December 2020

28 12, 2020

3 Easy Ways To Get On-Track for 2021 & Beyond
3 Easy Ways To Get On-Track for 2021 & Beyond

3 Easy Ways To Get On-Track for 2021 & Beyond

BML Wealth Marketing2020-12-28T11:54:30-08:00December 28, 2020|Income Planning, Retirement Planning|

Only 28% of Americans will make New Year’s resolutions that are financial in nature, according to a recent MassMutual survey.[1] Perhaps more should – retirement requires significant planning and there is no better time to start than at the beginning of a new year. If you’re wondering how to do this, then you might consider these 3 easy ways to get on-track for 2021 and beyond. Plan for Retirement Account Contributions and Distributions Contributing to a qualified, tax-deferred retirement account can help to reduce your tax burden and save for retirement, so know how much [...]

23 12, 2020

Gifts For Those Who Don’t Need Anything
Gifts For Those Who Don’t Need Anything

Gifts For Those Who Don’t Need Anything

BML Wealth Marketing2020-12-23T12:39:54-08:00December 23, 2020|Lifestyle|

You could say that the law of diminishing returns applies to Christmas gifts as we age: As time goes on, we can use less and less material gifts. At a certain point, we accumulate so many possessions that when we say "I don't need anything for Christmas," we really mean it. So, rather than continue to fill your house (or someone else's) with new objects, consider these gift ideas. Refurbish Something Old At a certain point in life, we might not need many new things – but we may have some old things we love [...]

21 12, 2020

Time to Review Your Investment Plan
Time to Review Your Investment Plan

Time to Review Your Investment Plan

BML Wealth Marketing2020-12-21T12:20:20-08:00December 21, 2020|Financial Planning|

The end of the year is a good time to reflect on 2020, how your financial situation may have changed, and your goals for next year. You can look at how your investments are doing, review your portfolio, and think about how close you are to retirement or the state of your finances in retirement. This can be as easy as taking 15 minutes to check up on your portfolio. By taking the time to review your investment plan, you can feel ready to take on the new year with an up to date strategy. [...]

18 12, 2020

Financially Savvy Gifts for Friends and Family
Financially Savvy Gifts for Friends and Family

Financially Savvy Gifts for Friends and Family

BML Wealth Marketing2021-08-01T22:08:26-07:00December 18, 2020|Financial Planning, Lifestyle|

You can get away with handing out cards drawn with colorful crayons as your go-to gift when you’re young, but when you get older your shopping list grows. As we age, we have more and more relatives and friends that we exchange gifts with, which means more money and more time spent shopping. So, when your loved ones start handing out their lists, it may be a good time to prepare some financially savvy gift ideas for friends and family. If one of your grandchildren does not yet have a savings account, now might be [...]

14 12, 2020

Don’t Miss These End of Year Healthcare Deadlines
Don’t Miss These End of Year Healthcare Deadlines

Don’t Miss These End of Year Healthcare Deadlines

BML Wealth Marketing2023-03-23T21:29:49-07:00December 14, 2020|Financial Planning, Healthcare|

An average 65-year-old couple retiring today will need an estimated $285,000 to cover their healthcare costs.[1] This doesn’t even include long-term care costs, which can run as high as $253 per day on average for a private room in a nursing home or $119 per day on average for care in an assisted living facility one-bedroom unit.[2] Today's retirees should anticipate these potential costs when creating their overall retirement plan. There may be ways to help save on costs by minimizing your tax burden and with thoughtful planning, such as deducting the cost of qualified [...]

11 12, 2020

What is Hygge and How Can It Help You Survive Winter?
What is Hygge and How Can It Help You Survive Winter?

What is Hygge and How Can It Help You Survive Winter?

BML Wealth Marketing2020-12-11T17:38:40-08:00December 11, 2020|Lifestyle|

Hygge (pronounced "hoo-ga") isn’t a new brand of almond milk or a type of yoga; it's a Danish lifestyle practice aimed at coziness, contentment, and well-being. If moving to a warmer climate isn’t part of your desired retirement lifestyle, or you'll be making a trip up north, there are ways to love and enjoy winter. Even in a place with a cold or wet climate, hygge can help anyone feel warmer and comfortable in small ways. You can experience hygge with something as small as a cup of hot cocoa or an extra blanket. Here are [...]

7 12, 2020

4 Things You Can Do By the End of the Year to Help Lower Your 2020 Tax Bill
4 Things You Can Do By the End of the Year to Help Lower Your 2020 Tax Bill

4 Things You Can Do By the End of the Year to Help Lower Your 2020 Tax Bill

BML Wealth Marketing2021-08-01T22:04:57-07:00December 7, 2020|Tax Planning|

Here come the holidays and everything that goes with them – traveling, cooking, buying gifts, and of course, spending time with the people we love. It’s a busy time of year when finances can take a back seat, but don’t wait to review your tax situation. Here are four things you can do by the end of the year that could help lower your 2020 tax bill. Review Your Retirement Account Contributions And Distributions Starting at age 50, workers can make increased “catch-up” retirement plan contributions. In 2020 you can contribute up to $7,000 to [...]

4 12, 2020

Transitioning Into Retirement Is No Small Task
Transitioning Into Retirement Is No Small Task

Transitioning Into Retirement Is No Small Task

BML Wealth Marketing2020-11-28T23:12:10-08:00December 4, 2020|Lifestyle, Retirement, Retirement Planning|

Even though most people look forward to retirement, some forget that losing the structured routines, sense of purpose, and social interactions that work brings can lead to a difficult transition from working to retirement. Recently, a professor at Harvard Business School conducted a study on the mental and emotional effects of retirement.[1] The study found that people undergo “life restructuring” and “identity bridging” in retirement, and it gives examples of how people can successfully transition into retirement. But even though retirement changes your daily schedule, there are ways to help make your smooth transition into [...]

Monthly Archives: December 2020