On Wednesday, December 20, 2017, the House passed a tax bill, which will be signed into law by President Trump. Since the campaign trail, President Trump has promised tax reform and this bill entails a number of changes to the U.S. tax code that will impact both corporations and individuals. Company spending and stocks were already up on news of the bill passing.
The holidays can be tough financially. In fact, Americans will spend nearly $1,000 this year on holiday gifts alone. Factor in travel and food and that’s a sizable chunk of your savings gone. Even though the markets have been soaring with record highs and many investors are enjoying significant gains, it’s never a good idea to get too comfortable, even during the most wonderful time of the year. It’s important to remember two things. First, markets can shift quickly, so it’s imperative to have safeguards in place to help protect your savings from inevitable future downturns. Second, as you near retirement, it’s time to reevaluate your strategy to make sure your financial plan is in line with your retirement goals.
When you watched the New Year’s Eve countdown and raised your glass to 2017, did you make any resolutions to put your finances first this year? Finance-related resolutions are the third most popular New Year’s resolution, following self-improvement and weight loss. Millions of people strive to get out of debt, save more, or accomplish a financial milestone, whether that’s purchasing a vacation home or retiring. If you fall into this camp, how did you do? Did your resolution fall to the wayside, as many do?
Saving $1 million for retirement sounds like a lot, but how long will that amount really last? Thanks to inflation, increased housing costs, and costly medical needs, $1 million may not last as long as you think.
Happy Thanksgiving from our team at Key Wealth Partners! We want to take a moment to thank you for being a part of our family. We sincerely appreciate the trust you place in our firm, and we take our responsibility to you and your family very seriously.
As a financial advisor who has helped numerous families with estate planning, I have seen the effects of good planning—and what can happen when a family isn’t prepared. Most of us understand that having an estate plan is crucial, yet only around half of Americans have done any estate planning, which means half the population is taking a huge risk when it comes to caring for their families and assets.
We all desire to have a secure retirement where we can focus on our passions without having to worry about money. But according to the Employee Benefit Research Institute’s 2017 Retirement Confidence survey, 82% of American workers do not feel very confident that they will have enough money for a comfortable retirement. Along with a lack of confidence, 30% say that preparing for retirement causes them to feel mentally or emotionally stressed.
The first half of this year has brought strong global and U.S. markets. Even with unpredictable international political events and multiple tragedies, markets have remained unusually calm. Let’s take a look at how various aspects of the economy are faring in 2017 so far.
As a result of life changes, your investment plan or financial blueprint may not align with your goals or be working hard enough for your changing priorities. It may make sense for some people to explore different financial strategies to double check that their current plan still makes the most sense for them.