Most of us plan for our lifestyle in retirement, but that doesn’t include the care we will require. Over 70% of people over the age of 65 will need care of some kind whether in their home or institutions before the end of their life, yet only 7% of people in need of care are able to rely on private care options. These are some pretty big issues for U.S. families and nobody seems to want to talk about it. If this video doesn’t get you to start planning your retirement and the rest of your life, I’m not sure what will. http://www.cbsnews.com/videos/aging-in-america-crisis-in-long-term-care/As our population ages, the government can’t afford to take care of all of us and no one wants to be a burden to their loved ones. It’s up to us to do the right planning.
*In the upcoming weeks, we’ll be interviewing Sini Ross, the Owner of BrightStar Care, an In Home Care Agency in Lake Elmo. We’ll be asking her what she’s experiencing from the front lines of her industry and what common issues we need to address in our overall financial planning.
Don’t we all dream of tax free income? Taxes today just might be on sale! Take advantage of today’s tax rates and consider an IRA conversion from a traditional IRA to a Roth IRA. You guessed it, future tax rates could be considerably higher when you decide to retire. Take steps now to minimize your payout to Uncle Sam and enjoy every hard earned penny at retirement time. Watch this video blog for 5 tips you should know when considering an IRA conversion. Got a question? Just ask!
IRAs are basically a savings account with big tax breaks, making it an ideal way save for your retirement. So what’s the catch? IRAs come with a host of rules you need to comply within certain parameters and it’s easy to overlook or misinterpret them. Take a misstep and you’re subject to penalties and taxes that could have been avoided with proper planning. In Part 1 of this video blog, we’ve broken down five key rules so you can make the most of your IRAs and avoid any missteps. Stayed tuned for the next video blog 5 Key IRA Rules: Part 2, because there’s a few more IRA rules you NEED to know!