In the late ’90s and early ’00s, corporations changed the retirement landscape for everyday working Americans. Due to shifts in the economy and underfunded pension liabilities, corporations got rid of the pension plan. They shifted workers to a defined contribution system where the worker must save for their retirement. This massive change shifted the responsibility for retirement from the corporation to you, the individual.
Given the complexity of today’s economy and retirement system, more Americans than ever are looking to hire financial advisors for guidance on their most pressing financial issues. The hard part for many people is figuring out how to find an advisor to engage.
Most pre-retirees who reach out to our firm have questions regarding collecting Social Security. Questions range from the terminology, to when is the best age to collect benefits, to complex filing strategies that take advantage of loopholes in Social Security. But before we can get into the fun stuff, we must cover the basics of collecting.
Inheriting money can bring mixed emotions. On the one hand, you most likely lost a loved one. On the other hand, your new financial windfall could help you accomplish your goals. Here are six steps to managing your inheritance so you can make it work toward your long-term dreams.