Blog

Avoid Costly Financial Mistakes

Learn from the mistakes of others so you don’t follow the same path

With the combined decades of experience in financial planning of the advisors at The Lineweaver Financial Group, we have witnessed mistakes made by people planning for and living out their retirement years. Some of the mistakes are costly emotionally and others have been costly financially.

Today we share some of the mistakes that are common, so you can use this information to evaluate your own situation and ongoing plans. We are not going to look at the rare unlikely mistakes, but rather focus on those we see commonly.

Ignore significant financial drops- Most of our clients have one thing in common. They have enough money to live out a comfortable retirement as long as they don't lose it. Over the years we've taken great pride in helping our clients hold on to what they have.

Forgetting About Income Taxes- Just because we retire does not mean income taxes go away. During retirement income tax planning can be even more critical to preserve the nest egg. Especially with the onset of required retirement plan distributions, it is important to continually evaluate whether to take the minimum or to accelerate withdrawals.

Retiring Early Without Adequate Planning- An early retirement can present exponentially greater challenges to one's savings. Not to say it should not be done, but it is particularly critical that a game plan be developed well ahead of time to help assure there will be enough income to last. Golden years could tarnish very quickly.

Not Estimating How Long Retirement Income Will Need To Last- You hear it all the time; people are living longer, and hopefully you will be among the growing number of centenarians. Other issues may arise as well, such as the likelihood of needing to provide financial assistance to your parents, children or even siblings. Careful, objective planning and on-going management will be needed to make sure there will be enough income.

Not properly naming beneficiaries-Beneficiary structure can be one of the most critically overlooked facts when developing a comprehensive financial plan. Unfortunately, problems with beneficiary designations often aren’t discovered until after an account holder dies, at which point it is too late to make changes. Taxes and family squabbles could be the result of poor planning.

Putting Your Kids Before Your Retirement- Every parent wants what’s best for their kids—but when that comes at the expense of their retirement fund, they may need to find other ways to help.

Approaching Retirement With Outsized Home Costs- Entering retirement with a mortgage isn’t necessarily a bad thing. Entering retirement with a mortgage—or even a home equity loan—you can’t afford, however, is a potential disaster.

Questions or concerns? Contact Lineweaver Financial Group today for a complimentary financial consultation.

Most Recent

Market Outlook 2020

By Lineweaver Financial Group
January 07, 2020 Category: General

What a difference a year makes! A year ago, at this time the market was coming off a 20% correction in the fourth quarter reflecting prevailing headwinds of rising interest rate, escalating global trade tensions between the US and China, uncertainty on Brexit, and growing concerns of slowing global growth. Today conditions have calmed. Central banks around the world are dovish, including in the US, where the Fed moved to make mid-cycle adjustments in the midst of uncertainty and raised chances of extending the cycle. Likewise, around the world central banks seem accommodative with negative interest rates prevailing in several key countries around the globe. The US and China have apparently reached a Phase I trade deal and while the situation is tenuous and large structural hurdles remain in the areas of intellectual property, leaders of both countries seem to be more motivated to move toward more substantial agreements into 2020. With this backdrop, conditions appear favorable for economic

Economic Commentary: Q1

By Lineweaver Financial Group
January 07, 2020 Category: General, Economic Commentary

Our reference to the classic Toots and the Maytals song comes as we see a de-escalation in trade tensions with China, diminishing risks of a no-deal Brexit and few signs that the record U.S. economic expansion is ending or reversing. Still, persistent trade uncertainty is denting business confidence and spending, particularly the longer-term risk of an unravelling of the global supply chain. Our take on the major investor themes for the weeks ahead: U.S. Equites: Sector Steering Defensive sectors have outperformed cyclicals this year against a backdrop of slowing growth and falling interest rates. However, we expect central bank easing could provide a floor for growth in the coming months. Among cyclicals, we remain constructive on technology, while we prefer less rate-sensitive sectors. Developed Markets: Winter of our discontent? Trade uncertainties and slowing growth have taken a toll on developed world stocks outside the United States. But not all DMs are created equal, and

Looking Forward and Giving Back

By Lineweaver Financial Group
January 06, 2020 Category: General

As most of you know, we have partnered with Harvest for Hunger since 2012, collecting food for the Cleveland Foodbank. Since partnering with Harvest for Hunger and the Cleveland Food bank in 2012, the food collected at our WealthWATCHSM programs, client appreciation, and other events has provided more than 43,000 meals. Thanks to all of our clients and friends who have helped us reach this amazing milestone. This year, we also had the unique opportunity to partner with Ben Curtis, the 2003 British Open Champion, and the Ben Curtis Foundation. Bens Foundation provides similar services to the food bank, but works exclusively with children in need in Kent, Ravenna, and Barberton. One in five children struggle with hunger, and Ben and his foundation are able to help more than 2,440 children in our own backyard. We also had the opportunity to partner with former Browns Coach Sam Rutigliano, and his Inner Circle Foundation. Coach Sams Foundation, a member of the International Literacy Association,

Categories
Newsletter (27)
General (15)
Retirement Planning (14)
Economic Commentary (13)
Retirement (13)
Letter From The President (12)
Financial Planning (11)
Healthwatch (10)
Lineweaver (10)
Tax (10)
Market Commentary (8)
Taxes (7)
Education Programs (6)
Q3 (6)
Tax Planning (5)
Market (5)
Bonds (4)
LFG (4)
IRA (4)
Estate Planning (4)
Social Security (4)
2017 (3)
Insurance (3)
Tax Law (3)
Market Review (3)
Diversification (3)
Trump (3)
Finance (3)
Rising Interest Rates (2)
(2)
Annuity (2)
Tax Scams (2)
Financial Strategies (2)
Stocks (2)
Client Spotlight (2)
Charity (2)
Portfolio (2)
Market Update (2)
Coordination (2)
Financial (2)
Annuities (2)
Tax Cuts And Jobs Act (2)
High Income (2)
Investments (2)
Social Security Benefits (2)
Interest Rates (2)
Q2 Newsletter (2)
Brexit Update (2)
2016 (2)
2019 (2)
Investing (2)
Advice (1)
Markets (1)
New Website (1)
Bruce Motko (1)
Market Outlook (1)
Travel Tips (1)
Vacation Home (1)
Inheritance (1)
Exercising (1)
Travel (1)
James Lineweaver (1)
Q3 Newsletter (1)
Quarterly Newsletter (1)
Financial Quarterback (1)
Bitcoin (1)
Drink Water (1)
2018 (1)
Eye Strain (1)
In Laws (1)
Summer (1)
Cryptocurrency (1)
Screens (1)
Trusts (1)
Vacation From Investments (1)
Marital Trust (1)
Investment (1)
Bloodline Trust (1)
Market Volatility (1)
Statements (1)
Financial Goals (1)
Savings (1)
Sell (1)
Dementia (1)
Health (1)
Review (1)
Credit Unions (1)
Pse (1)
Big Banks (1)
Checking (1)
Stock (1)
Banking (1)
Longterm Care (1)
Healthcare (1)
Elder Law (1)
POA (1)
Power Of Attorney (1)
Charitable (1)
Donations (1)
Buy (1)
Sell In May And Go Away (1)
Jim Lineweaver (1)
Sring Cleaning Your Finances (1)
New Years Resolutions (1)
Healthy (1)
Cooking (1)
Tips (1)
Q1 (1)
Pro Football Hall Of Fame (1)
Anne Graffice (1)
David Baker (1)
Keeping Your Mind Sharp (1)
Congress (1)
Q2 2019 (1)
Charitable Giving (1)
Legal (1)
Wills (1)
Chad Roope (1)
Roth Ira (1)
Roth Conversion (1)
Traditional Ira (1)
Q2 (1)
Tax Cuts And Job Act (1)
529 Plans (1)
Self Employed (1)
Winter 2017 (1)
Q1 2017 Newsletter (1)
Retire (1)
Retire Early (1)
Legacy (1)
Retiring (1)
Business Owners (1)
1st Quarter (1)
Annuity Alternatives (1)
Life Insurance (1)
Dividend (1)
Bonds Ladder (1)
Policy (1)
Roth (1)
Donor Advised Fund (1)
2016 Market (1)
Holiday Gifts (1)
Charitable Remainder Trust (1)
Service Day (1)
Retirement Tips (1)
Financial Advice (1)
Financial Advisor (1)
Social Security Planning (1)
Charitable Contributions (1)
Women And Money (1)
Harvest For Hunger (1)
Stockpile (1)
Gifting (1)
Election (1)
Candidates (1)
Politics (1)
Fall 2016 (1)
Financial Health (1)
Holiday Planning (1)
Private Foundation Charitable Lead Trust (1)
Growing Your Wealth (1)
New Tax Law (1)
Defer Tax (1)
Jobs (1)
Lose Weight (1)
Eat More (1)
Market Review 2017 (1)
Letter From The President New Years Resolutions (1)
Transfer Real Estate (1)
Top Financial Strategies Of The Wealthy (1)
Grand Kids (1)
Market Pullback (1)
Reallocation (1)
RMD (1)
Distribution (1)
Tariffs (1)
NAFTA (1)
Trading (1)
Tax Cuts (1)
Kids (1)
Real Estate (1)
Expense (1)
REITs (1)
Risk Management (1)
Protection (1)
North Korea (1)
Conflict (1)
Lineweaver Wealth Advisors (1)
Mutual Funds (1)
Costs (1)
Introducing (1)
401(k) (1)
Equifax (1)
Mark Sipos (1)
2017 Q4 (1)
Fraud (1)
Identity Theft (1)
Third Quarter (1)
End Of Year Taxes (1)
+ Show More

Terms and Conditions | Privacy Policy | Disclosures

Lineweaver Financial Group ©
Powered by Virteom Logo Virteom