Blog

Heading into the Homestretch

If retirement is just around the corner, here are some tips you might want to consider in preparation for the big day.
Protect your 401k.
If your plans are to retire in the next 12 months or so, you might want to consider getting ultra conservative in your 401k. If you plan on taking your 401k and rolling it over to an IRA, protect your current balance from potential market declines by moving into a common 401k option, a stable value fund. You could give up some upside potential, but you may sleep better at night knowing you have limited downside risk.
Even if retirement is more than 12 months away, get the 401k ready for the future. Now is probably not the time to be taking on additional risk; the opposite could be your best option. But be careful using bonds; many 401(k) investors invest in bonds to reduce risk and lock in more stable returns. But if interest rates continue to rise, bond fund returns could suffer. Don’t jump from the frying pan into the fire!

Pick pension option.
If you’re among the one in five private sector workers who still have a pension, you may be offered the option of taking a lump sum rather than a stream of checks for life. Do your homework before you make any decision; this decision will be carved in stone.  If you’re a disciplined investor, you theoretically could do better by taking the lump sum and investing it. The lump sum might also be a smart call if your annual pension reports show the fund is seriously underfinanced or the company is in trouble. Opting for the stream of checks might be better if you’re not that good an investor or money manager, or if your family is long-lived, since the checks would continue for life. If a financial goal of yours is to leave money to kids, the lump sum could be utilized to help meet that goal.

Don’t spend too much.
You are probably an empty nester at this stage, and have cash flow that used to support the kids to enable you to improve your lifestyle. Be careful; don’t spend now at the expense of short changing yourself in retirement. It might be tempting to spend that extra cash, when the best long-term move might be to use it to ramp up your retirement accounts. If you are age 50 or older and are contributing $18,000 to your 401(k) account this year and think that's the most you can contribute, think again. Workers age 50 and over in 2015 can make a catch up contribution for an additional $6,000, for a total contribution of up to $24,000 this year to their 401(k) plan accounts.
As you head into the homestretch see what it will be like to live on your retirement income.  1 to 2 years before you retire budget yourself to live on your retirement monthly income.  That way they can make any necessary adjustments prior to retirement; reduce spending, increase savings, decide to work a few more years, or reduce the car and home loan.

Assess your workplace retirement benefits.
Make an appointment with your human resources department to determine which workplace retirement benefits will carry over into retirement.

Decide when to sign up for Social Security.
When you sign up for Social Security drastically affects how much you will receive each month. Most baby boomers are eligible to receive full benefits at age 66. If you sign up before age 66, your monthly payments are reduced, and if you delay claiming up until age 70, your payments increase by 8% per year.

Decide how you will spend your time.
What you decide to do in retirement will have a big impact on your costs and quality of life. Stopping work, stopping saving, and adjusting to a new schedule is a shock to many new retirees; make plans now!

Big decisions!!! You might want advice; Lineweaver Financial Group is there for you.

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