Today’s investments can impact the lifestyle and livelihood investors experience down the road. It wouldn’t be inaccurate to suggest that financial planners hold their client’s futures in their hands. Investors should take their relationship with their financial planner as seriously as they take their money. Like any relationship, sometimes it works, others it doesn’t, and sometimes, what initially was a match made in heaven does not stand the test of time. If that time comes, investors need to recognize it and do the hard thing—break up with their financial planner and play the field ..read more

The ideal retirement picture is different for everyone. Some hear the ocean. Some envision a personal renaissance, with time to develop a new skill or hobby. Others imagine traveling the globe. Some aren’t sure what their dream retirement looks like, but many feel they won’t have enough money to enjoy it. A CNBC survey revealed that 53% of Americans feel behind in their retirement savings, and research conducted by Northwestern Mutual found that U.S. adults estimate that they will need $1.46 million to retire. The truth: There is no magic number for retirement. The amount of money savers need ..read more

Many Americans plan to work beyond retirement age, and this is a cornerstone of their financial plan. Unfortunately, this isn’t a reliable strategy. A study from the Employee Benefit Research Institute revealed that 46% of retirees in 2023 retired sooner than expected. While the average expected retirement age in 2022 was 66, the actual average was 62, according to a 2022 Gallup poll. Reasons, including health issues and job loss, contribute to earlier retirement and most are beyond the retiree’s control. This highlights the need for careful retirement planning that does not rely on a later ..read more

Today, we’re joined by Chris Smith, creator of the Campfire Effect and host of the Family Brand Podcast. Chris works with leaders and advisors in the financial planning space to help them tell their stories, scale their businesses, and unlock growth and change. We’ve worked with Chris in the past to develop and tell the story of our brand, and we wanted to take this opportunity to share wisdom and insights you can use in your own life and business. In this conversation, we discussed how financial planning is more than a numbers game, what separates a technically competent financial planner ..read more

The retirement planning process can span many years. Several milestones between ages 50 and 66 can impact an individual’s retirement snapshot and shape the eventual outcome. At these points, participants are afforded opportunities to effect meaningful change. An annual review of the plan will ensure that savers hit those markers and stay on the path to retirement readiness. Here are the birthdays that mean more than just another candle on the cake. Age 50: Play Catch-up At age 50, the limits on retirement contributions increase. Savers ages 50 and above can contribute additional funds to thei ..read more

The journey to retirement has seen significant changes in the last two decades. While the concept of saving for the future is the same, the next generation of retirees will experience it differently than their predecessors. People live longer, pensions are few and far between, and bond yields are lower. These conditions make an early start on saving and regular contributions critical. Here are some things savers can do now to secure a comfortable retreat from the workforce.  Estimate Your Monthly Expenses in Retirement Imagine your lifestyle in retirement. This will help you shape your f ..read more

Many entrepreneurs and business owners will admit that it’s easy to get caught up in sales, numbers, targets, and growth. But at what cost? As you’ll hear in this conversation, the sacrifices people make to build a 7, 8, or even 9-figure business can leave their family and loved ones wishing they could enjoy more time with them instead of enjoying the fruits of their labor. Today, we’re thrilled to have Michael Hyatt on the podcast. Michael is the Founder and Chairman of Full Focus, which has been featured in the Inc 5000 list of Fastest Growing Companies in America and Inc’s Best Workplac ..read more

The spring-cleaning concept is not confined to a house or garage. Spring is a great time to review finances and ensure your portfolio is in order. It’s easy to forget about 401(k), IRA, and other retirement accounts. Monitoring them regularly ensures they are working to your benefit. Here are some other tips for financially cleaning house.    Rebalance assets This exercise redistributes holdings and prevents a portfolio from going to aggressive or conservative extremes. According to Forbes.com, financial experts suggest rebalancing if a portfolio has drifted between 10 and 15% of th ..read more

The pressures on small business owners are numerous. They wear many hats, have fewer resources, and juggle responsibilities that larger businesses can spread across their workforce. For small business owners, retirement planning is another item on the long to-do list and may be deprioritized in favor of more immediate needs. But taking early steps to ensure a comfortable future is essential. Here are some tips small business owners can take for a proactive approach to building retirement savings and preparing for life after work.   Get the worm, start early The sooner small business owne ..read more

Whether we like it or not, our tax laws will be changing again soon. That’s why it’s so important to keep your tax planning needs top of mind and be aware of what those changes are and how they factor into your retirement plan. Today, we’re once again joined by Chase Reardon to talk about some important changes to the Tax Cuts and Jobs Act and how you can take advantage of opportunities that exist to mitigate taxes. We’ll discuss why tax planning and portfolio planning have to go hand in hand, how Chase and the SHP Financial team works with clients to build a tax plan for their specific ne ..read more