I recently met with a client who wanted to discuss how to prepare for the end of their lives. The estate planning documents may be done, but is there anything else to really feel comfortable that you’ve prepared all you could when you pass away? While this may make you feel good, it is also a blessing for the family you leave behind, making this time of grief a little easier. After my mom passed, I had been helping my dad get his estate planning documents and other financial activities in order. In fact, when on the phone with his insurance or investment companies, he loved to refer to me as h ..read more

CCRCs are an all-in-one solution to aging in place for people over 60. Residents start out living independently in their own apartments, duplexes, or single-family homes in the community. As health needs evolve, CCRCs offer a seamless transition to assisted living, memory care, or skilled nursing facilities within the same community. Please visit my earlier post about Understanding CCRCs for all about how CCRCs work and their benefits, etc. This post takes a deeper dive into the financial considerations for CCRCs. Different types of contracts There are many different types of CCRCs contracts ..read more

If your child is a sophomore in high school right now, this year is super important for your college funding plan! To be eligible for financial aid (grants & student loans) for college your child will need to submit your tax return as part of their FAFSA application when applying to colleges in their senior year.  The FAFSA uses the Prior-Prior Year income to determine eligibility.  So…if your child is a sophomore in high school right now…2024 is the tax year that will be used for financial aid eligibility. The good news is you still have 9 months (plenty of time!) left in the ta ..read more

In an earlier post, I summarized many of the housing options people can consider in retirement.  You can check out the article here. This post takes a deeper dive into CCRCs (Continuing Care Retirement Communities also known as Life Plan Communities) CCRCs are an all-in-one solution to aging in place for people over 60. Residents start out living independently in their own apartments, duplexes, or single-family homes in the community.  As health needs evolve, CCRCs offer a seamless transition to assisted living, memory care, or skilled nursing facilities within the same community. Be ..read more

As April 15th approaches, taxpayers across the country are gearing up to fulfill their annual obligation – filing taxes. Whether you’ve already submitted your returns or are yet to tackle the paperwork, now is the perfect time for a tax check-up. Here are 5 areas to review to determine if you may need to make some adjustments for 2024. Review Tax Withholding: Check your paystubs to assess if adjustments to your W-4 are needed to avoid overpaying or underpaying taxes in 2024. If you had a big tax bill, consider increasing your withholdings and if you received a large refund that may mean you ar ..read more

“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 3-19-24 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting Free for current clients, $10 for guests Register Here! Continuing Care Retirement Communities Hosted by: Jennifer Bush, CFP® CCRCs are retirement communities (aka life plan communities) for people 60+ who want an all-in-one solution to aging in place. Residents start out living independently in an apartment, duplex, or single-family home, and later transition to assisted living, memory ..read more

As a little girl growing up in Eastern Europe, I admired the International Women’s Day holiday so much! All these beautiful women were celebrated on this special day. Taking care of themselves was the #1 priority in life. I couldn’t wait to grow up and be like many of them. I still love this holiday today! And that is why it’s a perfect time to discuss empowering self-care practices for women. I want to explore strategies for building a sustainable self-care regimen, including effective budgeting of both Time and Money, to help you prioritize self-care and nurture your well-being. Recognizing ..read more

February’s Chalk Talk on the State of the Insurance Industry included the subheading “Will My Insurance Company Cancel My Homeowners Policy” which was the real meat of our Chalk Talk and also what many attendees are concerned about when it comes to home insurance. We’ve heard about insurance companies eliminating coverage in wildfire-prone areas, exiting the state and other insurance companies that limit, drop or no longer sell new policies to homeowners. Our Chalk Talk mostly describes what has happened in California, however we’ve seen this all across the country. Regardless of where you are ..read more

With FAFSA delays college finances remain uncertain…work on a plan for your out-of-pocket expenses while you wait for clarity! FAFSA has announced more delays in relaying information to colleges, which means that financial aid packages could be delayed, and some colleges are already pushing decision day out a month from May 1st to June 1st.  Needless to say, all of this is frustrating but out of your control!  So instead of feeling stressed and worried, use this time to work on your college cash flow plan so you are ready for anything. There will be out-of-pocket expenses once your s ..read more

Managing cash flow in retirement is a crucial aspect of financial planning that can feel daunting after decades of receiving regular paychecks. Here are some strategies to consider: 1. Comprehensive Income Assessment: Start by compiling a list of all potential sources of retirement income, including pensions, annuities, deferred compensation, Social Security, net rental income, dividends, and part-time or consulting work. 2. Expense Evaluation: Next, list all outgoing expenses, accounting for both fixed and variable costs. Consider new expenses like healthcare before Medicare coverage begins a ..read more