It’s already that time of year again, leading up to the holidays. The kids are back in school, summer fun is just a memory, and it’s time for a strategic huddle with your tax planner. This year, in particular, has been a wild ride in terms of inflation and the cost of living, and most everyone is looking for ways to lessen the sting of rising costs and create a plan for whatever 2023 may have in store.

An essential part of financial planning begins with ascertaining your resources, debt, and dreams for life, which is the basis for financial goal setting. The best advice for setting long-range financial goals is to start early to have the most time to achieve them. But what about short and mid-range goals?

How old do you have to be to start thinking about planning for your retirement? It’s never too early, but when is it too late? Even later in life there are a number of ways to prepare for retirement, but what if you’re self-employed? You may be surprised to hear that you have many similar options as those who are employed by others.

It's no secret that the last quarter of any year is a busy one for those who wants to get a jump on tax planning and preparation. With holidays and shopping competing for your attention it’s easy to lose your focus on long-range financial planning. I understand completely. However, it's smart to look at ways you might minimize your tax liability. 

When I talk with clients about financial planning I include the importance of a durable approach to retirement. My message? Whether you are starting your career or have been at it for a while, you should be taking advantage of the retirement plans that are available. 

Have you begun to think about changes to make in the New Year? It's a good time to review your finances and pay particular attention to your retirement plan.  Like most workers, you probably depend on  a combination of employer sponsored and individual plans. There are two primary retirement plan types — 401(k)s and IRAs — and your challenge is to know how to choose the right plan for you. 

The last quarter of any year is a busy one for anyone who wants to get a jump on tax planning and preparation. With holidays and shopping competing for your attention it’s easy to lose your focus on long-range financial planning. However, for those who can set aside time to review their finances, the advantages gained are many.

If you’re in your late 40’s or even early 50’s and don’t have a plan for retirement – that is, how to support your post-work lifestyle – it’s not too late. For those who didn’t start saving for retirement earlier, there are strategies for “catching up.” Here are some questions to guide you:

Most people look forward to retirement. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, you will need retirement income to support your lifestyle. Many people depend on multiple sources of retirement income. Here's a quick review of the six primary income sources: