The Life Planning 101 Podcast

With around 80 million Baby Boomers in retirement or entering retirement, it doesn’t matter if you are one of them or part of Generation X, you might not be able to obtain the same pensions and government benefits your parents enjoyed, thereby placing a much larger burden on your own children and bringing them into the same club.

When it comes to funding college education there is not a one size fits all formula. Planning early for college can be life changing. Not only are there possibilities to graduate with a thriving sense of purpose, but also better health and increased financial security. When paired with the college education, stepping stones are created for a successful future.

Many individuals make the assumption that money is about money. Well, it is and it isn’t. Money is a tool…but how it is earned, saved, invested, maximized, leveraged, taxed, lost, protected, spent, given, or inherited can be done in a million different ways. How can the word on the street be the right thing for you, your unique situation, your family dynamics, your past, your future, your goals, y...

The only guarantee is that there are no guarantees in life. When you retire there is no guarantee what the next three years will be. And, if you are retired, there is no guarantee what the next three years will be. The key is to plan for just this.

Have you considered your marital status during retirement – and its financial and social impact on you? According to the US Census Bureau, 42.4% of people over age 65 were single in 2015 and 1 in 4 of those was a widow or a widower. So whether you are already single or believe you will never be single - this is for you.

I urge you to consider long-term care planning as a chapter in your estate plan. Yes, long-term care insurance is lousy, but it may be the only option. Would be worth giving up ½ of 1% of the return on your estate to protect your estate? Just remember plan for it when you don’t need it, because when you do need it; it will be too late.

According to the US Bureau of Census, 1,300 new blended families form every day. Sadly, too many estate planners employ a canned estate plan that only employs solutions for traditional families when simply traditional planning does not work!

If today is the first day of the rest of your life, how long will that be? 20 years…30 years…40, 50? People don’t plan to fail; they just fail to plan.

Don’t let Uncle Sam stick you with another 2016 tax bill. Here are 7 deductions that allow you to not only keep, but potentially grow your money.

Frank Mullins, CFP, Chartered Advisor in Philanthropy, Family Wealth Consultant with Legacy Wealth Counselors is our special guest this week. Find out what family-centric wealth planning is and how it can benefit you and your family.

Every year during our Life Planning Reviews, we take a look at the titling of assets and beneficiaries and list these out for the families we work with to find the holes before someone steps in one.

There is no doubt that the instant availability of information has been life changing. However - if we aren’t careful - it could be our demise.

Someone important in my life once told me to spend my money on two things: other people and experiences. Giving to people gives back to you and experiences are memories you will always have. Here are 5 alternatives to spending and taking more risk when it comes to your cash.

The base, or foundation, of your Life Planning Pyramid consists of the measures you take to protect everything you build in life: your emergency savings, your legal documents, and your risk management plan. Today we want to focus on the risk management piece which includes your insurances.

“Debt” The word alone makes most people cringe. After all, at some point in our life most of us have felt overwhelmed by debt. So how do we distinguish between the good, the bad and the ugly when it comes to debt?

What choices do you need to make to mitigate the fear of running out of money? We commonly ask families these three questions when it comes to their financial plans. 1. Could you? Could you make a few changes if you needed to? 2. Would you? Would you actually make these changes? 3. When? If so, when? Every year lost is lost to a year of worry. Is it worth it?

There are tools still available to you which, if implemented, could possibly allow you to weather out the upcoming estate tax storms. It may be now or never to take action and set up a lasting low or even no tax legacy.

With the beginning of each new year, we set resolutions to set ourselves on a better, more productive path… but oftentimes after we set them, we become discouraged by them, forget about them and before you know it - it’s another New Year’s Eve and time for another set of resolutions. So what’s the point, right? Well, consider this single question and wrap your 2017 resolutions around your answer:...

Is “Longevity” a Risk You Need to be Thinking About? Perhaps a question we need to start with is… What are the risks of “longevity?" Check out this week's podcast for more information. Remember today is the first day of the rest of your life. How long will that be? Don’t let longevity be the demise of your family.

We at Kennedy Financial Services care not only about your financial health, but your physical health as well. We had the privilege of having Dr. John Duncan, owner of ViaScan, speak at one of our luncheons and we were amazed by all the information he presented. Please visit their website www.123bodyscan.com for more information.  

When it comes to investing, you have one of two emotions working in you at all times: fear or greed. Unfortunately, when you let these manage your portfolio you will always trail the market. Check out our website to find out more:  http://www.kennedy-financial.com/blog/avoid-these-3-most-common-pitfalls-of-investing

In regards to your retirement planning, it's important to determine what you want your retirement to look like and set goals to achieve that reality. Here are some tips that could possibly help with your planning, so you can retire successfully and successfully stay retired.

The old adage says that the only sure things in life are death and taxes…but there’s one other thing that’s pretty much a certainty. That certainty is change. Everything changes and successful people embrace change rather than fight it. In fact, the most successful people don’t wait for change to seek them out through accident or crisis – they are agents of change themselves.

For most, the holidays represent a season of giving. Although giving to family and friends occupies most of our attention, charitable giving also plays a significant role at this time of year.

What should you get done before the end of the year? Here are the only 5 things you need on that list.