Check your beneficiaries.
Beneficiary designations are a necessary part of planning for the future for you and your loved ones. Although they are not required, neglecting to name a specific person or charity as your beneficiary could result in your assets passing through the probate process.
It's also important to make sure your beneficiaries are up to date. Anytime you experience a life event, such as a marriage, death, divorce, or birth, you should review both the primary and contingent beneficiaries on all of your accounts. Outdated beneficiary choices could result in unintended heirs and/or adverse tax consequences.
If you'd like to review or update the beneficiaries on your accounts, please call our office at (518) 584-2555!
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3 Financial Conversation Starters
for Couples
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Strong relationships lead to happy retirements, and planning for a (financial) future together should be a topic every couple discusses before that day comes. Though it may not seem enjoyable nor romantic, it's a critical conversation to have, as spouses often assume they both see their future the same way, and that's not always the case.
It's important for couples to not only discuss future spending and savings, but also think about where they'll want to live and what they'll want to do in retirement. Planning ahead by taking those ideas and figures into consideration can save a great deal of stress and make the transition into retirement more manageable and something for couples to look forward to.
If you're looking for guidance on planning for your future, please don't hesitate to call our office at (518) 584-2555 to schedule a meeting.
In the meantime, why not spend this Valentine's Day discussing your financial plans with your partner? Click here for 3 financial conversation starters for couples.
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Choosing to retire and actually following through with your decision may, in fact, be the most difficult part of retirement. When you've spent the majority of your years working, it's not unusual to fear your life in retirement, for a variety of reasons.
A recent survey conducted by AIG Life & Retirement found that:
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Nearly 6 out of 10 Americans fear running out of money more than death.
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23% stated that generating a lasting income for retirement is their greatest fear.
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86% of Americans confess to anxiety about funding their retirement lifestyle.
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Nearly half of respondents with a financial advisor felt extremely secure about living a long retirement, while only 8% of those without one felt the same security.
Our goal at Saratoga Financial Services is to help you retire with confidence. Please call our office at (518) 584-2555 and allow us to help you plan your future.
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Good News for Retirees: RMD Formula Changing for First Time in Decades |
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This year, based on data from the most recent census, the IRS has implemented updated life expectancy tables - they're expecting us to live longer. These tables are used to calculate your Required Minimum Distribution (RMD) - in other words, how much you're required to take out of certain retirement accounts each year once you reach age 72.
While the updates are relatively modest (between roughly a quarter and roughly half of a percentage point), for those ages 72 to 100, it's a noticeable difference and certainly something worth being aware of. Along with that, bullish stock performance often contributes to increased retirement account balances, which, in turn increases the size of RMDs.
As always, we encourage you to plan ahead for these types of financial changes. If you have any questions or concerns about your RMD, please don't hesitate to call our office at (518) 584-2555 for assistance.
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Winter Activities In & Around Saratoga |
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If you're looking to get outdoors and enjoy some fresh air this winter, the Saratoga Region has a variety of options to explore! During the cold months of winter, the area becomes a winter wonderland of fun.
Saratoga.com has put together its own winter guide, which shares lots of activities to keep yourself occupied this winter season. Click here to check them out!
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Robert Schermerhorn, CFP®
Jamie Usas, CFP®
Operations Manager
Amanda Friedman
Wealth Consultant
Andrew Chapman, CFP®
Operations Research Associate
Lauren Bliss
Office Coordinator
Saratoga Financial Services
18 Division Street, Suite 305
Saratoga Springs, NY 12866
Phone: (518) 584-2555
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Securities & advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC
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