You may have heard that people spend more time planning their annual vacations than they do planning for retirement. Whether you start your retirement planning years or weeks before that glorious day, you will follow similar steps to determine the lifestyle you can expect in retirement.
As many of you assess the affordability of retirement, you may find one of your primary resources in the form of a pension plan offered through your employer. A pension is essentially a fixed annuity that can provide a stream of income for someone’s lifetime. With a fixed annuity, you are betting that you will live a long life, and the insurance or pension company is betting that you will not. For this reason, they are willing to pay you income for life. The calculation that they use to determine how much to pay you is based on, among other factors, your life expectancy. If you live to receive one check beyond your life expectancy, you win. If you do not, the company wins.
After you decide to get your estate planning documents done, it is essential to determine whom you will appoint as your agents. Although this topic has many variables, I will focus only on the appointment of agents for the financial power of attorney and the medical power of attorney documents. In both of these documents, the term “agent” is also known as the “agent-in-fact.” However, the term “attorney-in-fact is not the same as the term “attorney at law.”
“First comes love, then comes marriage, then comes...” With the legalization of same-sex marriage in Maryland, LGBT couples across our state are facing the next series of questions: Do we want to have children? Should we have children? How do we have children? These are huge questions with many legal intricacies, so every couple (or single person) should consult with professionals (legal and otherwise) as they begin their family planning.
Before money can be invested, the wise investor must believe in this crucial concept: don’t put all of your eggs in one basket. Asset allocation is the art of balance risk and reward through the diversification of your investments into appropriate asset classes. It’s one instrument that helps to determine the appropriate blend between fixed and equity assets. It helps to smooth out the peaks and valleys that you find in the more volatile portfolio.
There are three ways to potentially pursue investment results: market timing, security selection, and asset allocation.
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