Category: Planning
Don’t be afraid to spend in retirement
Navigating the financial landscape in retirement can be a daunting task. It's like trying to pass through a jungle of expenses – health care, taxes, and long-term care costs all taking a piece of the hard-earned nest egg you've been building for ages. And just when you think you've got it all figured out, here comes the rollercoaster of economic uncertainty. In the face of such high stakes, it's no wonder the prospect of spending in retirement can be overwhelming. But with our team of financial professionals behind you, you can take steps to help you reclaim control and ease the anxiety associated with post-retirement expenditures. Embarking on the journey toward retirement becomes much smoother when you proactively create a budget beforehand. This invaluable tool allows you to gauge your anticipated expenditures and income streams once the daily grind is behind you. It's crucial to take stock of the various income sources at your disposal, such as Social Security, pensions, and 401(k)s, while also factoring in inevitable expenses like taxes, health care, and long-term care. When you're getting budget-savvy for retirement, start by figuring out what's a must-have and what you can let slide. Let's say you're dreaming of a retirement filled with jet-setting adventures. Well, that travel fund needs to be part of the grand budget plan. And let's not forget the inevitable: taxes. It's a good idea to give taxes a special seat
Smart Estate Planning in College
Many people think that estate planning is only for older people – but it actually starts as early as college! When most students go to college, they are adults. This means they can take out loans, manage their time and course load, and generally make decisions for themselves. It also means that their parents are often surprised by how little control they have over their children's lives. While parents' lack of access to grades and other information can be frustrating, if children have not considered their estate planning, the surprises can be far more serious. Besides being the provider of food, housing, and often transportation, parents are the "natural guardians" over minor children. This means they are their child's legal representative and can act on behalf of their children in financial and personal matters. For example, if a minor child falls off a trampoline and breaks their arm, their parents can legally make medical decisions on behalf of the child. The same goes for financial matters. Parents can open financial accounts for their minor children, apply for life insurance, and so on. When those children turn 18, their parents' power over them stops. If an adult child is incapacitated in a car accident, their parents cannot, by default, make health care decisions for the child. The same goes for financial matters. So, what do parents and college kids need to consider to protect themselves in these s
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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