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The 5 Biggest Financial Mistakes I See

Building wealth is tricky. With all the information we have at our fingertips, you’d think it’d be easy to put together a successful plan. Unfortunately, that’s not the case. In fact, when it comes to financial planning, this information overload can actually do more harm than good. Over the past few decades as a financial advisor, I’ve worked with my fair share of clients. And interestingly, the vast majority of new clients walking through my door are making the same costly mistakes.

 

Medicare Open Enrollment Starts Soon; Here’s What You Need To Know

If you’ve thought about retirement at all, you’re probably aware of Medicare, a federal insurance program designed for people older than 65. What you might not know is that with Medicare, there are many options to consider and details to keep in mind. And with healthcare being one of the top five expenses in retirement, your Medicare decisions could have a significant impact on your finances in retirement.

 

My 4 Favorite Restaurants In Alexandria, VA

When it comes to food, we’re spoiled here in Alexandria, Virginia. There are almost too many tasty restaurants to choose from. 

 

That said, after trying out countless places, I’ve narrowed them down to four favorites. Each offers excellent service, unique vibes, and, most importantly, finger-lickin’-good food. 

 

So, if you live in or are traveling to Alexandria, here are four restaurants you absolutely cannot miss.

What To Do The Day You Turn 65

As you’ve probably noticed, your 60s are a pretty eventful decade—full of important birthdays, milestones, and dates related to your transition into retirement.  The problem is, these can get confusing. And if you aren’t paying attention, important deadlines can be easy to miss.

 

Your 65th birthday is a time when you need to pay attention. There are a lot of changes happening, and you want to make sure to get everything right.

 

To help you out, I’ve put together a “65th Birthday To-Do List.” 

 

Let’s take a look at what’s on the agenda. 

If I Could Only Teach One Financial Lesson

The financial world is complex. Rules and regulations change every day. Events happen that are outside our control. And to make matters even more complicated, everything is interconnected.

 

Fortunately, you don’t need to understand how everything works. You just need to know what you have to do to achieve your financial goals.

 

And that is actually quite simple. All you have to do is follow my number-one financial lesson.

How Much Risk Is In Your 401(k)?

If I asked you to describe your 401(k), would you be able to do it? Do you know how much money is in the account or how you’re investing it? If you’re like 63% of Americans, you’re completely confused about how retirement plans even work.

Schedule A Social Security Review Meeting Today!

About one in six Americans are currently receiving Social Security benefits, most of them retirees. Born out of the need for a safety net during the Great Depression, it is now the major source of income for at least half of the nation’s seniors.

 

But even though Social Security benefits are designed to replace about 40% of pre-retirement income, 86% of pre-retirees don’t know how much they will receive. Despite its importance, many people make incorrect assumptions or get intimidated by the details. Unfortunately, not having a complete picture of the system and how your benefits work could be financially devastating. If you’ve ever tried to understand Social Security or navigate the system on your own and found yourself confused, you are the perfect candidate for a Social Security review.

Do You Know Someone Who Needs Our Help?

With the markets hitting both record highs and record lows lately, it’s no secret that things are a bit tumultuous out there. However, whether we see the markets become more steady or increasingly erratic, it’s essential that you keep in mind two important truths. First, markets can shift quickly. This can be great news when the market is unfavorable, however, this also makes it imperative that you have safeguards in place to help protect your savings from the inevitable future downturns. And second, reviewing your strategy as you near retirement is absolutely necessary in order to ensure your financial plan is in line with your retirement goals.  

 

See A Sample Financial Plan

When you’re about to drop a significant amount of your hard-earned money on something, how much thought and research do you put into it? Would you purchase a home without doing a walk-through and completing an inspection? Would you buy a car without taking it for a test drive first? Probably not. So why should you pay for a financial plan without knowing what to expect?

 

What To Do During Market Volatility

Don’t panic. Periods of market volatility can be anxiety-inducing, but they aren’t as bad as they seem—if you don’t panic. In fact, although it may seem counter-intuitive, with the right mindset, they can even be seen as an opportunity. It may seem impossible to think about opportunities after seeing your portfolio tank, but in the end, it all comes down to how you react. When the market begins fluctuating and you start feeling nervous, here’s what I recommend you do.