Many Americans are one paycheck away from going into debt to pay for an emergency. A report by the Federal Reserve on the economic well-being of U.S. households found that 40 percent of American’s can’t afford an unexpected $400 expense. Having some extra cash can help you be prepared in case financial disaster strikes.

There are many different ways to save money – some easier than others. Pick what works for you and stick with it for a few months, setting aside the money that you save in a separate savings account. You can use the extra money to start an emergency fund or invest for retirement.

Talking about money with your spouse can be difficult. Not everyone enjoys talking about finances and it can seem easier to just ignore the subject. However, avoiding difficult conversations and money discussions can lead to many problems down the road.

If the idea of discussing money with your significant other stresses you out, you’re not alone. According to a survey by SunTrust Bank, 35 percent of people said money was the primary cause of friction and stress in their relationship. For respondents between 44 and 54 years of age, that number shot up to 44 percent.

Are you in the market for a financial advisor and looking to know who are the best in the Kansas City area?  Well, you’ve come to the right place.

In today’s post, I’m going to provide you with who I believe are the best financial advisors in Kansas City. I respect and admire all of these firms and individuals and would have no problem at all referring a family member (as long as they’re a good fit, of course).

If you already have an estate plan, you’re ahead of the majority of Americans. According to a survey by Caring.com, more than half of people don’t have a will or living trust. Even if you have your estate documents in order, you’re not done.

Chances are you’re still many years away from needing to put your end-of-life plan into motion. There are still many changes in your life that need to be reflected by updating your documents. It’s an essential part of making sure everything is in order for your family and heirs.

If you want more freedom over your time, building passive income streams should be a priority. Finding ways to convert active income, i.e. your job, to a passive model will give you more agency over your waking hours.

Working a day job means you’re trading time for money. Every day, you wake up and get ready to go to your job, get in the car and sit in traffic until you finally make it to the office. On the other hand, earning passive income requires little time and effort on your part once you have everything set up.

Making a lot of money and being wealthy are not synonymous. Even if you make six figures, you can still feel stretched to pay your bills if you don’t take the appropriate steps to build wealth.

While having a high income is a good starting point, if you spend everything you make, you’ll find yourself feeling strapped. Getting the right financial planning information can help get you on the right track toward growing your net worth.

One of the key functions of retirement accounts is they “lock up” your money until you’re ready to retire. What happens if you need to access your money sooner? There are several reasons, and options, to gain access to your retirement funds early.

As with anything, you need to understand the consequences of pulling money out of your retirement accounts – early or otherwise. There may be options which may be better suited to your situation. Just make sure you know what you’re getting yourself into.

Retirement is an exciting phase of life where you can finally relax and enjoy the fruits of your labor. However, it's essential to maintain good health in retirement to make the most of it. As we age, our bodies undergo various changes, making it crucial to take extra care of our health.

In this article, we'll explore some tips for maintaining good health in retirement, including staying socially engaged, pursuing hobbies and interests, practicing mindfulness and relaxation techniques, regular check-ups with healthcare providers, and staying up to date on preventative health measures such as vaccines and screenings.

Setting your date to retire can be one of the most stressful decisions you’ll ever make. Maybe you’ve been anticipating this day for a long time - or dreading it. Retirement means different things to different people, but no matter what, you still need to prepare.

Let’s talk about the five things that you need to consider: what you are retiring to, current income versus retirement income, current expenses versus retirement expenses, having enough resources (money), and changes to your plan.

Earning a pension is a feat all to itself. Maintaining the security of your pension becomes even more important once you enter retirement. Luckily, there are programs like the Pension Benefit Guaranty Corporation (PBGC) looking out for your pension as well.

Although the name can be misleading, the PBGC is ran by the federal government to ensure retirement security for pensioners. There are laws governing what benefits you might receive if your covered pension fails. This could be another consideration for whether you should take a lump sum instead of a pension.

Kansas City is one of the most interesting and fulfilling places to live in the country. There are three big reasons why you should consider staying in Kansas City for retirement – the people, lifestyle, and affordable health care. Sure, there are many other places in the country to retire to, but there really is something special about Kansas City.

Where you stay or move in retirement is critical to many aspects in retirement planning. Actually, many important decisions in retirement revolve around physical location. You and your financial advisor need to plan out taxes, housing rates, medical care, and so many other variables tied to where you live.

Deciding how to spend down your life savings can be stressful. Working hard for decades to accumulate a nest egg is no easy feat. Spending money in retirement can be challenging because you don’t want to accidentally spend too much and mess things up.

Fortunately, you’re not the only one going through this, and you don’t have to do it alone. There are a multitude of options for what to do with the money you’ve worked hard for.

This post was last updated on April 28th, 2023, to reflect all updated information and best serve your needs. 

If you have a retirement account like a 401(k) or IRA, Required Minimum Distributions (RMDs) can be a real drag in retirement. Knowing if RMDs will affect your retirement is critical so you can make the right adjustments now and moving forward.

This post was last updated on April 29th, 2023, to reflect all updated information and best serve your needs.

If times are tough, a hardship withdrawal from your 401k might sound like a good solution. Hold your thoughts and do lots of research first. There are irreversible consequences to taking a hardship withdrawal for emergency situations.

There may be several points in your life that are ideal to retire, but when is best for you? As you approach retirement, you might be wondering, “Is there an ideal age to retire?” Of course, this depends on your unique personal and financial situation.

It’s understandably difficult to pinpoint exactly what retirement will look like. Did you know five years ago exactly what your life would look like today? Yeah, we didn’t either.

Roth conversions are one of the most powerful methods for maximizing long-term tax savings. If you believe that a Roth conversion might be something you could benefit from, the next question is how much to convert. The right amount will vary based on your situation.

Once you’ve decided to implement a Roth conversion strategy, you’ll want to look at areas of opportunity. We usually look at projected cash flows throughout retirement and attempt to find any dips in income. Dips in income may be opportunities for additional Roth conversions.

Can you still retire in a recession or “down” market? Many have done it, but there’s so much to think about when things don’t feel very optimistic. Don’t worry.

There are lots of things you can’t control like the markets and when recessions will occur. Many other things you can. Let’s look at what needs to happen to successfully retire in a down market.

This post was last updated on December 30, 2022, to reflect all updated information and best serve your needs.

Deciding when to draw social security benefits is one of the most important decisions you will make as a retiree.  Careful consideration of your specific situation and goals is a must.  Don’t wait until you’re eligible to make these important decisions.

In today’s day and age of the internet, you can find just about anything in no time. Looking for a restaurant nearby? Go to the internet. Need a place to get a haircut? Go to the internet. Looking for background information on a financial advisor? Yep, go to the internet.

It amazes me how we found things before we had the internet. I guess we just asked for referrals from our friends, looked things up in the phone book or drove around until we found out what we were looking for…the indignity.

Your medical care is one of the most important decisions you need to make as a retiree. Getting these top 5 Medicare considerations right could keep you from making a huge mistake. Medicare is a major part of the retiree healthcare equation.

Planning around Medicare is essential for your financial planner or advisor to consider too. Your decisions on medical care can have significant impacts on your retirement expenses.