When you receive an inheritance, you may be wondering what to do next. No matter if it’s a modest or substantial amount, handling it responsibly is one way you can honor the family member who left it to you. Here are some ways to help you decide what to do.
Inflation and COVID have prompted many of us to protect our health, jobs and financial well-being. No matter what your circumstances are, life will always have bumps in the road. Here are some tips to get back to basics and improve your financial picture.
When you reach your 40s, most likely your responsibilities have increased significantly. With that in mind, it’s more important than ever to figure out how to allocate your hard-earned dollars. To manage day-to-day expenses and accomplish your longer-term financial goals, you’ll need a plan you can live with and adjust it to your changing needs.
As a loving parent, you want to protect your family if something happens to you. When your children are younger, you’ll need to provide instructions on managing your finances and property, and who will act as their guardian.
However when an inheritance involves adult children, the situation changes dramatically. They may be married with families of their own to care for, or living independently and making their own financial decisions.
Depending on your investment profile, you may want to consider including an annuity as part of your investment portfolio. Annuities can have features that provide a more moderate approach to help build retirement savings. They can also be used to create an income stream you can’t outlive.
Entering your 60s could mean you’re getting ready to reap your financial harvest. But, after decades of careful spending and saving, you may still be hesitant to say goodbye to full-time employment. If you’re still carrying high-interest rate debt, making a hefty mortgage payment, or wondering if you have enough money in savings, delaying retirement might be a good idea. Before you exit the workforce, reassess your finances and be prepared to reboot your retirement plan, as needed.
Like most people, you probably have many financial goals you’d like to accomplish. If you have children, helping them pay for college may top the list. Continue reading
If disaster strikes, are you financially ready? Whether it’s a wildfire, earthquake or storm, make sure your home, car and property are adequately insured, and that you have emergency savings to draw on if you need to. Some things take longer than others to set up, so getting ready ahead of time is a smart strategy.
According to a recent study1, 90% of Americans feel stressed about money. Some of this anxiety is due in part to the ongoing effects of the pandemic, product shortages and inflation. Unfortunately, stress can often lead to questionable decisions, so it’s important to deal with it sooner rather than later. If you’re feeling a bit overwhelmed, here are six ways to help manage your finances. Continue reading
It’s not uncommon to put off some important financial decisions, including planning for your family’s future if something happens to you. Here are some reasons to take action now.