As the life expectancy of our population increases, so do the many issues of providing care for the elderly. Spouses and children of the elderly are faced with difficult decisions in providing their care. This section is provided to assist you with eldercare planning.
Tax planning is more advantageous when done during the year and well in advance of year’s end. Opportunities exist for you to minimize tax liability, which will leave more income for you and/or your family.
One thing is for certain: Life is unpredictable. But, it is still important to prepare for the future and whatever it may hold. Have you ever considered what would happen if you were to experience an accident or illness that left you incapacitated and no longer able to make important financial decisions?
For many people, more time and attention are devoted to building their estate than to planning for its ultimate disposition. Understandably, enjoying the fruits of your labor is often more interesting than planning for what might happen when you are no longer here.
In recent years, many Baby Boomers have witnessed a growing trend: Their children are moving back home after graduating from college. In part, the return of the “boomerang” children to the nest may be due to the high cost of living and a tight job market.
If you are nearing retirement or just beginning to plan for it, you may be surprised to learn that you may need 60% to 80% of your annual income in order to maintain your current lifestyle in retirement. Many variables can affect your retirement savings goals, including where you want to live and the activities you plan to pursue.