Archive for the ‘Financial Planning’ Category

What Are The Worst Ways To Save Money?

Monday, December 30th, 2013

Saving money for retirement is the most sound advice you can get from a financial adviser. Whether it’s cutting back on splurging for that blue ray player or by cutting back on a vacation to France, it sounds like a great way to save money for retirement. However, there are terrible ways to save money and here’s an eclectic list we compiled for you today.

Don’t save money this way

  • Free is not always cost-effective: Buy one get one free is the biggest marketing gimmick out there. Do not fall prey to that. If the item is free, no strings attached, then go for it.
  • Ignoring health problems: Your health should always be a top priority.  An unhealthy body devoid of regular check-ups can lead to costly medical bills. If health insurance is an issue, you can always check out public hospitals and community resources for free preventative measures. 
  • Pigging out on Fast Food: As cheap as it is, it’s terribly bad for you down the road.  You increase your risk of heart disease, cancer and  obesity by eating cheaply. Obesity-related ailments are costly too and can be thwarted if you forsake bad eating habits for good ones. 
  • Buying Cheap: Buying cheap is expensive. You literally get what you paid for. You get poor quality that will have a short shelf life. It’s best to make investments in high quality items that will last a long period of time. 
  • Making Repairs yourself:  It’s more cost effective if you pay for a professional. Though their asking costs may be steep, you need to realize that it takes time and expertise to do a great job.

Most people, at some point in their lives, will need financial advice. When the time comes for you to reach out to a professional financial adviser, whom should you trust? How can you be sure that the financial adviser you choose has your best interests in mind? How do you know that your money is in good hands?

The Answer: Trust Safe Retirement Solutions!

For more information about Professional Financial Planning, or for professional financial advice, consult the financial advisers at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Frugality at its Dumbest: 9 worst ways to save money

What Are The Benefits of Professional Financial Planning?

Monday, December 23rd, 2013

When you are thinking about the future with your family, I’m sure you have many concerns. How many dogs should we get? What schools your children will attend? What trips to take with loved ones? When you’re ready to stop day-dreaming and start planning, you’ll realize that the first step working towards the future is cultivating a stable financial nest.retirement savings

The benefits of professional financial planning lend themselves to all future matters, big and small. Most importantly, you want to have a stable financial future.

Benefits of professional financial planning

  • A professional financial advisor will help you set realistic plans. Both long term and, more importantly, short term plans will need to be weighed in order to plan what you can and cannot accomplish, and what it most important to you.
  • You will be able to develop an in-depth, concrete, look at your assets, liabilities, income, insurance, taxes, investments and estate plan.
  • Financial planning is imperative for investment plans, especial ones over 100k that you don’t feel comfortable managing.
  • You will be able to confidently manage expenses as a cohesive family unit, especially when your combined earnings are over $150,000 or higher.
  • Financial Planning will help you understand the risks. Some risks may be advisable, some may be suicidal, it all depends on your current and future prospects, and what goals you’d like to focus on.
  • Help keeping you active. Depending on the level of personal importance, future goals will come and go. Your income will also fluctuate. A personal financial advisor will know how to strategize based on your financial history and current/future changes.

What a professional financial plan really gives you is time. With help from an advisor you save and create free time by planning and effectively managing your financial situation. By building that nest you are planning for the big score, and not wasting time on ineffective, short term expenses.

A financial plan gives you peace of mind in the short term, and confidence for the long term.

For more information about Professional Financial Planning, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today! Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime. You can also follow Safe Retirement Solutions on Facebook and Twitter.

Source :

http://www.nerdwallet.com/finance/question/what-are-the-benefits-of-having-professional-financial-advice-16

How to Hire a Financial Planner

Monday, November 18th, 2013

When it comes to managing your finances, asking for help isn’t a bad thing. It is actually one of the smartest decisions you can make to ensure that everything remains on track and within your budget.

When should you consider hiring a financial planner?

You should hire a financial planner when you feel ready. If you have a lot of questions and you really need some guidance, someone to help you develop a plan and just kind of a path to help you get to where you want to go — financial planners are terrific. They can really help you make sense of your finances.

What are some indicators that you need a financial planner?

If you don’t have a will and need to make one. If you have some cash that you want to give over to your children, really a financial planner is going to be there for you. You also are going to want to have some really solid advice regarding insurance, tax planning, investment advice.

How do you find a financial planner you can actually trust with your money?

A little bit of research goes a long way. You should not go with just the first one and say ‘Okay, I have found a financial planner.’ Talk to a few to make an informed decision.

What will a financial planner cost you?

That all depends on how long the financial planner has been working and their rate of success. A financial planner just out of school will be less expensive than one who has been doing this for years.

If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Source:

http://www.marketplace.org/topics/your-money/personal-finance-reference-guide/your-guide-hiring-financial-planner

Estate Planning in Baltimore: A Brief Overview

Wednesday, May 1st, 2013

Estate planning is one of the most important parts of planning for the unexpected. Many people procrastinate about the decisions that need to be made about their estate and if one is unprepared, your beneficiaries may feel disenfranchised when it comes time to deal with your estate.

According to the National Association of Estate Planners & Councils, more than 120 million Americans do not have up-to-date estate plans to protect themselves or their families in the event of sickness, accidents, or death.

By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are.

Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is probably all you’ll need. Or, you may have a large estate, and minimizing any potential estate tax impact is your foremost goal. Here, you’ll need to use more sophisticated techniques in your estate plan, such as a trust.

Here are a few estate planning tips from Safe Retirement Solutions:

  • Prepare a will – If you don’t prepare a will, the laws that govern your domicile will determine who inherits what. This is important for non-financial resources such as your prized possessions that relatives may want. Making a will can ensure that your possessions get inherited by the correct people.
  • Create a trust – A trust will make sure that your funds are allocated to cover specific expenses after you’ve passed on. Expenses such as funeral costs, school loans, house payments and any other bills that are overdue can be adequately planned and paid for using a trust.
  • Minimize the impact of Estate & Income Taxes – Using tax-efficient strategies can help curb the costs of estate and income taxes. Strategies such as giving your saved-up wealth as a gift to beneficiaries or leaving your taxable assets to charities are both great ways to minimize the effects of these taxes. Talking with your local Annapolis estate planning professionals at Safe Retirement Solutions can help you figure out ways to avoid heavy taxes.

 

If you’re ready to plan your estate, that’s where we come in. The financial advisors in Annapolis at Safe Retirement Solutions can help you develop a diversified portfolio to help you make the most of your investments. The Baltimore financial advisors at Safe Retirement Solutions can help you determine what steps to take to make sure your estate is properly taken care of, and provide alternative retirement savings guidance. To get started, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Is Early Retirement a Wise Idea? Tips from Baltimore Retirement Planners

Friday, February 15th, 2013

Retirement has all the magnetism of a charismatic crush, but is it a wise idea to retire early? If you’re considering doing so, we recommend buckling down and analyzing if you can realistically live comfortably off of your savings and reduced income. Though the perks of escaping the fast-paced work force are undeniable, the trade-off of potentially not having enough to see you through life after your career mightn’t be worth the risk. Here are some things to keep in mind if you’re thinking about retiring early.

Penalties for Withdrawing From Retirement Plans Early

Withdrawing money from retirement accounts like 401(k)s or individual accounts early will leave you forced to pay penalties to the IRS when you file your taxes, generally 10% of the total amount you take out.

Life Expectancy

The average lifespan of Americans is growing greater and greater. According to the Social Security Administration, a man who reached age 65 in 2012 can expect to live to 83, and a woman, to 85. That means that before you retire, you must have at least enough money to make it through twenty years of life.

Financial Planning

The financial advisors in Baltimore at Safe Retirement Solutions will be realistic with you about whether retiring early is a smart move for you, and can assist you in developing a plan to help you meet your savings goals for retirements so you can lead the lifestyle you’ve always looked forward to having.

For more information about retirement planning and consultations in and around Baltimore, Maryland, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Sources:

Calculators: Life Expectancy

Asset Allocation Field Guide from Baltimore Financial Advisor

Thursday, January 31st, 2013

So you want to invest in stocks and need advice on how to handle your asset allocation? Here’s a few tips to get your started.

Start early: the farther you are from retirement, the larger the percentage of assets you can afford to invest in stocks.

Take risks: If you can handle watching the inevitable rise and fall of stocks, put more money towards them in order to ultimately have the chance of seeing a bigger and better return.

Get smart: With the exorbitant costs of a college education and prices increasing faster than inflation, parents should consider investing in stocks to fund higher education pursuits. As your children age, transfer the money from the stocks to bonds.

Set goals: Determine early on what it is you’re trying to use your investment money towards. A more comfortable retirement? Dispensable income to support travel? A second income property? Establishing long-term goals makes it easier to set up a plan for investing in stocks.

Consult: Get professional financial advice when looking to allocate assets in stocks. The financial advisors in Baltimore, Maryland at Safe Retirement Solutions can help you to evaluate your assets and understand the nature of stocks you are interested in investing in as well as their performance. A qualified financial planner is one of your most reliable resources in designing and implementing an effective asset allocation plan.

For more information, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Sources:

Best practices for asset allocation

Financial Advisor, Towson: Social Security Checks Rise for Retirees

Friday, November 30th, 2012

Social Security recipients will see an increase in their monthly payments by the New Year – a result of a measure of inflation. Currently, the average monthly Social Security check received by retirees comes in at around $1,237, which adds up to about $14,800 a year. With the anticipated 1.7% increase, payments will inevitably increase by close to $21 a month, which makes up $252 a year. In other words, retirees will be collecting more green from Uncle Sam in 2013.

And there’s more:  about 8 million individuals who receive Supplemental Security Income will also collect cost-of-living adjustment, or COLA, which is expected to assist retirees avoid poverty amidst the rising prices of food, utilities, and health care.

According to the Social Security Administration, the majority of retired Americans rely on Social Security as their primary source of income, with COLA helping to augment their annual intake of money over the past decade.

Even with the soon-to-be increase in Social Security checks, though most retirees ultimately discover that Social Security alone isn’t an adequate means of income to usher them through all of retirement. Alternative investments and retirement savings plans are generally deemed necessary in making money last over the course of the post-work lifetime. To help in determining where and how to invest, the advice of professional financial advisors is sought by many future retirees.

The financial advisors in Towson, Maryland at Safe Retirement Solutions help our clients in all phases of their retirement planning. We ensure a retirement free from financial worries, so that the retirement years can be enjoyed as they were meant to be. Safe Retirement Solution’s financial advisors assist in enabling our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

For more information about Social Security and our services or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

You can also follow us on Facebook, Twitter, LinkedIn, and Google+!

Sources:

Social Security benefits to go up by 1.7% in 2013

Retirement Financial Advisor in Annapolis, Maryland: Overlooked Benefits

Wednesday, November 21st, 2012

Talk about standard retirement benefits – Social Security, Medicare, and the like – crop up so often in news media and elsewhere that even most school-aged children are at least aware of the terms, even if they haven’t memorized their definitions like the words in weekly vocabulary lists.

Many Americans are unaware of alternate retirement benefits, though – ones that could earn them thousands of extra dollars as they save for the golden years. Most of the time, these benefits are ones that future retirees have already paid for with their tax dollars or through their work with a company. Below, we’ve listed some of the most commonly overlooked retirement benefits.

Retirement Accounts from Past Employers

Even though many employers allow workers to transfer their retirement plans when they leave the company, a recent study conducted by ING DIRECT USA revealed that around 50% of Americans neglect to do so. Even worse – 20% of said individuals abandoned accounts valued at $50,000 – or more. Be sure to manage investments and update beneficiaries to avoid losing your savings. Think about merging preexisting retirement accounts into an IRA or your current company’s plan to prevent this problem from happening to you.

Unclaimed Pensions

In a similar fashion to forgotten retirement accounts, many Americans fail to claim pension benefits, and in fact the Pension Benefit Guaranty Corporation (PBGC) says that over 36,000 Americas have unclaimed pension benefits – totaling to nearly $197 million, and ranging in value from $1 to $676,436.

Employee Stock Purchase Plan

Though you don’t want to invest all your funds in one place – your employer – it can nevertheless be worthwhile to see if your employer will allow you to buy company stock at a discount. With rates of up to 15% off, it’s a quick way to get a return on your investment – even if it doesn’t appreciate – by selling it later for more than you paid. Just make sure you’re not putting more than 5-10% of your portfolio in employee stock.

In order to make sure you’re making the most of your retirement benefits, consider consulting with a professional financial advisor. Safe Retirement Solutions services the Annapolis, Maryland and surrounding areas, preparing clients for retirement, with assistance in planning income distribution, tax benefits and deferrals, and the security of their nest egg.

For more information about Saving for Retirement and our services or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

You can also follow us on Facebook, Twitter, LinkedIn, and Google+!

Sources:

7 Valuable Benefits You May Not Even Know You Have 

 

Recap on a Study of Bull Markets and Retirees: Annapolis, Maryland Retirement Advisor

Saturday, November 17th, 2012

During bull markets – times of increased investor confidence and anticipated capital gains – make people more prone to retire, but abandoning employment during peak economic times can create financial strain down the line for retirees.

At least, that’s what can be gleaned from a recent study performed by researcher Rui Yao, professor of personal financial planning at the University of Missouri and published in the Journal of Personal Finance. Yao examined the financial and retirement statuses of over 4,000 American households spanning the period from 1992 to 2008 that included retirement aged individuals. The data demonstrated that for every 1% yearly increase in market returns, there was a 2% increase in the probability of a retirement aged individual calling it quits at work.

Yao attributes the correlation between a better economy and the decision to retire in part to the fact that potential retirees are able to more swiftly reach their savings goals while money isn’t tight. But retiring immediately after reaching said targets can cause financial problems later in life, especially because with the cyclical nature of the economy, after a peak, the market is likely to take a downfall.

Economic turns for the worse can create substantial loss for stock-based retirement funds like 401(k)s and IRAs – a problem in particular for those who retired when only barely meeting their savings needs.

Rather than risking outliving retirement funds and dealing with worry over finances during what is supposed to be the golden years of relaxation, it is better to continue saving even when the market is doing well to develop a cushion that can usher retirees through potential economic downturns.

In order to plan for retirement and pad your savings for the future, consider consulting with a professional financial advisor. Safe Retirement Solutions services the Annapolis, Maryland and surrounding areas, preparing clients for their retirement years, handling such details as the planning of income distribution, tax benefits and deferrals, and the general security of their nest egg.

For more information about Saving for Retirement and our services or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

You can also follow us on Facebook, Twitter, LinkedIn, and Google+!

Sources:

Booming Economy? Better keep working

Mutual Funds 101: Financial Advisors in Baltimore, Maryland

Friday, November 9th, 2012

Last week, we covered some of the common mistakes investors make when purchasing mutual funds, and this week, we’re here to further clarify these financial investment funds in order to help you save wisely.

A mutual fund is a company that garners money from a large group of shareholders and invests money in stocks, bonds, short-term money-market instruments, and alternative securities or assets. Each share corresponds to the portion of the fund’s holdings that the buyers own and the money those holdings produce.

The following qualities apply to the majority of conventional mutual funds:

  • Mutual funds shares are bought directly from the fund itself, not alternative investors like the New York Stock Exchange.
  • The cost of mutual funds shares is determined by the fund’s per share net asset value in addition to shareholder fees that accompany upfront purchase.
  • Investors have the capability to sell their shares back to the fund; they are “redeemable.”
  • Mutual funds operate by generating and selling new shares for new investors on a frequent basis.
  • Outside investment advisors are generally responsible for managing the investment portfolios of mutual funds.

Some of the advantages of mutual fund investments are as follows:

  • Funds are managed and selected by qualified financial consultants, ensuring professional management of your shares.
  • Mutual funds are a good way to diversify investments by spreading money across a broad range of companies, minimizing risk in the case of failed businesses or sectors.
  • With full liquidity, mutual fund shares can be sold and redeemed for their current value at any time.

A flexible and diversified means of investment managed by experts, mutual funds offer a solution to saving for retirement and spreading your money far.

For more information about Mutual Funds and our services or for professional financial advice in Baltimore, Maryland area consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Sources:

Invest Wisely: An Introduction to Mutual Funds