Given the increasingly high cost of obtaining a college education, planning for your child or children’s education should be a high priority, even if your child just started elementary school. The 2023-2024 average cost of sending a child (or grandchild) to a four-year college looks like this: If your child or grandchild attends a school within their state, the average annual tuition and related fees cost approximately $11,260. You can add roughly $17,580 for room and board, bringing the annual […]

Retirement traditionally marks the end of a full-time work schedule for yourself or someone else. But increasingly, it’s becoming a phase of life where people blend increased leisure activities with lesser amounts of part-time work. This new approach to retirement planning is reshaping how individuals think about their early post-career years, not just from a financial standpoint but also in terms of personal fulfillment and social engagement. Redefining work after age 65 offers many opportunities. Whether it’s part-time employment, starting […]

As you approach the end of your career and working years, transitioning from being a diligent saver to strategically spending your retirement savings can be a source of both freedom and stress.  Freedom because you no longer depend on a paycheck to fund your cost of living. On the other hand, it is stressful because your retirement savings must produce income for the next 30 years (if you or your spouse live into your 90s).  Moving into retirement often requires […]

Imagine your retirement is full of relaxation, engaging in hobbies you love, and enjoying financial freedom for the rest of your life. It’s an inviting picture, but apprehension is also common. After all, retirement, which could last 30 or more years, brings various uncertainties that you’ll have to address. Think market swings, inflation, recessions, political turmoil, economic downturns, interest rate hikes, and global disruptions, to name just a few. What if you had a financial roadmap, a retirement plan, that […]

I remember a story that a client told me about her retirement. She had been dreaming of the day she could retire and not have the pressures that being employed brings: commuting to work, the stress of dealing with co-workers and clients, and the pressure to meet the requirements of an employer. What was interesting about her story was that she felt lost and confused about her role in life during her early retirement years when she was still as […]

Retirement used to produce images of old people sitting in rocking chairs with limited activities and interests, but not today. Fortunately, more recent retirees are much more active because retirement may last well into their 90’s. If you and your spouse/partner are nearing retirement, it’s important that you jointly decide what your retirement will look like because it is likely to span decades due to healthier lifestyles and advances in the medical sciences. Open, honest communications with your spouse or […]

If 2024 is the year you plan on retiring, congratulations! Think of all the years and hard work you’ve put in to reach this point. It’s a major milestone in your life and the life of your spouse.  While this event marks a significant transition from your working years to your retirement years, it’s more than just the end of your career—it’s the beginning of a new chapter of your life that can be filled with new possibilities and financial […]

Think of reviewing your investment portfolio regularly like performing routine maintenance on your car. Just as you regularly check your car’s oil, tire pressure, and brake pads to keep it running smoothly and prevent breakdowns, examining your investments helps you stay on track with your financial goals, identify areas that need adjustments, and keep your financial health in optimal condition. As financial advisors in Buffalo Grove, IL, we specialize in helping our clients fine-tune their investment strategies, especially when major […]

Should the types of accounts where you invest your assets be an important consideration? Whether you have a 401(k), a traditional IRA, a Roth IRA, or a personal investment account, it can make a big difference. Not all investment accounts are treated the same, especially regarding taxation. This is why you need to create an asset location strategy.  You can think of asset allocation as planning a balanced meal of proteins, carbs, and veggies. The role of asset allocation is […]