Managing your financial life is not just about money.

Archives for Retirement planning

Affordable Care Act Open Enrollment

Affordable Care Act Open Enrollment Began November 1st Know anyone that doesn’t have access to health insurance through their employer or the federal government via Medicare, Medicaid, etc.?  The open enrollment period for health insurance plans purchased on healthcare exchanges set up by the Affordable Care Act (commonly referred to as Obamacare) began on November 1, 2017.  The enrollment period will run through December 15, 2017 in all states, and longer in a small number of others. For our local clients, here is a list of the surrounding the states that are exceptions to the December 15th deadline: Massachusetts: January
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Leaving Assets for Children during Retirement

This is the 12th article in a series on retirement. In this piece I will answer questions 26, 27 and 28 of 32 questions that you must answer before retiring. Do I want to leave anything for my kids? The answers to this question run the gamut.  There are those who absolutely want to leave assets to their children.  Then there are those who plan to spend all their assets and leave nothing.  And there are those who would like to leave assets if possible.  The problems arise with folks who absolutely want to leave a legacy to their children. 
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Using (or not!) Home Equity in Retirement

This is the sixth article in the series. In this piece I will answer questions 9 and 10 of 32 very important questions people need to answer before retiring. Do I plan to use equity in my home for retirement? This is a tricky and delicate question.  In our practice, when developing a retirement scenario for a client, we start with the assumption that you will not use the equity in the home for retirement needs.  That is another way of saying that hopefully you can leave the house to the kids.  Lots of times, that scenario does not work. 
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Maintaining Property in Retirement

This is the fifth article in the series. In this piece I will answer questions 7 and 8 of 32 very important questions people need to answer before retiring. If I am living in my retirement home, how much do I have to spend to get it ready for retirement? If you are going to be living in your existing home forever, then you want it to be just right. That will cost money, and probably more than you are thinking. Updating kitchens and bathrooms come to mind. A first floor bedroom is probably a good idea.  The yard, the
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How long will I live?

This is the fourth article in the series. In this piece I will answer questions 5 and 6 of 32 very important questions people need to answer before retiring. How long will I live? Crafting a retirement plan would be a whole lot easier if you knew the answer to this question.  The answer depends upon your age, your health, your genes, your socio-economic status, luck, and probably a few other factors that I can’t think of right now. The answer is who knows? But, when it comes to retirement planning, you have to make a guess. The Social Security
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Do I chose to work part-time in retirement?

This is article number three in a series on retirement. In this article I answer questions 3 and 4 of 32 questions you need to answer before you retire. I have no idea how many articles will follow this one, but eventually I will address all 32 questions. Do I choose to work part-time in retirement? No, this is not a dumb question.  More and more folks I work with choose to work some for the first few years of retirement.  Some just need to keep active, and those part time earnings get used for fun things, or kids and
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When do I want to retire?

  This is article number two in a series. In the previous article I listed 32 questions that everyone must answer before making a decision to retire (the biggest financial decision of your life).  In this article I will begin helping you answer these questions. This will take a few more articles. When do I want to retire? First of all, I hope that you are asking this question in your thirties and forties. If so, you have a lot more time to get it right than if you start asking this question in your fifties and sixties. When thinking
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What’s the biggest financial decision that you will make in your life?

  Question: What is the biggest financial decision that you will make in your life? Answer: Determining when you can retire comfortably and confidently. What follows is a list of questions everyone who is planning to retire must answer.  I am going to spend the next few articles that I write in this paper helping my readers answer these questions.  And because the answers to these questions are mighty important, I am going to go a bit above and beyond just writing these articles. First, I will post all of these questions and answers on my website McNamaraFinancial.com …. so
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What you need to know about Estate Taxes

We had another great radio program this past weekend with Attorney Eric Oalican of Oalican Law Group. I wasn’t sure if it was possible to make Estate Tax Planning fun, but Eric did it.  I guess fun for me is different than fun for most people, but regardless it was an informative and entertaining show. As Eric and I discussed, if your net worth at death is over $1 million in Massachusetts, you will have an estate tax liability. If you want to avoid/minimize/deal with it, there are options. Eric explained (in simple, non-lawyer-y terms) gifting strategies, life insurance strategies, and
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