From May through July of this year, Equifax, one of the three major credit reporting agencies, was hacked and an estimated 143 million American consumers sensitive personal information was exposed in a data breach. For most, their name, address, social security numbers, dates of birth and, for some, their driver’s license number.
Albert Einstein once said that compound interest is the eighth wonder of the world. What he was referring to was the nearly magical way that, given enough time, compounding can grow your money powerfully and consistently.
Mutual Funds are one of the most popular tools in use today for people who want to invest. They are convenient, liquid, professionally managed, diversified and perceived as “simple.” While much of that can be true, do you understand what the cost is for that convenience? For that matter, do you have any idea what you are actually investing in?
How to Understand What is in Your Mutual Funds Account Read More »
I hope you enjoyed your Independence Day holiday. As I was tending the barbecue and getting ready for our guests to come and celebrate the holiday with us, I started thinking about Independence Day and what it represented. Even though we like to barbecue, get together with friends and of course, see fireworks, there is a lot more to Independence Day than that. It is our nation’s birthday, the day we stopped being controlled by the British, the day we tangibly celebrate the right to control our own decisions about our future! We celebrate our right to envision, plan, and create the future that we aspire to.
Here at Gainer Financial and Insurance Services, Inc. we are dedicated to helping our clients create and enjoy a happy, fulfilling, and successful retirement for themselves. We help you eliminate the question marks in your life that could destroy that security and enjoyment. From wealth building to legacy planning there are a laundry list of issues that must be considered and planned for in order to enjoy that kind of worry free retirement.
In my last article, I talked about upcoming changes in the Social Security laws and how that would change the options available to folks as they claim their benefits. Now that some of these changes have occurred, it is time to revisit this topic. In many ways, social security claiming strategies are now more important than ever. Understanding your options and coordinating a claiming strategy with your overall income planning can be the difference in running out of money and not, in retirement.
When it comes to Social Security benefits, most people don’t spend much time making a plan to get the maximum benefit available. As a result, the great majority of people are losing up to hundreds of thousands in benefits over the remainder of their lives. I hear the excuses all the time; “they (Social Security) are going to run out of money, so I better get it while I can”, or; “if I don’t collect early, I won’t break even until I am 77”, or my personal favorite, “I don’t feel like working any more.” Excuses like those are not part of an effective social security strategy to help you claim more money.
For nearly my entire career, I have focused on what it takes for someone to retire successfully and most important, enjoy a happy and secure last third of their life. I have seen many people who are happy and fulfilled with their retirement lifestyle. These folks are living their “American Dream.” I have met others who have stopped working and are technically retired, but they are stressed out and unhappy with their lifestyle. What is most interesting to me, their happiness does not appear to correlate with their net worth!
Last April, I posted an entry on our blog called “What Should I do to Survive a Market Drop?,” I reminded readers that a significant correction was past due and I encouraged you to update your strategies in anticipation of a correction or worse. That was posted about a month before the market peaked in May of last year and markets have been generally down since.
I love the food, the gathering of friends and family and the chance to reflect on what has happened since last Thanksgiving. In a world that seems to get busier and busier, it is easy to forget what is truly important in our lives and even harder to take the time to enjoy those things. This break in the high speed day to day lives we are living is a wonderful opportunity to get back in touch with ourselves and those who we value highly.