelts and seashells as currency, and there have been many changes to how we produce and use currency between then and now. The value of currency and inflation affect us all, as we’ve seen recently at the gas pump and the grocery store. Here’s what we can learn about our present from the history of money. Inflation Then and Now Inflation is nothing new. The ancient Romans caused inflation by mixing their silver coins with other metals so that they could mint more of them. The result was [...]

18 04, 2022

3 Major Retirement Expenses to Include in Your Budget
3 Major Retirement Expenses to Include in Your Budget

3 Major Retirement Expenses to Include in Your Budget

BML Wealth Marketing2022-04-18T06:24:23-07:00April 18, 2022|Financial Planning, Retirement Planning|

General retirement planning advice says that you’ll need about 80% of your pre-retirement income in retirement, but this may not be the case for everyone. Inflation, taxes, and long-term care costs are easily overlooked - but these expenses could be high. When creating your retirement budget, don’t forget to include these three expenses. Taxes: How Much Will You Pay in the Future? It’s easy to forget about taxes after you file, but it’s important to think long-term when it comes to your tax burden. Your tax situation can change significantly in retirement, but that doesn’t [...]

11 04, 2022

Rising Interest Rates and High Inflation – How Will You Respond?
Rising Interest Rates and High Inflation – How Will You Respond?

Rising Interest Rates and High Inflation – How Will You Respond?

BML Wealth Marketing2022-04-11T06:39:04-07:00April 11, 2022|Economy, Federal Reserve, Financial Planning|

The Federal Reserve voted to raise interest rates for the first time since 2018 and has several more rate hikes planned for this year.[1] Rising interest rates can have significant effects on the economy and your finances. Between a volatile market, high inflation, and rising interest rates, know how you’ll respond. The Federal Reserve Raising Interest Rates for the First Time Since 2018 The Federal Reserve recently voted to raise interest rates for the first time since 2018. They will raise the benchmark federal funds rate by a quarter percentage point to a range between [...]

14 02, 2022

How Do You Handle a Volatile Market?
How Do You Handle a Volatile Market?

How Do You Handle a Volatile Market?

BML Wealth Marketing2022-02-14T09:00:08-08:00February 14, 2022|Federal Reserve, Financial Planning, Stock Market|

Now that you’re nearing retirement, the term “market volatility” might stir up different feelings than it did 30 years ago. Older workers and retirees understand that they have less time to make up for losses in their investments and to ride out future market crashes than they did when they were younger. Leaving your financial well-being up to the whims of the market seems like less and less of a good idea as you get closer to retirement. So, what could cause market volatility, and how do you handle it? Federal Reserve, Interest Rates, and [...]

31 01, 2022

How Much Are You Left With After Inflation?
How Much Are You Left With After Inflation?

How Much Are You Left With After Inflation?

BML Wealth Marketing2022-01-31T12:58:00-08:00January 31, 2022|Economy, Financial Planning|

In 1960, a gallon of conventional whole milk was 31 cents, and today it’s $3.77 on average.[1] A few dollars might not seem like much, but that’s a 1,116% increase. Now that we’re seeing high inflation, the buying power of your money – including your retirement savings – could be seriously impacted. When calculating how much money you need to retire, consider what you’re left with after inflation. The Eroding Effects of Inflation We’ve seen sustained inflation for some time now, and no one knows when it will end. Year-over-year inflation was 7% in December, [...]