How to Save for Retirement If You Have Your Own Business

Some small-business owners are failing to plan for retirement or are making critical mistakes that could hurt their long-term wealth. This article offers planning tips and an overview of three kinds of retirement accounts: SEP IRAs, solo 401(k)s and traditional 401(k)s.

Read the article by Joanna Furlong: https://www.businessnewsdaily.com/15140-retirement-savings-strategies-entrepreneurs.html

Married women more at risk in retirement than singles

Women in their 50s who are married have a higher retirement risk than those who are single, widowed or divorced, according to a study that uses information from the National Retirement Risk Index. Factors include married couples' lack of enough savings for two people in 401(k) plans and the way Social Security benefits are calculated, writes Alicia Munnell, director of the Center for Retirement Research at Boston College.

 Get the details: https://www.marketwatch.com/story/married-women-more-at-risk-in-retirement-than-singles-2019-06-17

Finding an affordable college

The college selection process has become more complicated over the years due to the rising cost. Significant planning should be done before students apply if your goal is to an affordable institution. By estimating Expected Family Contribution (EFC) and net cost of college before your child applies, you can eliminate those schools that will put your student’s future in financial jeopardy.

Need-based or Merit Aid?

The vast majority of aid falls into the need-based and merit categories. Since need-based awards (on average) are larger than merit awards, the first step should be to see if they qualify for need-based aid, and that means calculating Expected Family Contribution (EFC).

Step 1: Calculate EFC

Calculating and minimizing EFC for both FAFSA and CSS Profile is a critical first step in the effort to save on the cost of college. My favorite calculator is the College Board’s calculator, because it calculates EFC under both methodologies.

Step 2: Compare EFC to COAs

Compare the EFC it to the Cost of Attendance (COA, which is tuition + room and board + books and fees + travel). You can find the COA and other data on Collegedata.com. You can utilize the College Match search engine there to filter schools by over 15 different criteria, including geography, major, four-year graduation rate and financial aid criteria.

Author: Robert J Falcon, CFP®, CPA/PFS, is the founder of College Funding Solutions LLC, and the founder of Falcon Wealth Managers LLC, both in Concordville, Pa.

Read the complete article at: https://onefpablog.org/2019/02/07/buying-college-in-the-21st-century-clients-should-search-for-colleges-they-can-afford/?utm_source=informz&utm_medium=email&utm_campaign=membership&utm_content=date_description

College endowment per student: larger means more financial aid

"The endowment per student is an overall measurement of the financial strength of an institution. In general, colleges and universities with the largest endowments per student -- money or assets under their control that fund operations -- tend to offer more financial aid to more students."

Topping the list: Princeton, Yale, Stanford, Harvard,MIT... no surprises there but Soka university of America??? Grinnell College in Iowa is in 11th place. 

It pays to peruse the list when choosing private colleges.

Check out the list: https://www.collegeraptor.com/college-rankings/details/EndowmentPerStudent

Wives! Listen up! Read: Husbands ignore future widow's needs

"The amount of money a widow receives from Social Security can mean the difference between comfort and hardship."
"Husbands have a lot of control over how this will turn out. Each additional year they postpone collecting their own Social Security adds another 7.3 percent to the amount a future widow will receive every month from the program’s survivor benefit."
"But husbands can be a stubborn lot," according to research reported in the Squared Away Blog.
When researchers conducted an experiment with husbands they found that, regardless of how the information was presented, husbands failed to choose to delay their own SS benefits to improve financial security for their widows.
Read the blog post which contains a link to the research report: https://squaredawayblog.bc.edu/squared-away/husbands-ignore-future-widows-needs/

My comment: they probably aren't funding IRAs for their wives, either.

How much should you save for retirement/financial freedom? One simple answer: 10%... IF you start young

How much to save for retirement depends... on who you talk to, your current age & lifestyle and many other factors. However, some solid research points to one simple number: 10% of your paycheck, if you begin saving at the start of your career.

The new math of saving for retirement may boil down to this one, absurdly simple rule:

Save 10% of your earnings

The article is simple to understand with great visuals. 
No more excuses!
Of course, if you are older than millenials you'll have to invest more than 10%. Start today!
Get the details from Joshua Gotbaum writing for MarketWatch at:  https://www.marketwatch.com/story/the-new-math-of-saving-for-retirement-2019-05-22

Letter of last instructions... What's that?!?

A letter of last instruction is an informal, non-legal document that tells your survivors info they need immediately at your death, not weeks later after final arrangements have been made and your will located.
Start with what you want done with your body: donate to science, organ donations, cremation, burial, etc. Be specific.
What kind of ceremony, if any, that you desire: traditional funeral, wild Irish wake complete with free-flowing whisky, party at the beach or mountains, be specific.
Nitty gritty financial details:
Where to find your will and estate planning documents, contact info for your attorney.
Notify Social Security right away.

"A list of the credit cards that need to be cancelled—but before you do so, here are all the businesses that automatically charge each card each month."
Here's one source: https://humbledollar.com/2019/04/one-last-thing/