Retiring Early Requires Planning
Retiring early is a goal for many people. However, according to findings from the Boston College Center for Retirement Research, the average age of retirement has risen to 65.7 years old for college-educated men, 62.8 years old for college-educated women and around 62 years old for people whose highest level of education is a high […]
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Protecting Assets of a Parent in Failing Health
When you’re contemplating your old age — or caring for someone who is elderly — you first have to focus on three key items: Taking care of oneself and one’s possessions. To whom do you wish to leave a particular possession? Ensure that you have a valid up-to-date will or trust documents, and a durable power […]
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Considering Co-Signing a Family Member’s Mortgage?
When you agree to co-sign on a mortgage, you are essentially lending a portion of your future income and credit score to help your family member get a mortgage loan. Before you ever sign on the dotted line, you should consider every detail of the terms and your potential exit strategy. Take a look at […]
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Understanding Probate in Connecticut
When people find that they are facing Probate court, they can become anxious. Probate is the legal process of administering the estate of a deceased person. The probate process is overseen by the probate court and shall be handled by an executor or administrator appointed by the court. This process can seem complex and intimidating. […]
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Estate Planning When You Remarry
Many marriages are blissfully successful, but many end in divorce. According to the American Psychological Association, 40-50% of first marriages end in divorce. For second marriages, the rate is higher, with 60-67% ending in divorce. This is a sobering statistic for someone considering remarrying. Marriages that create blended families, those that include children from prior […]
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New Career versus Retirement Job
If you are nearing retirement age, you may require extra determination and energy to switch to a new career. While fellow retirees are making travel plans or enjoying additional family time, you may choose to continue to keep working. The question becomes, should I start a second career or take a “retirement job” instead. […]
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Do You Need a Trust?
According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: Procrastination Believing they need more assets Not knowing how to make an estate plan An estate plan is a comprehensive set of legal documents […]
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Your Home’s Equity Matters
Every time you make a mortgage payment or if your home’s value rises, you build your equity. But what is equity? It’s the difference between what you owe on your mortgage and what your home is currently worth. An equity example: If you owe $250,000 on your mortgage and your home is worth $350,000. You now […]
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The Financial Details of Purchasing a Home
Congratulations! You have found your dream home, submitted an offer, and had it accepted. Your financing is in place. Now you cancel your lease and are ready to move into your new place. Suddenly you are informed that there are issues and closing is delayed. This can be a hassle and cost you significant money […]
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Is Long-Term Care Insurance a Good Investment?
Many people wonder if long-term care insurance is a good investment. Middle-aged and older people, especially those in their 50s and 60s, often contemplate buying long-term health care insurance. In the end, only about 2.3% of this age group actually purchase it. The hesitancy is understandable, as consumers grapple with today’s known cost of premiums […]
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