Retirement planning

When planning for lifetime income and expenses, veterans may qualify for resources unavailable to civilians. Financial planners need to help determine which are available to the dependents of veterans, which are exclusively for veterans with a service-connected disability, which are actionable only upon discharge and which include choices available during the financial planning process later in life. Three major considerations are major life-cycle events, income and insurance.

The good news: we’re all living longer. The bad news: we’re all going to have to come up with a way to pay our living expenses for our longer lives. How do you make sure your retirement income lasts as long as you do?

More than 9 million self-employed people are not covered by a retirement plan, according to the U.S. Small Business Administration. Many of these people are business owners who may be hoping to retire on the profit they will make from selling their companies down the road, but they could be in for a disappointment if their plans don’t pan out as expected. The Ohio Society of CPAs offers some perspective and explains some retirement savings options for the self-employed.

Almost 40% of working Americans say they will never afford retirement, which, for the second year in a row, ranks as the nation’s most important financial concern, according to a recent survey from The American Institute of Certified Public Accountants (AICPA).

This year, the first of the nation’s 78 million baby boomers will begin turning 65. Once they stop working and no longer need to live in their current location for professional reasons, many retirees consider pulling up stakes and moving elsewhere. The Ohio Society of CPAs recommends that you keep these issues in mind if you’re considering relocating in your retirement.

Where does your retirement plan stand? Although this phase in everyone’s life looms in the future, many people fail to set aside the money they will need to fund a healthy and happy retirement. Others who have saved diligently over time may have been hit hard by the stock market declines of the last couple of years, finding that their nest egg has declined sharply in value. If you’re not sure what your next best step might be, The Ohio Society of CPAs offers this advice for anyone dealing with the new realities of retirement.

Last year’s stock market declines took their toll on many Americans, but those in retirement were among the most affected. After saving diligently, most people probably believed they could now safely enjoy their post-career years, but market losses that ate into their portfolios put an end to many of those assumptions. If your nest egg took a hit, The Ohio Society of CPAs offers some advice on the best ways to stretch your dollar in retirement.

Are you and your spouse completely familiar with each other’s financial situation? Are critical documents up to date? Are you prepared if a spouse is incapacitated or dies? Failure to share information can magnify problems in a crisis.

At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself in the position of having to help your children with college expenses while at the same time looking after the needs of your aging parents. Squeezed in the middle, you've joined the ranks of the "sandwich generation." It’s a challenge millions of Americans are currently facing.

The recent turmoil in the financial markets has touched virtually every sector of the economy. One great source of anxiety for many people is the state of their retirement savings. Late last year, many saw the value of their retirement nest egg dwindle as stocks and stock mutual fund shares tumbled lower. The market will always be subject to ups and downs, but there are steps you can take to better protect yourself for the future.

You want to retire comfortably when the time comes. You also want to help your child go to college. So how do you juggle the two? The truth is, saving for your retirement and your child's education at the same time can be a challenge. But take heart--you may be able to reach both goals if you make some smart choices now.

Problems in the stock market have affected virtually every sector of the economy, but the impact on retirement accounts has been the most worrisome for many people. That’s not surprising, since retirement accounts have lost somewhere in the neighborhood of $2 trillion during the last two years due to market declines, according to Congressional Budget Office estimates. Don’t despair, however, because there are steps you can take now to protect your remaining savings, according to The Ohio Society of CPAs.

The American population is aging. In fact, according to U.S. Census Bureau statistics, one in five Americans will be over 65 by the year 2050. As these people grow older, many will choose to continue living on their own or may decide to move in with family. However, some will prefer to reside with people closer to their own age or will, by necessity, need to live in a facility that can cater to their changing medical needs. What should you keep in mind if you must choose an eldercare facility for yourself or a loved one? The Ohio Society of CPAs offers some tips.