In the past couple of decades divorce rates have held steady. For one segment of the population, however, these rates have exploded. Couples over 50 years of age are actually seeing an increase in divorce rates; from 1990 to 2010 the divorce rate for people over 50 nearly doubled.1 The increasing frequency of divorce among older couples has even led to a new nickname: “gray divorce.”
SCOTTSDALE August 25, 2016 -- Coventry Financial Group has been selected for the 2016 Best of Scottsdale Award in the Financial Planner category by the Scottsdale Award Program.
Each year, the Scottsdale Award Program identifies companies that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Scottsdale area a great place to live, work and play.
You’ve worked hard your entire life to build a legacy, accumulate assets and grow your estate. Your intention may be to pass that legacy on to your children after you and your spouse pass away. However, if you’re like many retirees, you may be considering a challenging question: Why not give your kids their inheritance now?
At first glance, an early inheritance may seem like a no-brainer. After all, your kids and grandchildren may need that money. They could use it to pay for education, get out of debt, buy a home or even expand their business. By the time you pass away, your kids may be more financially established and the inheritance could have less impact.
If you’re nearing retirement age, you’ve probably asked yourself this question many times: When exactly is the right time to retire? It’s a tricky question. Wait too late to retire, and you’ll miss valuable years of enjoyment and relaxation. Retire too soon, and you may find yourself in a challenging financial situation.
It’s a dilemma that nearly every retiree faces. There’s no surefire way to determine that you’re ready. There are any number of things that could happen in retirement that are impossible to predict today.
A recent study from TD Ameritrade had a surprising finding: Nearly 20 percent of American adults have provided financial support over the past year to either an adult child or an elderly parent, or both. The total amount of support provided in the 12 months before the study was conducted? $630 billion.1
If you’re saving for retirement and trying to pay down debt, you probably don’t have the cash flow or assets to support another adult. However, you also don’t want to watch your child or parent suffer.
At first glance, the thought of retiring overseas may seem like an attractive idea. You could spend your golden years living in an Italian village, traveling through Asia or relaxing on a Central American beach. For many retirees, retirement is the ultimate opportunity to not only see but also experience other parts of the world.
Before you sell your home and belongings and book your flight, you may want to take some time to consider some of the logistical, financial and even emotional challenges. Moving overseas is no small project. That’s especially true if all your friends and family are here in the States.
You’ve likely spent much of your adult life working hard, building a career and growing your assets and your legacy. Now it’s time to plan how that legacy will be passed on to your loved ones after your death.
Thinking about your own death may not be a pleasant experience, but that doesn’t make it any less important. In fact, if you fail to plan for the transfer of your legacy, your heirs could end up with only a fraction of your total assets. That’s because there are a number of expenses and costs that can pop up during the asset-transfer process.
Conventional retirement wisdom is that you will need less income in retirement to support your lifestyle than you need during your working years. Many retirees use an arbitrary figure, such as 75 percent or 80 percent of pre-retirement income, to estimate their needs during retirement.
However, these quick estimations aren’t always accurate. Every person’s plans for retirement are unique and personal. If you plan to be a homebody and enjoy your newfound leisure time, your income needs could go down. On the other hand, if you plan an active retirement of shopping, dining out and traveling, you may find that your cost of living stays flat or even slightly increases.
If you’re preparing for retirement or are already retired, you’re likely familiar with two of the most popular types of IRAs. There’s the traditional IRA, which gives you a tax deduction upon contribution and offers tax-deferred growth. However, distributions from the IRA in retirement are subject to income tax.
There’s also the Roth IRA. The Roth doesn’t offer an upfront contribution, but does have tax- deferred growth and tax-free withdrawals as long as you are over age 59½ when the withdrawals are made.