When it comes to retirement planning, the possibility of eventual long-term care is often overlooked. It’s easy to disregard the potential costs associated with aging when you are young but should you or a loved one become physically or cognitively impaired, you’ll find the cost of care can quickly consume your income and deplete your retirement savings.

Actively vs. Passively Managed Funds 

There is no lack of debate in the financial community regarding which type of fund is superior: actively managed versus passively managed funds.

Actively managed funds are a group of funds that are controlled by a manager or team of managers who aim to outperform the market with the frequent buying and selling of equities based on that manager’s expertise, experience, or personal judgment—similar to the types of drivers who exit the highway in rush hour believing they’ll find a quicker route and only return when the congestion appears to have cleared. Due to the nature of this active management, these funds carry higher expense ratios and charge heftier management fees than their passively managed counterparts.

Have you ever been caught in rush hour traffic? Do you find yourself feverishly searching your GPS for a faster route the longer you are stuck in it? Maybe you contemplate whether you’re better off waiting out the bumper-to-bumper gridlock on the highway or taking your chances with city traffic lights. You know that your chances of outrunning highway traffic with an alternate route are slim, but your impatience is chipping away at your sense and you strongly consider it. Plus, look at all those other cars clearly getting off to avoid the slowdown!

One of the most important elements of retirement planning is analyzing a host of unknown variables including our predicted life expectancy, our future expenses, and the income we will need to cover those expenses without sacrificing our quality of life. More often than not, retirement income is generated from multiple different sources such as pension plans, IRAs, and investment income, to name a few. It’s likely you’ve also imagined social security benefits funding a portion of your retirement. After all, we spend our entire working lives paying into the program with the expectation of receiving future benefits.

As the cost of college tuition and fees continues to skyrocket, so too does the consumer debt incurred to fund post secondary education. According to Forbes, student loans make up the second highest category of consumer debt, only behind mortgages and ahead of credit card and auto loans. With 44 million borrowers owing in excess of $1.5 trillion in U.S. student debt alone, it’s no stretch to say that countless Americans are caught in a student debt crisis that shows no sign of improving.

Have you ever heard someone say that experience is the best teacher? How about “there are no mistakes, just lessons”?

We’d like to take a slightly different tack on these age-old maxims. Experience isn’t the best teacher, but someone else’s experience can be. Learning from other people’s mistakes can save us a lot of grief.

After years of investing your time and energy into building a successful business, you’ve decided it’s time to move onto the next chapter of your life. Whether you are heading into retirement or simply want to focus on a new business venture, having a well thought out transition plan in place can help to maximize your profit, mitigate post-sale taxes, and secure the financial future you desire.

Since selling a business can be a complex endeavor, we’ve put together a checklist to help you make the planning process go as smoothly as possible.

Financial Considerations for Managing Life After the Loss of Your Spouse

Whether the passing is sudden or somewhat expected, losing a husband at any age is traumatic and can raise many questions and worries about the future.  The term “widow” conjures up thoughts of loneliness, yet thousands of women suddenly find themselves facing this reality every year. It is a major transition in life, and too often important decisions and responsibilities are set on hold or sometimes forgotten altogether.

So often, as women, we dedicate our lives to taking care of those we love—our spouses, our children, our parents, or our grandchildren—and neglect to take time to inventory our own well-being, especially regarding finances.

The recent tax reform, officially known as the Tax Cuts and Jobs Act (TCJA) of 2017, was the biggest change in the tax code in over 30 years. The overhaul covered both individual and corporate income taxes. Most will see their tax bill decline when they file, but a few folks may see a sharper bite.

Let’s touch on some of the changes at a high level.