February 28, 2011
Wise Up and Stop Waiting for an Inheritance
Find out why counting on an inheritance can leave you unprotected, and what you can do to ensure a solid financial future.
If you’re counting on an inheritance to finance your golden years, you may be in for a rude awakening. Today’s seniors face many unexpected financial challenges and may have less to pass along to their heirs.
Here’s why: Many retirement accounts that were heavily invested in the stock market have yet to regain their pre-stock market crash value; plummeting home values have reduced the equity cushion many people once counted on; and medical costs continue to far outpace inflation.
In short, many seniors have had to postpone their retirement, and some who retired early have had to rejoin the workforce. Plus, people are living longer, which means Mom and Dad are tapping their savings like never before.
Bottom line: You’re the only person you can count on to fund your own retirement.
- Watch out for taxes in retirement
- Financial Responsibilities for the Self Employed
- Not a Millionaire? Better Study Gift Tax Rules
- The High Cost of Dying
- Understanding Roth 401 (k) Plans
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