How to Not Outlive Your Money

At Idaho Medical Association Financial Services, we know retirement is full of unknowns; you cannot predict how long you will live, how markets will oscillate, or what the rate of inflation will look like in future years. Variable factors like these create confusion as to how retirement should be planned and prepared for.

The good news, however, is that there are some things you can count on. For example, you have control over how long you decide to work, when you start saving, and what investments you make. As you focus on maximizing the factors you can control, you can ensure that you do not outlive your money during retirement. What’s more, you can provide yourself with a retirement that is comfortable and financially secure.

As you prepare for retirement, implement these four tips to make sure that you do not outlive your money.

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4 Financial Planning Myths Debunked

4 Financial Planning Myths Debunked

Many people have misconceptions about financial planning that hold them back from meeting with an advisor. Perhaps they feel that they are too busy, they have had negative experiences with advisors in the past, or they feel that they know enough to do it themselves.

Whatever the reason, consider this: Americans with a long-term financial plan are more than twice as likely to feel “very confident” about reaching their financial goals*. Meeting with a planner can guarantee a financial plan that ensures peace of mind now and financial stability in the future.

This being said, here are four common misconceptions people have about financial planning that may prevent them from enjoying the benefits of this service. 

Three Social Security Questions You Should be Asking

Three Social Security Questions You Should be Asking

Nearing retirement brings many questions and not all of them involve when to visit the grandkids or how to plan for that trip to Hawaii. Instead, many of them are centered around finances. Specifically, many future retirees are wondering about Social Security.

Although the Social Security program focuses on providing financial support for retirees, Social Security-based decisions often bring more stress and confusion than peace of mind. Nevertheless, education is a tried-and-true antidote for confusion. As you plan for retirement, consider asking these questions to get the most out of Social Security.

Financial Security 101: The Emergency Fund

Financial Security 101: The Emergency Fund

You’ve probably heard it before: the very first aspect of financial security is having an adequate emergency fund.

Having proper cash reserves can solve a multitude of life’s expected problems, whether your transmission blew up while leaving for your family’s cross-country road trip or your job got the axe in the latest round of layoffs. But how much should you keep in reserve for emergencies? And where’s the best place to put that money in the meantime?

Annuities: Buyer Beware

Annuities: Buyer Beware

When investors fear a market down-turn, some are tempted to seek shelter for their retirement funds in annuity contracts. An annuity is an insurance product that pays you a fixed monthly income for life. Annuities come in huge variety, due to different features, interest rate determinants, payout schedules and contract specifications. Even considering only the best of this group, investors usually are better off with a properly managed investment portfolio than through an annuity.

4 Numbers to Remember About Retirement Planning

Creating a well-rounded financial portfolio is an important step in securing income during retirement. Understanding your specific financial situation, and how your financial numbers relate to your goals, is the first step in crafting an appropriate plan for retirement.

In today’s post we’re highlighting four important numbers to remember about retirement planning. While there are many uncertainties involved in making future projections these key figures can serve as a valuable guide in helping you plan for your future.