Defense and Debt: Will You Lose?
Defense and Debt: Will You Lose?
Here’s a startling fact: the U.S. now spends more on interest payments for its national debt than it does on national defense. While it may seem distant from your day-to-day concerns, this imbalance could have direct effects on how much income you get to keep, while working and especially during retirement.
As the government spends more on servicing its debt, it will likely look for new revenue streams—often in the form of higher taxes and reduced benefits. For retirees, this could mean less money in your pocket when you need it most. There’s also the risk of inflation, which could devalue your savings, making it harder to maintain your lifestyle.
So, how might you defend against this scenario?
Review your retirement plan. Will you be too reliant on fixed-income investments that would not keep up with debt-driven inflation?
Plan for taxes. With potential tax hikes on the horizon–even beyond the sunsetting Tax Cuts and Jobs Act at the end of next year–it’s crucial to work with your financial advisor on strategies that reduce your tax burden in retirement.
Plan for the long haul. Dignity-driven income should be the cornerstone of your retirement strategy. It’s not just about having enough money—it’s about having the right kind of money that lasts.
Exercise your power while you have it. Update your retirement and estate plans now before rising taxes, lower estate tax exemption limits and inflation bite harder.
Waiting to see how the national debt plays out is not a strategy.
Now is the best time to refinance your retirement income. Delay shortens your window of opportunity and favors the IRS.
Let’s take action together—schedule a quick phone call today to explore how you can safeguard your retirement from these uncertainties. Don't wait until it's too late. You’ve worked too hard to let taxes and inflation take the wheel.
HOMESCHOOLING: Haven or Havoc?
Your child's school years are precious and fleeting.
Now could be your best time to step up where your school is letting your child down. Let this series of myth-busting short chapters encourage you.
2 Major Mistakes
Which one will you make?
Which of these 2 retirement mistakes are you making right now? It's impossible to entirely avoid both mistakes.
You won't know for sure which mistake will work out better for you until it's too late.
How to choose?
Finding the Will
(Part 1)
Part 1: Have the will to arrange for a smooth transition when you’re no longer around to answer questions
Have the will to arrange for a smooth transition when you’re no longer around to answer questions (Part 1)
Ensuring your children or other Loved Ones can readily access your important papers when you die entails a sound process versus one or two conversations. You must overcome aversion to the subject of death, procrastination of anything that is long-term, and the tendency to assume things will be fine. Family dynamics can be sweet, spicy, or dicey.
Finding the Will
(Part 2)
Part 2: Getting Organized
While the internet permits convenient access to accounts, policies, and stored documents, it presents a plethora of password management problems. which too many people avoid by succumbing to password laziness, such as:
- re-using passwords for multiple logins, or
- use simple, easy to remember passwords, or
- writing them on sticky notes placed on their monitor or under their keyboard, or
- keeping them in a spreadsheet on their computer, or
- letting their browser remember passwords for them
Embrace Your Clarence
Is Clarence your future?
Golden insight from a golden retriever.
Post-Pandemic W.E.L.L.ness
Working, Earning, Learning, and Launching to Thrive
Where life drastically changed forever two years ago, everyone adjusted to the best of their abilities.
Here are a few of the key adjustments--"pandemic pivots"--that sustained some and prospered others.
Prenuptial Adulting
Equip Them for Happily Ever After
“Mom, Dad, we’re getting married!"
“Wonderful, congratulations! Here’s what you both need to do first.”
Equipping newlyweds with essentials of responsibility leaves plenty of life yet to be discovered on their own. Adults understand that love isn’t oogly feelings; it’s a hard choice. It’s putting your commitments and your money where your mouth is.
Many of the following steps also apply to one’s turning 18 years old. Becoming engaged adds urgency and a deadline.
Rethinking Competing Funds for College and Retirement
We live in a time of skyrocketing inflation topping decades of unbridled higher education costs.
Is the tension between funding your retirement and funding (at least partially) your children’s college education keeping you up at night?
You’re not alone.
Married? Is Your Endgame 100% or Just 50%?
Are you single? That other 50% could be whoever is most important to you.
Multiple unforgiving players factor into your retirement and estate plans (collectively your “endgame”). Household names include the Internal Revenue Service, the Social Security Administration, and the Center for Medicare and Medicaid Services. Key decisions with these players are nearly impossible to reverse. Plus, if you qualify for a pension, how you activate it is another irreversible decision.
Are you more of a planner than your spouse? It’s all too common for one spouse to blindly trust the planning spouse. Countless endgame “plans” were created by 50% of a couple:
