When I hear the expression, “what’s old is new again,” I’m apt to reflect fondly on the days of yore, how something from the past - vinyl records, bell-bottoms, (hell, actually using a phone for talking) - has re-established itself in the contemporary ethos, having undergone a transformation, evolution, or innovation of some kind, and having done so, become a better vers
Americans made more and spent more money in March 2018 according to the Bureau of Economic Analysis’ report on Incomes and Outlays. However, in typical American style, consumers spent faster than their incomes grew, so the savings rate suffered. Finally, inflation’s trend seems to be nearing the Federal Reserve’s explicit target.
The 2017 calendar year provided one of the most beneficial runs the stock market has endured in decades. It seemed like each new day brought a new record-high close. However, that wild ride upward had to meet an end at some point.
A New Emergence of Mid-Life Course Corrections and What We Can Do to Facilitate Support and Awareness
By: Kathy Longo, CFP®, CAP®, CDFA
We often discuss the challenges and opportunities people face during the transitional time period that accompanies retirement. Retirement is something that is marked by a specific event in our lives, so it seemingly has a beginning and we are equipped to work through this transition because, by definition, we know when it is going to take place. In contrast, there are other transitional periods in life that are not as clearly defined. I recently read an article from the Washington Post that discusses the transitional period that many people encounter during middle age (40 to 65) that is not given very much attention but, perhaps, should be identified and addressed both by members of our financial profession as well as by the people who are either approaching or currently living in this phase of their lives.
“Over the past decade or so, evidence has emerged from economics, psychology, and neuroscience showing that humans tend to go through a kind of emotional reboot around midlife. It’s often experienced as a period of malaise and dissatisfaction, but normally it is not — contrary to stereotype — a crisis.”
Admittedly, our April weekend in Des Moines wasn't met with the weather we would have liked to see when traveling south, but the Bradford team and Life Expo attendees made the most of wintry weather outside by exploring investment and planning topics indoors.
By: Kathy Longo, CFP®, CAP®, CDFA
Living life the way we envision as peaceful, abundant, secure and fulfilling is what many call the American Dream. Quality of life is a meaningful part of our needs to feel happy and safe in our lives. Unfortunately, from social isolation to diminished health to poor eating habits, people’s quality of life is at risk as they age. There are many factors that can contribute to a reduced quality of life and there are planning measures that can be taken to mitigate that loss.
Our team works with clients to help them identify opportunities to age happily. Key components frequently include reducing the risk of losing touch with friends and family, maintaining access to healthy foods, having access to quality and necessary medical care, and to maintain a sense of fulfillment as they reach an advanced age. While many people in their 40s and 50s aren’t necessarily thinking this far into the future, they may be experiencing the challenges that their aging parents are facing and see that advanced planning for aging can have a positive impact on the elderly as well as their families.
Remember, keep good records and consult a professional
You might get to deduct the mortgage interest premiums you paid in 2017 after all.
By: Kathleen Longo, CFP®, CAP®, CDFA
When it comes to financial planning, we spend a lot of time talking with our clients about what they want their financial legacy to be. Beyond the money and assets, they will leave to their family and charities they care about, we often discuss how that legacy will be used and what financial philosophies they will leave behind. For example, clients may have misgivings about leaving substantial assets to their children for fear it will spoil them, encourage a poor work ethic, or give them a sense of entitlement. When it comes to giving to charities, our clients often want to make sure their funds are being used for the causes and purposes that are meaningful to them and that they are making the right types of gifts that will make a lasting impact. These concerns and questions are significant, and careful planning, as well as good communication, go a long way in making your legacy impactful and purposeful.