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

Credit Unions vs Big Banks

By Lineweaver Financial Group
July 26, 2019 Category: Credit Unions, Pse, Big Banks, Savings, Checking, Banking

Often times, credit unions grow up around a community, or a place of business, and the PSE credit union is no exception. The PSE Credit Union has been around since 1955, and originally started as the Parma City Employees Credit Union, and now, anyone can become a member. Many people understand the difference between credit unions and big banks, but what is it specifically that sets them apart? At the PSE Credit Union, its that they are a not-for-profit business, as opposed to the big banks, which are for profit. Instead of having to appease their shareholders, their goal is to serve their members. In their eyes, whats best for a banks shareholders isnt always best for the customers as a credit union, whats best for theircustomers their primary goal. This can often translate to better service and member satisfaction. For example, according to the most recent annual American Customer Satisfaction Index, credit unions scored an average of 86% for customer satisfaction, while the average

Economic Commentary: Q3 2019

By Lineweaver Financial Group
July 02, 2019 Category: Economic Commentary, Review, Q3

Investment Directions - Staycation or Vacation? Sell in May and go away is an old maxim for investors. Evidence is mixed on its validity, but given this years rally, the temptation now is understandable. Our take: consider taking some profits and rotating into exposures that offer more resilience if volatility returns. Think of it as the investor version of a staycation and catch up on chores. With that in mind, our take on the major investor themes for the weeks ahead: U.S. Equities: Reverting to Technology We remain overweight U.S. equities, and one of our favored sectors is technology. Even with strong performance this year, we believe the sector remains appealing. Technology firms tend to have strong balance sheets and enjoy support from longer-term trends, attractive qualities in a late economic cycle. Furthermore, tech stocks have historically fared well through various yield curve regimes. Developed Markets: Europe Poised for Revival? Investors in Europe have had little reason

Healthwatch: Tips for Lowering Your Risk of Dementia

By Lineweaver Financial Group
July 02, 2019 Category: Dementia, Healthwatch, Health, Q3

Theres no effective treatment for dementia, which affects 50 million people worldwide, but the World Health Organization (WHO) says theres much that can be done to delay or slow the onset and progression of the disease. In May, WHO issued the following recommendations to reduce the risk of dementia globally, and combat cognitive decline: Regular physical exercise Dont use tobacco Drink less alcohol Maintain a healthy blood pressure Eat a healthy diet, particularly Mediterranean foods Avoid dietary supplements such as Vitamins B and E WHO said there are 10 million new cases of dementia every year, and this figure is set to triple by 2050. The disease is a major cause of disability and dependency among older people and can devastate the lives of affected individuals, their careers and families, the organization said. Although the report stressed that social participation and social support are strongly connected to good health and individual well-being, it said there was insufficient

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

Terms and Conditions | Privacy Policy | Disclosures

Lineweaver Financial Group ©
Powered by Virteom Logo Virteom