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legacy planning

How Millennials can Still Build Equity Through Home Ownership

Financial experts have long touted that buying a home is a foundation for building long-term wealth. In fact, the younger a homeowner enters the housing market, the more potential he has for greater wealth over his lifetime. However, fewer young adults today are buying houses than in the past. This puts a damper on the…

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Strategies for Paying for College

Even as college tuition continues to rise, more and more American families are paying less out of pocket than in previous years. During the 2015-16 academic year, grants and scholarships paid the largest portion of college expenses — 34 percent, compared to 30 percent the year before. In addition to grants and scholarships, parent income…

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“Caregiving” a Parent’s Investment Portfolio

Many individuals often spend large sums of their own money caring for an aging parent. A recent survey found that one out of three caregivers provide $5,000 or more per year helping their loved one, and nearly one in five provide $10,000 or more. One reason is because adult children are uncomfortable talking about their…

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Why Convert a Roth IRA?

Investing in a traditional IRA while earning a paycheck is a good way to defer income taxes on the money you contribute. Currently, taxpayers who aren’t covered by a retirement plan at work may deduct the full amount of their annual contributions to a traditional IRA. Those who do participate in a work plan may…

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Parental Financial Socialization

“Parental financial socialization” is an ominous-sounding term that basically describes parents who freely and openly discuss money matters with their children. Parents can have a tremendous influence on how children value and manage money, and those values are often carried over into adulthood. Parents who assist an adult child financially can cause dependency issues, while…

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Legacy Planning Tip: POD

Not all wealth is distributed according to a will. Life insurance, annuities, pensions, IRAs and 401(k)s are distributed according to the beneficiary designation assigned in your contract or policy. Another way to transfer assets is to assign a beneficiary through a payable on death (POD) account designation. Some states allow bank account owners to assign…

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The State of Estates

Retirees navigate income, Social Security, taxes, healthcare and more in their golden years. Concurrent with these is sound estate strategies. On the February 6th show, Joe Lucey and Derek Fautsch talked about estate planning in the context of a comprehensive retirement.  Estate and legacy planning determines what, and how, we leave things behind for family and loved…

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