Tranquil Path Financial Planning

Today, we’d like to bring attention to an important, under-discussed area of retirement planning — the gender gap. Even with strides toward equality, there's still a notable difference that affects women's retirement. Swipe for an overview of the gender gap in retirement planning and ways our team can help clients combat it. And for personalized retirement guidance, do not hesitate to give our office a call. We are here to help!

As life expectancies increase, the excitement of living longer also brings new considerations in financial planning. That is why it is important to prepare for a retirement that might last longer than you expect. There are a variety of strategies that can be employed to ensure income well into a retiree’s golden years, including: 🗓️ Fixed Annuities can be an ideal option for some Americans, as they offer regular lifetime income. 📈 In some cases, a person approaching retirement age delay may want to delay taking Social Security, as waiting increases monthly payouts by 8% annually up until age 70. 📈 Additionally, your Social Security allotment is based on your 35 highest-earning years, adjusted for inflation. After 35 years of employment, every additional higher-earning year can cancel out a lower-earning year. Have questions about your retirement plan? Feel free to reach out to us anytime to discuss how we can help you manage your finances for a longer, more fulfilling retirement.

National Financial Awareness Day seems like an odd day to mark; I think people are already quite aware of money, sometimes painfully so, but it is still a good time to reflect on our financial health and education. With that in mind, we’re sharing three eye-opening stats about the state of finances in America: Emergency Savings: Only 48% of Americans have enough emergency savings to cover at least three months' worth of expenses, as of May 2023. Alarmingly, 22% have no emergency savings at all. This underscores the crucial need for improved financial planning. Debt vs. Savings: A concerning trend shows that 36% of U.S. adults have more credit card debt than emergency savings in 2024 — the highest percentage since 2011. Managing debt is a continuing challenge for many. Financial Anxiety: A staggering 77% of Americans report feeling anxious about their financial situation, according to a recent Mind over Money survey by Capital One and The Decision Lab. Financial concerns range widely from savings and retirement plans to affording housing or education. Do you relate to any of these financial realities? Our team is always happy to discuss your current financial situation and your plans for your future financial success. Reach out anytime.

Are you a parent of one of the over 18 million students gearing up to start or continue their undergraduate journey this fall? As we dive into this exciting season, it's crucial to think about a topic that often bubbles up this time of year: financial planning for college students. With the cost of tuition more than doubling since the 1960s, strategizing is more important than ever to navigate through the college years smoothly. Swipe through ➡️ for some practical tips and insights. Please feel free to share this post with anyone in your network who might find these insights valuable. We're here to provide personalized guidance and support to make sense of this pivotal time in your student’s life.

Curious about maximizing your 401(k)? Let's talk about after-tax contributions! Swipe through to learn more about after-tax 401(k) contributions ↩️ Remember, this strategy might not fit everyone. Need more info or personalized advice? Reach out to us – we're here to guide your retirement journey!

Hey everyone! 🌟 Just wanted to take a moment to remind you about the awesome benefits of ABLE accounts. If you haven't heard about them yet, here's a quick rundown: Benefits: - Tax Advantages: Earnings grow tax-deferred, and withdrawals for qualified expenses are tax-free. - Public Benefits: Balances are excluded from Medicaid eligibility, and amounts below $100,000 are excluded from SSI resource limits. - Financial Indepence: The funds can be used for a wide variety of Qualified Disability Expenses, helping many beneficiaries maintain some financial independence. Drawbacks: - Contribution Limits: Annual contributions are capped at $18,000 per year (2024), per beneficiary. - Medicaid Payback: The remaining funds after the beneficiary's death may be used to reimburse Medicaid. - Limited Uses: Funds must be used for Qualified Disability Expenses. While these can be broad, they are not all-encompassing. - Account Fees: Some accounts have setup or maintenance fees. These benefits can lead to great strategies for saving money and maintaining benefits. Have any questions or need more info? Feel free to reach out! 😊 #ABLEAccounts #FinancialPlanning #SpecialNeedsPlanning

🚨 Important Announcement for Parents of College-Age Students 🚨 Did you know that when children hit 18, parents lose access to their medical, financial, and academic records? It's a major change that catches many off guard. But with the right legal documents, you can ensure continued support and access for your child in an emergency. Today, we are sharing four such documents that parents may want to explore after their children turn 18. Should you have questions or need assistance with these documents, know that we are here for you. Reach out anytime.

We’re halfway through 2024, and it's time for a check-in. Are there goals you're chasing or projects you're passionate about? Share in the comments, and reach out if we can be of help. Let's make the second half of the year even more impactful!

Hey, parents of teens with special needs! Did you know there are additional government financial benefits for your teens when they turn 18? Swipe through to dive into a quick primer on these benefits so you can make the most of them! Remember, each benefit program has its own eligibility criteria and application process. It's essential to research and understand the specific requirements for each program to maximize the support available to you and your teen. Please feel free to reach out if you have any questions and share this post with other parents who might benefit from this information. Let's support each other and ensure our teens with special needs thrive!

Are you on track for a comfortable retirement? It's time to rethink the old $1 million savings goal and adapt to today's economic realities. Here are three key points to consider: 🌍 Location Matters: Your retirement destination can greatly affect how long your savings last. For example, $1 million could last, on average, 22.7 years in Mississippi, around 19.8 years in North Carolina, but just over a decade in Hawaii. With average retirement lengths of 18.6 years for men and 21.3 for women, choosing the right location is crucial. 🤔 Define “Comfortable”: What does a comfortable retirement mean to you? A serene life in a small town or an adventurous journey around the globe? Your vision of retirement significantly influences your financial needs. 💰 Stay Consistent: Whether retirement is just around the corner or years away, regular contributions to your savings, no matter how small, can make a big difference over time. With proper planning and expert advice, you can tailor your investments to fit your retirement dreams. Unsure if your current plan is on track? We’re here to help refine your strategy. Reach out for a chat – let's make your golden years truly golden!