Smart Financial Moves in Your 40s and 50s

October 7th, 2019 by Legacy Wealth Planning

These crucial years call for action. Today, retirement may seem nearer to you than it once did. The following moves might be worth making—and soon. Catch-up contributions to your retirement accounts. Starting in the year you turn 50, you may make a total of $1,000 in catch-up contributions to your IRAs each year and put […]

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Retirement Expectations vs. Reality

October 2nd, 2019 by Legacy Wealth Planning

You can’t always envision what will happen in your “second act.” Just as few weathercasters can accurately forecast a month’s worth of temperatures and storms, many retirees find their futures unfolding differently than they assumed. Your assumptions may be tested as well. You may retire sooner than you anticipate. A majority of pre-retirees polled in […]

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Planning the Withdrawal of Your Retirement Assets

September 27th, 2019 by Legacy Wealth Planning

You’ve worked long and hard to accumulate the assets that you are using to help finance your retirement. Now, it’s time to start drawing down those assets. Exactly how you liquidate your assets will affect your tax and impact how long those assets last, so it pays to plan a withdrawal strategy that is efficient […]

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The Fed Hits It Down The Middle

September 18th, 2019 by Legacy Wealth Planning

“History does not repeat itself, but it rhymes.” Mark Twain As expected, the Federal Reserve’s (Fed) policy committee cut its policy rate by 25 basis points (.25%) to a target range of 1.75%–2%. This comes on the heels of the first rate cut in more than 10 years at the end of July. This cut […]

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12 Strategies to Generate Income in Retirement

September 13th, 2019 by Legacy Wealth Planning

When it comes to saving for retirement, maybe you’ve done everything right. You started early, maxed out your 401(k) plan, invested in a diversified portfolio and avoided costly mistakes, such as cashing out your retirement plan. Fantastic. But now comes the hard part: making sure you don’t outlive your money. That’s a tall order for […]

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Manufacturing Muddles Through

September 5th, 2019 by Legacy Wealth Planning

U.S. manufacturing contracted in August for the first time since January 2016 as trade uncertainty continued to weigh on the sector. The Institute for Supply Management’s (ISM) manufacturing Purchasing Managers’ Index (PMI), fell to 49.1 versus consensus expectations of 51.3, a meaningful decline from July’s 51.2 reading (above 50 is considered expansionary territory). Underlying details […]

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Global Trade Slows Further

August 29th, 2019 by Legacy Wealth Planning

World trade volumes contracted in June and the second quarter as the United States-China trade conflict impacted the amount of goods crossing borders. On a quarter-over-quarter basis, trade has contracted for three consecutive quarters. This is not too surprising given the current trade environment. The slowdown in global trade has been significant since President Trump […]

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Balancing Act: Saving for Both Retirement and College

August 27th, 2019 by Legacy Wealth Planning

This article profiles Linda and Peter, a hypothetical couple worried about their ability to save for both education and retirement costs. Linda and Peter are worried about their financial future. “We want our one-year-old son, Raymond, to go to college, but we’re concerned that in 17 years, the cost might be more than we can […]

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Fed Delays Value’s Turnaround

August 21st, 2019 by Legacy Wealth Planning

Growth stocks have had an unprecedented run of outperformance compared with value stocks for over a decade now. Strong performance has left valuations at extremes, which we used to support our slight preference for value stocks in late 2018 and into 2019. Our economic and interest rate outlooks also pointed to value. The tide has […]

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Teaching Your College-Age Child about Money

August 20th, 2019 by Legacy Wealth Planning

When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it’s time for you to make sure that your child has enough financial knowledge to manage money at college. Lesson 1: Budgeting 101 Perhaps your child already […]

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