The Smart Money Show Blog

70% of the people don’t have a simple will.  In Pennsylvania (and most other states), if you don’t have a will, the state has one for you!  It probably isn’t what you wanted, but if you procrastinate, your surviving spouse will experience it. 

Let’s assume a couple with children.  If one spouse dies without a will (intestate), most people assume that the surviving spouse will get everything!  This may not be the case.  In general, the surviving spouse gets the first $30,000 and the balance of the estate will be divided 50-50 between the children and the surviving spouse.  In most cases, this isn’t what the family would have intended.

 It is very important to make the decision to put a comprehensive plan in place as soon as possible!  Generally, your attorney, insurance advisor, stock broker, etc., doesn’t have the knowledge base to provide you with a comprehensive plan.  You need to talk to someone who has knowledge in all of the areas to provide this type of plan.  Using several different advisors, many times, will cause a GAP or HOLE in your planning.  These GAPS or HOLES can cause many heachaches, surprises, and unneeded depletion to your estate.

Taking the time to Plan Properly can MAXIMIZE your legacy to your children or heirs.  Procrastination usually MINIMIZES your legacy….WHICH DO YOU PREFER?

Call me to talk about your individual situation at 1-877-419-1040 9 am - 5pm Monday thru Friday.

The stock market hit an all time high on Wednesday, October 4th.  When the market goes down, I hear other financial advisors tell their clients…”It’s only a PAPER LOSS.”  Unless you take your money out now…you really haven’t lost any money!”

The same holds true with a market gain…unless you take your winnings out, you haven’t realized any gains or winnings!  For many senior citizens and people nearing retirement, the thougt of another bull market is enticing, and greed starts to set in.  People lost money in the market in 2000-2001, mainly because of GREED.

If you are nearing retirement, or are already in retirement, you generally don’t have as much time to recuperate from a market crash…especially with ALL of your retirement assets.  Retirement planning needs to approached differently than accumulation planning

There is an old rule, called the RULE OF 100.  Subtract your age from 100 and the result is the maximum % of money you should have in the market.  Ask yourself, how long can my retirement income last if the market goes down!  Then you have to understand that when the market is down, you may be spending PRINCIPLE.  When you spend principle, you have less to recover and the market has to go up MUCH HIGHER for you to break even.

 There are great retirement strategies that allow you to participate in market linked gains, but also enables you to protect your principle at the same time!  With the experts prediciting a level market over the next few years, risk is something that should be re-evaluated.

My personal concern for my clients nearing or in retirement…..what if another plane hits a building in the US.  It’s not a matter of “IF” terrorism will hit the US again, but “WHEN!”  Don’t procrastinate.  Today you have the most options.  As time goes on, you risk losing those options and “CRISIS MANAGEMENT” doesn’t work when it’s too late!

For more information, you can call us toll free at 1-877-419-1040.