Should I downsize my home in retirement?

If you are approaching retirement or are already there, you may be considering downsizing your home. It’s a big decision, with ramifications for both your finances and your lifestyle. As you think about downsizing, here are some things to keep in mind: Decide if a move makes sense. You can expect your needs and priorities to shift in retirement. Perhaps you won’t require as much square footage as you did when raising children, or you may find it challenging to keep up with home maintenance like you used to. It may be financially prudent and personally necessary to get out from under the costs...

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How to Get the Most Out of Passive Income in Your Portfolio

Passive income is broadly defined as money that comes from investments rather than employment wages. Examples include dividend income generated by stock investments or rental income derived from property you own. Passive income can play an important role in helping to meet day-to-day expenses and to accumulate wealth for retirement. According to research from Ameriprise Financial, 40% of investors across multiple generations have some form of passive income, and more than two-thirds (77%) of investors say passive income is important or very important to their retirement strategy. Having more...

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Don’t Let Emotional Investing Cloud Your Judgement

When it comes to money, it’s easy to let your emotions get the best of you – particularly during periods of personal stress or market volatility. Even  seasoned investors should guard against making financial decisions based on feelings instead of facts. Here are four common investment biases that can cloud your judgment. Keeping these tendencies in mind can help you avoid making regrettable decisions regarding your hard-earned money. Overconfidence: Overconfidence implies that investors tend to overestimate their ability to generate a return and underestimate the risk associated with a particular...

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Want to Retire Early? Read This First

As a financial advisor, I have seen firsthand how much planning it takes to retire early. Deciding to leave the workforce (and say goodbye to your steady paycheck) earlier than you previously intended to may come with many considerations. If you are intrigued by the idea of retiring early, read on for some suggestions for how to assess if moving your retirement date forward is something within your reach. Define your dream retirement. A realistic early retirement plan doesn’t happen by chance. It takes careful planning and deliberate action. Before you can figure out how to make early retirement...

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How to Work with your Financial Advisor?

By Jessica Perrone Has your financial advisor ever used a tone that belittled or made fun of you? Did it make you feel like you weren’t smart enough? Was the conversation a one-way street, where it was difficult to ask questions or learn something new? If these scenarios sound familiar, you may be dealing with a bully. I know it’s easy to feel helpless, especially if you are not confident in your financial knowledge and understanding. You might even be tempted to ignore the problem, thinking it will disappear. But you have a right to advocate for yourself. It’s your money, and it’s crucial to...

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Financial Housekeeping for 2023

By Jessica Perrone Ladies, no one ever plans to be sick or disabled. Yet knowing the financial ins and outs of the household can make all the difference in an emergency. Women also live longer than men; according to the U.S. Centers for Disease Control, the average American man will live to 76, while the average woman will live to 81. I don’t want to be a “Debbie Downer,” but imagine a scenario where your partner cannot communicate the ins and outs of your joint finances. For these reasons, women should speak to their partners about household money matters before an emergency happens. I know,...

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Financial Gifts for Babies and Kids

Jessica Perrone, Founder of HerFinIQ.com,  is a Summit mom and experienced investor who’s on a mission to empower women and teen girls through Financial and Investing Education. Each month, she will answer questions she commonly receives on how to invest. Each holiday season, parents, grandparents, and friends seek out exciting and unique gifts for children. Cash slipped into a card is an easy solution, but wouldn’t it be nice to give a gift that appreciates in value?   Financial gifts could be an excellent way for babies, kids & teens to kick-start their financial wellness and begin...

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