Opening up About Money - Easy or Not?
How comfortable are you talking about money? A recent survey by KBK Wealth Connection found that 44%* of Americans would rather discuss religion, death or politics with a loved one than the practical details of their finances.
Whether it is through embarrassment or fear of upsetting the applecart, such reticence can have profound consequences on future financial security and especially on retirement plans. This is why it is vital that you find a financial advisor who you feel comfortable talking to – if you can't discuss money with your partner or children, at least you should be able to discuss it with a professional.
Five Top Tips for Cross-Border Investing and Retirement Planning
The most important thing you can do as a either a resident alien or non resident alien in the US, or as an American citizen moving abroad, is to take advice in relation to your cross-border investing and retirement planning options.
Here are five top tips from Blacktower (US) LLC to help you ensure that you and your finances do not fall foul of the Foreign Account Tax Compliance Act (FACTA) and some of the more impenetrable facets of wealth management and retirement planning in the US.
Will you Need to Keep Working into Your Retirement Years?
A recently published study by Ipsos for the ING Group, ING International Survey Savings 2019, has cast some light on why it is so important that people take retirement planning advice early during their working lives.
The study found that 62% in the United States and 61% of people in Europe, are worried by whether they will have sufficient money in retirement.
Furthermore, only 30% of retired people in the US said they were able to maintain the same lifestyle they enjoyed pre-retirement, while only 24% of the non-retired said that they expected they'd be able to enjoy the same lifestyle.
Retirement Planning During Your Second Career
When the Social Security program came into force in 1935 the official retirement age in the USA was 65, yet the average life expectancy was 61*. Nowadays, average life-expectancy is around 76 years** and can be much higher among educated, healthy-living individuals, especially women.
Increased life expectancy creates a need for greater retirement assets in order to ensure sufficient income during retirement and one consequence of this is the advent of later-life careers while another is the increased imperative to plan early and to ensure a diverse portfolio of assets.