Young families: Consider cutting back on discretionary spending, such as subscriptions, eating out, and travel. Network with friends for date nights (exchange babysitting, cook meals for each other, etc.)
Up your contributions to your retirement accounts if you can. With the market in decline, investments are essentially “on sale” right now.
Families with older children/empty nesters: Hold a family meeting to discuss finances. This is a great opportunity to educate your older children about what is happening in the world and how it affects finances. Encourage your children to get (or keep) a part-time job and help them see the benefits of working to support themselves. Set expectations about what they will pay for from their income, now and when they are in college, etc.
Contact our office for a “second opinion” of your investments. Do you have specific goals for your various pots of money (such as income in retirement) and is the money invested in a way that helps you meet that goal in the future? We offer reviews without cost or obligation.
Within 5 years of retirement: This is the right time to “get your house in order.” Get rid of things you don’t need or want. Simplify. Weed out unnecessary expenses as much as possible and invest as much as you can.
This is the time to start assessing how much income your investments can produce in retirement. Are the investments ready to do the important job you have assigned for them? You may want them to produce steady income, to protect you from long-term care expenses, to give you a “safety net” for unexpected expenses or future inflation, etc. Make sure they are invested well to do the job(s) they need to do for you. We can help!
Already retired: If you are on a fixed income in retirement (whether from Social Security, pensions, guaranteed income, etc.) inflation can be upsetting. It puts a pinch on your budget. Even when you have discretionary money, it can be hard to spend so much more on basic items for living such as heating or cooling bills, fuel, groceries, etc.
Perhaps you need to re-assess your income plan. Is there a way to get more income from your accounts? Do you have your money working to your best advantage? When the economy changes, it can sometimes be helpful to change your income strategy. Helping people understand what they have and using those funds to their advantage is what we specialize in.