There comes a time in everyone’s life where they can no longer function in the same manner than in their earlier years. While this can be extremely sad for a family, it can also be financially devastating as well. Not only does the family farm need to have a plan regarding who will maintain and …
Importance of a Long Term Health Care Plan on the FarmRead More
Many successful people make the same mistakes with their money. It’s hard to make great choices and be truly ready for retirement. Here are nine mistakes to avoid.
If you are a farm business owner, an urban professional, or a farmer, success in your business does not mean success in wealth accumulation and preparing for retirement. Many mistakes are very common.Read Full Article
Retirement income is critical to any business transition or retirement plan. Social Security income benefits account for 52% of all income for Americans older than 65 and most people are not aware of all the benefits to which they are entitled.
Some readers might think that they have heard enough about Social Security benefits. It seems that many organizations are pounding on the drum about how important it is to delay benefits in order to get the maximum benefit to which you are entitled.Read Full Article
Things You Don't Know About Social Security Income BenefitsRead More
Whether the transition you face is a transition out of the farming business or just the transition from full-time employment into retirement, beware some common blind spots. When faced with an important life transition, most people struggle with some common blind spots.
1. Decision Overload
As the transition approaches you face loads of choices. When to start the process? What types of advisors to consult? Which individual advisors to trust? How to reduce the risk of a disruption to you plan?
Being flooded with so many questions can be overwhelming. There’s pressure not to mess up. It’s a recipe for procrastination—analysis paralysis. As a result, many people do nothing. But that choice can be harmful to your transition.Read Full Article
You may have heard about the new rule from the Department of Labor that requires retirement accounts to be managed consistent with a fiduciary standard. Here’s what’s up. The Department of Labor has issued a rule in April of 2016 that requires all investment advisors who provide products and services to investors with retirement accounts to act as fiduciaries.
To be an investment fiduciary means that the advisor pledges to put the client’s interest first at all times. And YES this is a NEW thing. Prior to this time, most financial professionals provided advice about investments under the suitability standard. Which means that they can only present products that are reasonable for a client’s age and goals. But in the eyes of the law, any investment recommendations where seen as a sales presentation and if the client said OK to the recommendation, the client was responsible for the choice.Read Full Article
As you approach your transition out of the working world you will face your one-and-only retirement. Here are four things to beware about.
As a fiduciary, fee-only financial planner in St. Paul, I have helped dozens of people prepare for retirement. As I have gone through the process with clients, I noticed a four things that keep coming up.
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