During the month of May, Vermillion Financial Advisors work with their clients to review their retirement goals and work to make sure their retirement plans are on track. We would like to provide you, our readers, with an article to supplement your retirement planning process! Americans are living longer than ever before, with an average lifespan that, according to U.S. government figures, has increased from 73.7 years in 1980 to 78.3 in 2010 and a projected 79.5 by 2020. While that means more time to enjoy life, it also presents a dilemma: How are we going to make sure our money lasts a lifetime so we can keep living the lifestyle in which we're accustomed, whether we live until 70, 80, … [Read more...]
Five Red Flags of Tax Returns
red flags tax returns In March, Vermillion Financial Advisors prepare their clients for the upcoming tax season. We would like to provide you, our readers, with an article to supplement you in the preparation process of your taxes! Audits normally total just over one percent of total tax returns filed, with big income and very low income earners more likely to get flagged. You may have heard that the government needs revenue, so audits are expected to increase. Let's look at five red flags to keep in mind when preparing a tax return. 1. Unrealistic Deductions For the typical tax return, the IRS is interested in seeing deductions in line with other … [Read more...]
Ten Questions When Planning for Financial Security
questions planning financial securityIn February, Vermillion Financial Advisors review their clients' financial inventories and their cash-flow management. To supplement this work, VFA has chosen to provide you, our readers, with an article on how to decide what's important in your financial inventories. When thinking about how to protect your livelihood or build the financial resources you will need to live life as desired, answer these 10 questions first. 1. What is important to me? Before thinking about the right financial products for your needs, clarify what's truly important to you -- the people you care about, the aspirations you have, the things you want to protect, and the … [Read more...]
How Much You Need to Save for Retirement
how much to save for retirementHow much money does a typical worker need to save every month in order to have a reasonable chance of financing a secure retirement? New analysis from the Center for Retirement Research at Boston College (CRR) came up with a broad overview of the rates needed by different age groups and income levels. To estimate necessary savings rates, the researchers first sought to determine what level of retirement income would provide an equivalent standard of living to a retiree's final year of pre-retirement income. After they took account of changes in various tax burdens, commuting expenses, housing costs and other factors, they estimated that a single worker … [Read more...]
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