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Have you heard of this new normal everyone talks about and no one likes? Me too, but you have bigger things to worry about than what defines normal. Take the price of things, you know, the regular old things. The biggest impact of rising costs is on retirement plans.
At Wealth Building Strategies we do scenario planning with retirees and those wishing to be such a thing. Give us a shot, perhaps the scenario you keep looking at fits better than you think.
Let me guess, you thought portfolios were full of investments? Well you're right, they are. But don't discount the segment title just yet.
In 2022, investors with advisors likely saw different results than those with brokers. A subtle difference on the business card means a lot in down markets.
Consider adding insurance to your investment portfolio. Yes, you can do that. It's too late to protect your 2022 portfolio, but bear markets happen every 4.5 years. Or as Yogi would say, "it's like deja vu all over again." Protect your portfolio now before things break again.
We get what we pay for, don't we? It's a truism we all know, we just don't care for it.
Diversifying is a useful concept to lower cost. Mixing and matching your account types (taxes), products, and investments can bring down cost and boost benefits.
Don't forget taxes. Uncle Sam's billfold is headed for your table. If you were given a chance to look at it and change it, would you? Set your free forecasting meeting with us today before the waiter drops the "good news."
Money is mysterious. Look at recent bear markets for example. You may recall them by name like Credit Crisis of '08, Dotcom Bubble, and the S&L Crisis. Yet can you name a single bull market? If not there is a perfectly good reason.
Your brain is in the way. It prioritizes memories of painful events over positive ones. This concept gives life to, "learning things the hard way." Despite the tendency to see risk before reward you likely made a lot of money by investing.
If your money doesn't give you confidence or you just want a thoughtful review of current plans, give us a call.
Today's retirees made plans thinking inflation would hold their 20 year average of 2.1% (from 2000 - 2020). However, in 2021 inflation jumped to 7%. The last time we saw that was 1981. Sure Mohamed Ali retired and air traffic controllers were fired, but the banks were paying 10%. Us savers are still being offering bupkis today. Our 7% inflation feels a lot different, because it is a lot different.
The math has changed, have your retirement calculations?
The most popular college savings account is the 529 Plan.
These state specific accounts got a boost in 2017 when congress passed the Tax Cuts & Jobs Act. 529 plans now allow for pre-college tax-free withdrawals. This fix emphasizes the importance of a good education before the college bills your child may or may not accrue.
Start saving for the kids early. Hint, grandma's and grandpa's like helping.