Millstone Financial Group Blog | Retirement & Wealth Advisor News
Our Blog2021-05-11T14:35:37+00:00
806, 2021

Is Our Government Anticipating Inflation?

June 8th, 2021|Economy, Financial Planning, Government|

The Consumer-Price Index (CPI) rose to 4.2% in April as compared to last year.[1] We could see higher prices when it comes to travel, food, cars, and other common goods and services. High inflation can hurt retirees who are living off their savings, especially when we have near-zero interest rates. We already see bigger Social Security Cost of Living Adjustments predictions to keep pace with inflation, conversations about how to protect money from inflation among investors, and legislation anticipating inflation.The Securing a Strong Retirement Act In 2019 we saw the SECURE (Setting Every Community Up for Retirement Enhancement) Act pass and change the rules regarding retirement account distributions and contributions, the taxation of inherited accounts, [...]

106, 2021

When Will You Transition from Saving to Spending?

June 1st, 2021|Financial Planning|

In retirement, you may have to transition from saving to spending. I believe You've worked hard to amass wealth, and now you must protect it from market downturns and make it last for the rest of your life. We have seen record highs in the stock market recently,[1] but the state of the market at the time of your retirement isn’t within your control. Here are three questions to ask yourself when preparing for and in retirement.When Will You Retire?The decision to retire isn't always based on money. Sometimes the desire for freedom, health problems, or a spouse's retirement can drive the decision. Retiring late or early can work out fine, granted you have [...]

2505, 2021

Rising Costs in Retirement: Are You Prepared?

May 25th, 2021|Economy, Financial Planning, Retirement Income, Retirement Planning|

In 1960, a gallon of milk cost 36 cents, and today it costs $3.35 on average.[1] Inflation is to blame, and we could see higher inflation in the coming years. It’s important to have a sense of how much you’ll need to spend in retirement, but this is difficult when future costs and tax rates are unknown. How will you respond to rising costs in retirement – are you prepared?Healthcare & Long Term Care CostsHealthcare costs have been rising over the past 40 years, and this trend is expected to increase. It's important to note that due to Medicare and Medicaid and the prevalence of private insurance, healthcare costs have increased partly because providers [...]

1805, 2021

How Much Do You Need to Save for Retirement?

May 18th, 2021|Financial Planning, Retirement Income, Retirement Planning|

While $1 million is sometimes cited as the ideal number for retirement savings,[1] this assumes a one-size-fits-all approach to retirement planning. Everyone's retirement goals are unique, and preparing for retirement might not be as simple as saving a certain amount at all. We believe it's worth taking a more in-depth look at your finances and future needs to see if you have enough saved for retirement and what retirement costs to factor into your plan. Longevity Risk After saving for potentially many years, you will finally start to draw down those savings to help fund retirement and must make them last for the rest of your life. This can be difficult considering that we’re [...]

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