FINANCIALLY FOCUSED
July 2025 Newsletter
|
For our annual July newsletter we celebrate Summertime! We recommend getting out there with Family and Friends, From Barbeques to Golf, travelling to a favorite destination, A trip to the Beach or Lake, hiking, camping or boating, whatever you enjoy doing, do it! That is why our office has Summertime hours so we can spend important time with our Families and our Friends. It is also a quick reminder that we are on Summer Hours and closed on Friday’s until Labor Day.
Some additional quick fun facts about the month of July:
- July was the first month to adopt the leap year system in the Julian calendar.
- July is National Ice Cream Month is the United States
- July saw the first artificial ice rink in the world opened in London on July 17, 1876
- July saw the world’s first solo transatlantic flight took place in 1927 by Charles Lindbergh
- July is the warmest Month on average in the Northern Hemisphere
As always if you have any questions feel free to reach out to us at any time as we are always happy to help.
Thank you!
Duane, Donna, Jessica, Cameron
|
AGE-PROOF YOUR RETIREMENT PLAN
One of the cornerstones of retirement planning is preparing for longevity risk, which is simply the possibility of outliving your retirement savings. As life expectancies increase, retirees could face extended periods of financial need, making it crucial to implement strategies that ensure financial stability throughout retirement.
UNDERSTANDING LONGEVITY RISK
Living longer can strain retirement resources because of inflation, rising healthcare costs, and market volatility. For instance, the median cost of a private room in a nursing home is currently more than $10,000 a month and rising.
And relying solely on traditional withdrawal strategies, like the 4% rule, may not be enough for long retirements.
STRATEGIES TO MITIGATE LONGEVITY RISK
- Tax-efficient withdrawals: Developing a withdrawal strategy that considers tax implications can help preserve your nest egg. Instead of sticking to a fixed percentage, tailor withdrawals based on spending needs and account types.
- Diversify income streams: Incorporate stable income sources like annuities, to supplement Social Security. These may provide steady income regardless of market conditions.
- Prepare for healthcare costs: Establish Health Savings Accounts (HSAs) and consider long-term care insurance and other potential options for reducing that financial burden in later years.
- Regular reviews: Consistently monitor your retirement plan and adjust it for changes in expenses, market conditions, and personal circumstances.
By proactively addressing these areas, retirees can improve their financial resilience and make it more likely their savings lasts.
KEY TAKEAWAYS
- Plan for longevity and rising costs: With people living longer than ever, retirement plans must account for more years, increasing healthcare expenses, and inflation. Failing to prepare for these factors can significantly erode savings over time.
- Build multiple income streams: Relying solely on Social Security or traditional withdrawal strategies like the 4% rule may not be enough. Incorporating stable income sources like annuities and using tax-efficient withdrawal methods may help your money last longer.
- Stay flexible and review regularly: A retirement plan isn’t “set it and forget it.” Regularly reassessing your strategy, especially with a financial services professional, can help your plan adapt to market shifts, healthcare needs, and lifestyle changes.
SOURCE
https://www.kiplinger.com/retirement/how-to-age-proof-your-retirement-plan
|
WHAT WE’RE READING
Here are some recent financial news stories that we found particularly compelling and useful.
Thanks for reading and we hope you’ll have plenty of time to get out and enjoy the summertime sunshine!
|
GRILLED ROMAINE SALAD
This perfect grill romaine salad is loaded with the classics: juicy tomatoes, chives and toasty breadcrumbs. You get a bite of everything! Plus, smoky, charred romaine lettuce topped with crunchy bacon, blue cheese and ranch? Yes, please!
Get Cooking!
|
Advisory services are offered by Optimum Wealth LLC a Registered Investment Advisor in the State of New Hampshire. Insurance products and services are offered through Optimum Financial LLC dba Optimum Benefits, an affiliated company. Optimum Wealth LLC and Optimum Financial LLC are not affiliated with or endorsed by the Social Security Administration or any government agency, and are not engaged in the practice of law.
Outgoing and incoming emails are electronically archived and subject to review and/or disclosure to someone other than the recipient. We cannot accept requests for securities transactions or other similar instructions through email. We cannot ensure the security of information e-mailed over the Internet, so you should be careful when transmitting confidential information such as account numbers and security holdings. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to this message and deleting it from your computer.
|
|
