When you're halfway through the year, it's time for a fiscal checkup. Just as you do with your annual physical, you need to determine if your budget is healthy or if expenses are bleeding enough red ink to cause financial anemia. Are you shedding pounds of debt or are you over-stressed? Will you reach your goals for savings this year? Will you have enough to spend on splurges or holiday gifts? Examining your current financial health is going to take more than simply confirming that you have money in your checking account. We hope you are using some sort of online tool or spreadsheet software. If not, you need a complete physical. Like the familiar, "I'm going to lose 10 pounds" New … [Read more...]
Stretch Your Retirement Nest Egg So It Lasts as Long as You
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...]
How Do You Know When It’s Time to Sell?
how do you know when it's time to sellIn April, Vermillion Financial Advisors review their clients' investment portfolios and their financial objectives. To supplement this work, VFA has chosen to provide you, our readers, with an article to provide more insight into your investments. Most investors have a process for purchasing an investment. It usually involves performing research, comparing similar investments or investment types, and considering a number of more personal factors, including time horizon, risk tolerance and goals. Few investors, however, have a tried-and-true process for selling an investment. Yet knowing when to sell can be every bit as important as knowing what to … [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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