Eudaimonia Wealth

While it remains to be seen how the current season will play out, it’s hard not to be encouraged about the direction of the squad this year. We’ve all been hearing Trust the Process for years - but it turns out it works. And it’s a good mantra for #retirementplanning, too. We break down the four biggest similarities: https://bit.ly/2WjnMuk

It's not too late! What you do between now and the end of the year can have a significant impact on your tax bill next April. Here are some last-minute tips to consider: Charitable Donations: Even if you plan to take the standard deduction, you can still receive up to a $300 deduction for charitable distributions this year. ... Harvest Gains & Losses: If you have large gains in your brokerage account, look for positions that have lost value to sell and offset future gains. Roth Conversions: By filling up lower tax brackets, you pay taxes on the money now in order to reduce your long-term tax bill. Donate IRA $ to Charity: While RMDs were waived for 2020, if you're 70.5 or older you can still donate money (up to 100k) from your IRA directly to a charity of your choice to reduce future distributions. Adjust Withholding: If it looks like you may have a bigger than expected tax bill this year, you can still increase the withholding from your last paycheck. Now let's get to it

Can we afford to retire? How much money will we need? What do we even want to do in retirement? How should we position our investments? When should we take our Social Security? ... What about healthcare? Are we missing anything? Decision fatigue when considering #retirement is real. It’s easy to become overwhelmed by the number of choices to be made. But it doesn’t have to be that way. Here’s some sage advice on how to simplify the process: Break Big Decisions Into Smaller More Manageable Steps: Which will really make the most impact on your life? Pre-Make Decisions & Set Simple Rules In Advance: Laying your clothes out the night before can help you save energy when it matters. Come up with one decision that you can get out of the way first. Build Your Framework For Making Good Retirement Decisions: By establishing a strategy around what you want to achieve and what you value in life, the right decisions become clear. With a focused, efficient decision-making process, you can make your most important choices in a way that leaves you feeling energized about your future, not fatigued https://www.forbes.com//how-to-simplify-your-decision-mak/

This week marks the first anniversary of my decision to launch an independent financial planning firm, and what a year its been Starting a business has been a major learning experience and one of the most rewarding things I’ve ever done. Here are some of my top takeaways from my first year in the books ... https://eudwealth.com/blog/first-year

A global pandemic, Presidential election, AND the Bills play the Patriots this week. I can understand why your upcoming health insurance Open Enrollment at work might not be top of mind. But it’s really important!... Here are some questions to ask yourself in order to pick the best plan for you and your family: Are you expecting any changes to your family’s health insurance needs? Could you be better served in a high deductible plan and contributing to an HSA instead? Are you planning on healthcare-related expenses that can be paid with pre-tax money? Picking the right coverage for your family can feel daunting, but it doesn’t need to be. Happy planning! https://eudwealth.com/blog/open-enrollment

We are trying deliberately to fill our lives with activities that give us meaning - remaining connected to our friends and being good members of our community. Most of us know that social connectedness is a critical factor when it comes to both happiness and longevity. But what happens when a pandemic throws a wrench in how you planned to spend your time in retirement?... I love this piece about how recently retired folks are finding ways to adapt. Some of the highlights include: exploring new passions and encore careers creating a curious list of anything you’d like to learn more about virtual book, wine, and food clubs finding new ways to volunteer While it may not look exactly like you had planned, this season in life has opened up a world of new opportunities. So what is it in life that gives you energy and a sense of belonging? Now is the time to find that out. https://www.nytimes.com//retire/pandemic-life-seniors.html

If Biden wins, the stock market and economy are going to tank! If Trump wins, the stock market and economy are going to tank! Depending on where you get your news (or who you choose to surround yourself with), I’m sure you’ve heard both sides.... While it’s natural for investors to look for a connection between who wins the election and what happens with the markets, history has shown that it might not matter as much as you may think. In reality, presidents get far too much credit (and blame) for the health of the economy and the direction of the markets. There are countless other variables that determine economic growth and market returns, and stocks have trended higher regardless of which party has been in office. As an investor, it’s important to make a conscious effort to tune out the noise and instead focus on what you want to achieve with your money. If there’s one thing this year has taught us, it’s that the only certainty is that there will be more uncertainty to come

One of the biggest mistakes I see people make in retirement is paying more in taxes than they need to. It's critical to understand the tax treatment of different sources of retirement income so you can have a plan around where to draw from and when. Here are some great tips for getting started as you think about your retirement

Saving for college while funding your own retirement can seem like a daunting task for parents. But it doesn't need to be. Instead of birthday or holiday gifts, you can have relatives put money towards a child's future education, and it's a lot easier than you think. Read what I had to say in my latest contribution to Forbes here:... https://buff.ly/2Fg3Fbd

You've worked hard and saved diligently over the years within your 401(k) or 403(b). That's great! But do you have a plan for not overpaying the IRS when you retire? While you can’t entirely avoid paying taxes in retirement, you can control how much of your money you keep by taking control now and planning ahead.... Here's what you need to know about managing your tax bill when you're no longer working:

There is an actual cost to holding onto things we should let go of. It can come in the form of anger, frustration, resentment, or something even worse. The question is, can you really afford to keep paying the bill? Love this from Carl Richards What’s one thing you can set down this week?... https://behaviorgap.com/the-cost-of-holding-on/

Permanent insurance can be a great solution in the right situation. More often than not, I come across people that bought extremely complex, expensive policies that were presented as a one-size-fits-all to solve their financial needs. This article does a nice job highlighting the conflicts of interest that can exist when you work with someone that gets paid more if they use proprietary products.... When you work with a financial professional, make sure that the focus is on YOU and what you want to accomplish, not the shiny tool that can help get you there https://www.financial-planning.com//wealth-managements-con

Modern technology has made the financial industry more accessible than ever before. In what used to take a phone call to a broker, you can now invest for your future with the click of a button. With the explosion of new online trading platforms out there, it’s important to know exactly how you’re protected if things don’t work out for the company. ... I spoke with Forbes this week and shared what protections are in place for consumers when it comes to investing. Check out what I had to say here https://www.forbes.com//what-happens-if-your-stockbroker/

"If you want to be certain you’re working with a financial professional who is truly putting your interests first, advocates suggest asking him or her a question: Are you acting as a fiduciary 100 percent of the time? Then ask for a signed oath saying as much. The broker should be able to fully explain how he or she is compensated." There's a new rule in place when it comes to regulating the folks who provide advice around money. While it's a step in the right direction, cons...umers still are largely on their own for determining who is acting as a fiduciary and who is selling products. You've worked hard to save your money. Make sure to do your homework out there

While stocks get most of the headlines, bonds play a critical role in your portfolio in retirement. By spreading your money across different asset classes, you provide yourself the opportunity to stick to your investment plan when the markets get wacky. Thank you to NerdWallet for asking me to share how you should approach incorporating fixed income into your own planning.... Check out what I had to say below https://www.nerdwallet.com//inves/fixed-income-investments

Just like that, the year is halfway through. What a start to the decade it’s been. With all of the change and uncertainty you’ve endured, now is a great time to process what it all means for you, your relationships, and your finances. What have you learned? ... What do you want to keep? What would you like to change? Developing a plan for your retirement provides you the framework for making rational decisions with your money as your life evolves. It's a continuous, ongoing process. If there’s one thing that this year’s proven to be certain, it’s that life will be uncertain.

I know it feels weird to start a conversation about money by talking about feelings. We’ve been trained to think money equals calculators and spreadsheets, but money is more than that. Are you wondering if your investment plan needs an overhaul as you near retirement? Here are five actions you can take right now:... Give yourself a break Remember why you invested in the first place Revisit the investment process Stay in the lifeboat Do something else

More often than not, the families we serve end up doing some form of part-time work after they retire. Not because they have to, but because they want to. The goal is to get to a point of work optional, where you have the ability to leave your career and pursue something that provides you energy and a sense of purpose.... What does your version of a fulfilled next chapter look like?

Being able to do what you want, when you want, where you want, with who you want and for as long as you want provides a lasting level of happiness that no amount of fancy stuff can ever offer. Father's Day may have passed, but these lessons around money and life are timeless What else should be included?

Financial planning isn’t about determining who has the shiniest investment strategy or all of the answers. It’s about building upon the life you already have by positioning your money to best support what's most important to you. At the end of the day, no one knows more about your life than you do. ... A real financial planner is just the guide that helps to get you there and tune out the noise along the way

Are you planning on retiring before age 65? If so, you'll want to make sure you have a plan for securing healthcare coverage before Medicare kicks in. In our latest blog post, we broke down some pros and cons of the health insurance options you'll have in retirement.... Check it out here