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Every fall I do college planning workshops for parents of college-bound high school students to help them pay less for college. My goal is to give them the tools and information they need to become smarter consumers of a college education so they can make better choices for themselves and their kids.
After one of my presentations a woman came up to me and told me that she wished someone had giver her or her parents this information when she was in school. She went on to say that even as her daughter was about to graduate from high school she was still struggling to pay off her own student loan debt.
Suddenly, the concept of student loan debt became very real, very fast.
August 14th marks the 83rd Anniversary of Social Security. To mark the milestone I will be posting additional content throughout the month of August regarding social security benefits and how it effects your retirement plan.
To kick things off, check out this short video describing how your social security retirement benefits are calculated and why it may pay to wait.
Estate planning can provide for the proper distribution of your assets to your beneficiaries after you die. In some cases, a living will or trust may help, especially if you have children who are minors or assets like mutual funds, brokerage accounts or other non-retirement assets that don’t pass via beneficiary designations.
To learn more the role a will or trust plays in your estate plan, watch this short video.
Grand Ole Creamery, Grand Avenue, St. Paul, MN
My kids’ last day of school was June 6th. The next day I was bugging them to create a summer bucket list of activities they wanted to do before Labor Day.
Not just fun stuff like going to the lake or hanging out at The Grand Ole Creamery. I also wanted them to actually get some things done, like clean out their rooms, thin out their herd of stuffed animals or gather up their old clothes so we can donate them to the Goodwill.
You know, important stuff.
“Summer is going to be over before you know it”, I told them. “And there is not going to be enough time to get it all done if you wait until the last minute.”
“And I am not doing it for you!” I had to throw that last part in before they disappeared into the delightful abyss they call their bedrooms.
Now I am going to give you the same suggestion: make a financial bucket list for summer. And not just fun stuff like planning your dream vacation, but important stuff too.
Photo by Alex Harvey 🤙🏻 on Unsplash
If you can tell me when you are going to die, I can answer a lot of questions for you.
Questions like whether or not you should take the pension or lump-sum option on your retirement plan. Or when to start Social Security. Or how long your money needs to last in retirement.
Of course, no one knows how long they will live or when they will die.
Nevertheless, my job as a financial planner is make sure my retired clients never run out of money during their lifetime, no matter how long that may be.