Financial Planning Archives

20 09, 2020

3 Options for Your 401(k) When Leaving Your Job
3 Options for Your 401(k) When Leaving Your Job

3 Options for Your 401(k) When Leaving Your Job

BML Wealth Marketing2020-09-20T20:47:11-07:00September 20, 2020|401K, Financial Planning, Income Planning, Retirement Planning|

If you’ve ever left a job, you may have had to decide what to do with your old 401(k). You might have rolled it over into a 401(k) at your new job or even forgotten about it when you were younger. But if you’ve recently lost your job, retired, or left your job for another reason, you may be wondering how to make the most of your 401(k). There are many options, and the right one depends on your age, retirement goals, and overall financial situation. To start, here are three options for your 401(k) [...]

31 08, 2020

Preparing the Next Generation to Inherit Wealth
Preparing the Next Generation to Inherit Wealth

Preparing the Next Generation to Inherit Wealth

BML Wealth Marketing2022-01-28T18:52:27-08:00August 31, 2020|Estate Planning, Financial Planning|

Estate planning is an important part of retirement planning for many reasons: You've worked hard for your money and want to see it passed down in the most efficient way possible for your loved one’s benefit. Unfortunately, costly mistakes are all too easy to make. Without careful planning and discussion, you could end up passing on a larger tax burden and leaving heirs uncertain about what to do. It’s important to discuss how you plan to transfer your wealth with your trusted financial professional and your loved ones when preparing the next generation to inherit [...]

26 07, 2020

3 Things to Know About Your 401(k)
3 Things to Know About Your 401(k)

3 Things to Know About Your 401(k)

BML Wealth Marketing2020-07-26T15:02:45-07:00July 26, 2020|Financial Planning, Retirement Income, Retirement Planning|

We all know that a 401(k) is one of the most important retirement planning tools we have. The potential tax benefits and power of compound interest can make it a great saving and investment tool for anyone who practices financial discipline and contributes regularly. There are several important things to know about your 401(k), such as how much you can contribute, options for your 401(k) when you leave your job, and how much you are paying in 401(k) fees. You Have Options for Old 401(k)s When you leave a job, you can either cash out [...]

24 07, 2020

Financial Lessons from a Founding Father
Financial Lessons from a Founding Father

Financial Lessons from a Founding Father

BML Wealth Marketing2020-07-24T22:28:03-07:00July 24, 2020|Financial Planning|

America is taking another look at Alexander Hamilton thanks to the hit Broadway musical celebrating his role in shaping our nation. As the first Secretary of the Treasury, he created the first national bank, consolidated the new country’s war debts, and established federal credit. You could say he was America’s first Chief Financial Officer. He was also a self-taught immigrant who started with no wealth but ended up on the $10 bill. Thanks to his killer, Aaron Burr, Hamilton never reached retirement. But we can learn important financial lessons from the Founding Father who built [...]

6 07, 2020

3 Things to Know About Covering Healthcare Costs In Retirement
3 Things to Know About Covering Healthcare Costs In Retirement

3 Things to Know About Covering Healthcare Costs In Retirement

BML Wealth Marketing2023-03-23T21:35:55-07:00July 6, 2020|Financial Planning, Health and Wellness|

Consider that the average 65-year-old couple retiring today will need an estimated $363,946 to cover their healthcare costs in retirement, and this does not include long-term care costs.[1] Many people assume that Medicare will cover all of their healthcare needs, but Medicare is neither free nor comprehensive healthcare coverage. There can potentially be many out-of-pocket healthcare expenses in retirement, and a comprehensive retirement plan factors them in. No matter what your health is like now, know these 3 things about covering healthcare costs in retirement. The Cost of Medicare Once Americans turn 65, they might [...]

21 06, 2020

Are We Entering the Roaring 20’s Round 2?
Are We Entering the Roaring 20’s Round 2?

Are We Entering the Roaring 20’s Round 2?

BML Wealth Marketing2023-12-19T21:00:40-08:00June 21, 2020|Economy, Financial Planning|

While no one knows what this decade will bring, we might look to history for some insight. One hundred years ago, America was reeling from the Spanish Flu and uncertain economic prospects. At the time, many may have been pessimistic, but then we entered the Roaring 20’s. While there is much uncertainty now, we may emerge from this crisis into a period of new opportunities, much like the 1920s. We could be entering the Roaring 20’s, round 2. From Crisis to Opportunity – Then and Now We think of the Roaring '20s as a carefree, [...]

31 05, 2020

How The Coronavirus Shutdown Could Affect You in the Long-Term
How The Coronavirus Shutdown Could Affect You in the Long-Term

How The Coronavirus Shutdown Could Affect You in the Long-Term

BML Wealth Marketing2020-05-31T18:17:39-07:00May 31, 2020|Economy, Financial Planning|

Recent events have everyone wondering when a sense of normalcy will return. But the answer isn’t as simple as hoping for a date when stay-at-home orders will be lifted. No one knows if there is a long recession to come, or if the economy will bounce back in the near future. Although things may seem uncertain today, it’s important to be aware of how the economic shutdown could potentially affect you in the long term. Less Time to Recover from Losses In the event of market loss, you could potentially find yourself waiting longer than [...]

25 05, 2020

3 Tools to Help Survive Hard Times
3 Tools to Help Survive Hard Times

3 Tools to Help Survive Hard Times

BML Wealth Marketing2020-05-25T22:09:53-07:00May 25, 2020|Financial Planning|

Since there is so much uncertainty right now, many are making predictions about where the economy is headed, when the virus will subside, and when we will return to “normal.” While no one can be sure, it’s worth considering the future when planning for it. If you’re nearing or entering retirement, a solid plan is even more important. Here are three tools to help survive hard times. An Emergency Fund First, assess your emergency fund, or create a plan to make one. Ideally, an emergency fund would cover all essential expenses for a few months. [...]

26 04, 2020

3 Questions a Financial Advisor Can Help You Answer
3 Questions a Financial Advisor Can Help You Answer

3 Questions a Financial Advisor Can Help You Answer

BML Wealth Marketing2020-05-31T23:38:08-07:00April 26, 2020|Financial Planning|

A 12 year-long bull market run recently came to a close, and many Americans have experienced the effects. For those nearing or in retirement, this can be especially worrisome. If you’re wondering what your course of action should be right now, you should consider your risk tolerance, where the market is heading, and how you can minimize your taxes. These are three questions a financial advisor can help you answer. What Is My Risk Tolerance? If you don’t want to put off retirement or downgrade your retirement lifestyle, you may want to reassess your risk [...]

19 04, 2020

A Guide to the CARES Act for Americans Age 50 and Over
A Guide to the CARES Act for Americans Age 50 and Over

A Guide to the CARES Act for Americans Age 50 and Over

BML Wealth Marketing2020-05-31T23:45:12-07:00April 19, 2020|Financial Planning, Government, Health and Wellness|

President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law to help Americans combat the economic effects of the coronavirus. It includes potential tax breaks, checks for qualifying Americans, and temporary new rules for retirement account withdrawals. Here’s a guide to the CARES Act for Americans 50 and over. Checks for Qualifying Americans Whether you receive a check depends on your adjusted gross income (AGI). If you have filed your 2019 taxes, it will be based on that, and if not, it will be based on your 2018 tax return. Individuals [...]