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.
We have that December feeling — a crisp chill in the air, the tinkling of sleigh bells, and a mailbox overfilled with donation requests from charitable organizations. As Americans, we gave over $373 billion in 2016 alone. As your desire to give grows this time of year, we have outlined some tips to ensure you can do so with peace-of-mind that your gift provides maximum efficiency for both you and your charity of choice.
You’ll Thank Yourself a Year from NowWith the New Year right around the corner, it’s the perfect time to make resolutions before the calendar flips to January 1. Every year, many people base their resolutions on things like faith, family, and personal wellness. But financial stability tends to trail far behind. For instance, in 2015, only 29% reported financial considerations in their New Year's resolutions. AAFMAA is hoping to change that this year by providing the top 4 financial resolutions to make for 2018: Financial Resolution #1 — Diversify Your Income StreamsDoes the bulk of your annual income come from one source? Is there one slice of the pie that dominates your other income sources? It’s a good idea to diversify your income streams as much as possible so you aren’t dependent on one particular source as your sole income.Create a game a plan to grow other income streams so that you increase your overall income and decrease your reliance on one main source. This resolution is a ...