We’re now nearly three months into the open enrollment period for the new Blended Retirement System (BRS), which went into effect for new military members on January 1, 2018. While you have until the end of 2018 decide whether you’ll opt into the BRS or stay with the legacy retirement system, time is of the essence. Each month you wait could mean lost matching funds if you end up going with the BRS. However, making a decision like this one isn’t always easy and should never be rushed.
Managing your day-to-day financial planning needs can be stressful. But those significant life changes, the ones that really require special attention and strategies, could just paralyze you into inaction. Having kids to care for, attending college, changing relationships — they all affect the way you spend money and balance your budget. Let’s consider why eight of these unique life situations may cause you to seek the advice of a financial expert.
Americans are living longer. That’s the good news. The bad news is that most people aren’t financially prepared. Many Baby Boomers will be in retirement for more than 20 years but many aren’t saving and investing with a longer life expectancy in mind.
There are serious consequences to financial planning around the wrong life expectancy. Some retirees are working later in life; others live in fear of running out of money, while others are leaving less of a legacy than they hoped. No one wants to run out of money in retirement.