Retirement Planning Tips for Baby Boomers

Time to get serious about planning your retirement. With your retirement date approaching, there's no time to procrastinate.

Retirement Planning Tips for Baby Boomers

Time to get serious about planning your retirement. With your retirement date approaching, there's no time to procrastinate.

Adjust your Tax Withholding

You should try to have your withholding match your actual tax liability. If not enough tax is withheld, you will owe tax at penalty. If too much tax is withheld, you will lose the use of that money until you get your refund.

Now that you've experienced a life event, you should find out if you should change the amount withheld from your paycheck.  To calculate your withholding, you can either use the worksheet on IRS Form W-4, or use the IRS Online Withholding Calculator.  

If you find that you need to change your withholding, be sure to submit an updated IRS Form W-4 to your employer.

Source:  IRS

Adjust your Tax Withholding

You should try to have your withholding match your actual tax liability. If not enough tax is withheld, you will owe tax at penalty. If too much tax is withheld, you will lose the use of that money until you get your refund.

Now that you've experienced a life event, you should find out if you should change the amount withheld from your paycheck.  To calculate your withholding, you can either use the worksheet on IRS Form W-4, or use the IRS Online Withholding Calculator.  

If you find that you need to change your withholding, be sure to submit an updated IRS Form W-4 to your employer.

Source:  IRS

Estimate your Tax Liability

Now that your child has become independent, you’ll likely lose him or her as a dependent for tax purposes.  The net result is you'll likely owe more on your income taxes. 

But how much wil this affect your taxes?  Click the link below to access the online 1040 Tax Estimator:

Source:  CPA Site Solutions

Estimate your Tax Liability

Now that your child has become independent, you’ll likely lose him or her as a dependent for tax purposes.  The net result is you'll likely owe more on your income taxes. 

But how much wil this affect your taxes?  Click the link below to access the online 1040 Tax Estimator:

Source:  CPA Site Solutions

How much life insurance do I need?

The answer isn't really how much life insurance you need,  it's how much money your family will need after you're gone. Ask yourself:

• How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts?
• How much money will my family need to maintain their standard of living over the long run?

Use this online calculator to get a personalized assessment of your life insurance needs:

How much life insurance do I need?

The answer isn't really how much life insurance you need,  it's how much money your family will need after you're gone. Ask yourself:

• How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts?
• How much money will my family need to maintain their standard of living over the long run?

Use this online calculator to get a personalized assessment of your life insurance needs:

Consult with your Financial Planner

The kids are gone, and you're transitioning into a new stage in your life.  Is your investment plan up to the task?

Consult with your Financial Planner to make sure.

Consult with your Financial Planner

The kids are gone, and you're transitioning into a new stage in your life.  Is your investment plan up to the task?

Consult with your Financial Planner to make sure.

Talk to a Mental Health Professional

Insert Employer EAP link

Talk to a Mental Health Professional

Insert Employer EAP link

Learn How to Let Go of Your Child

This bestselling guide, read by hundreds of thousands of parents over the past decade, is now better than ever, newly revised and completely updated. Based on real-life experience and recommended by colleges and universities around the country, Letting Go offers compassionate, practical, and up-to-the-minute information to help parents with the emotional and social changes of the college years.

• When should parents encourage independence?
  

• When should they intervene?
  
• What issues of identity and intimacy await students?
  
• What are normal feelings of disorientation and loneliness for students—and for parents?
  
• What is different about today’s college environment?
  
• What new concerns about safety, health and wellness, and stress will affect incoming classes?

These important issues and more are addressed with wise advice and time-tested counsel in Letting Go -- a realistic and reassuring source for meeting the challenges ahead, from the senior year in high school through college graduation.

Source: Amazon.com

Learn How to Let Go of Your Child

This bestselling guide, read by hundreds of thousands of parents over the past decade, is now better than ever, newly revised and completely updated. Based on real-life experience and recommended by colleges and universities around the country, Letting Go offers compassionate, practical, and up-to-the-minute information to help parents with the emotional and social changes of the college years.

• When should parents encourage independence?
  

• When should they intervene?
  
• What issues of identity and intimacy await students?
  
• What are normal feelings of disorientation and loneliness for students—and for parents?
  
• What is different about today’s college environment?
  
• What new concerns about safety, health and wellness, and stress will affect incoming classes?

These important issues and more are addressed with wise advice and time-tested counsel in Letting Go -- a realistic and reassuring source for meeting the challenges ahead, from the senior year in high school through college graduation.

Source: Amazon.com

Prepare Your Financial Plan

Spend some time thinking and talking with family members about what you would like to achieve financially. What would make you and them happy? What would be fulfilling? Would you like to start your own business? Retire early? Acquire a vacation home? Pursue a hobby? Travel?

Perhaps you’d like to change careers, and you’ll need money to finance an education in a different field. Or perhaps you’d like to have a large amount of money to give to your favorite charity. Once you’ve got some idea of what you’d like to accomplish, fill out the Goals Worksheet.

Source: CPA Site Solutions

Prepare Your Financial Plan

Spend some time thinking and talking with family members about what you would like to achieve financially. What would make you and them happy? What would be fulfilling? Would you like to start your own business? Retire early? Acquire a vacation home? Pursue a hobby? Travel?

Perhaps you’d like to change careers, and you’ll need money to finance an education in a different field. Or perhaps you’d like to have a large amount of money to give to your favorite charity. Once you’ve got some idea of what you’d like to accomplish, fill out the Goals Worksheet.

Source: CPA Site Solutions

Calculate Your Net Worth

Your financial plan should include an inventory of the existing financial resources you’ll be using to achieve the goals you decided on above. Use this resource to determine your net worth.

Source: CPA Site Solutions

Calculate Your Net Worth

Your financial plan should include an inventory of the existing financial resources you’ll be using to achieve the goals you decided on above. Use this resource to determine your net worth.

Source: CPA Site Solutions

Learn What it Takes to Sell your House

The home selling process can be as complicated as buying a home. Understanding the steps will help you survive with sanity—and finances—intact.   Visit the Selling a Home checklist for information.

Learn What it Takes to Sell your House

The home selling process can be as complicated as buying a home. Understanding the steps will help you survive with sanity—and finances—intact.   Visit the Selling a Home checklist for information.

Establish How Much Money You'll Need

Once you have covered your insurance and emergency-fund needs, you can start working towards your financial goals. Use this tool to estimate how much money you'll need to achieve your financial goals.

Source: CPA Site Solutions

Establish How Much Money You'll Need

Once you have covered your insurance and emergency-fund needs, you can start working towards your financial goals. Use this tool to estimate how much money you'll need to achieve your financial goals.

Source: CPA Site Solutions

Plan to Achieve Your Financial Goals

Financial security derives not only from acquiring more money, but from planning. A solid financial plan can alleviate financial worries about the future and ensure that you will meet your financial goals—whether they relate to retirement, asset acquisition, education, or just vacations.

This Guide tells you how to begin the financial planning process. It provides worksheets to help you find out where you are financially and where you want to be in the future. It will help you identify your goals, determine your net worth and cash flow, plan to achieve your goals as well as begin to put your plan into action.

Source: CPA Site Solutions

Plan to Achieve Your Financial Goals

Financial security derives not only from acquiring more money, but from planning. A solid financial plan can alleviate financial worries about the future and ensure that you will meet your financial goals—whether they relate to retirement, asset acquisition, education, or just vacations.

This Guide tells you how to begin the financial planning process. It provides worksheets to help you find out where you are financially and where you want to be in the future. It will help you identify your goals, determine your net worth and cash flow, plan to achieve your goals as well as begin to put your plan into action.

Source: CPA Site Solutions

Find a Financial Advisor

Link to employer or Marsh platform for finding a financial advisor

Source: NA

Find a Financial Advisor

Link to employer or Marsh platform for finding a financial advisor

Source: NA

Learn More About Financial Planning

Like most people, you have hopes, dreams and life goals for yourself and your family. These might include buying a home or business, saving for college education for your children, taking a dream vacation, reducing taxes and retiring comfortably. Financial planning is the process of wisely managing your finances so that you can achieve your dreams and goals—while at the same time helping you negotiate the financial barriers that inevitably arise in every stage of life.


This resource provides answers to frequently asked questions regarding financial planning.

Source: The Financial Planning Association

Learn More About Financial Planning

Like most people, you have hopes, dreams and life goals for yourself and your family. These might include buying a home or business, saving for college education for your children, taking a dream vacation, reducing taxes and retiring comfortably. Financial planning is the process of wisely managing your finances so that you can achieve your dreams and goals—while at the same time helping you negotiate the financial barriers that inevitably arise in every stage of life.


This resource provides answers to frequently asked questions regarding financial planning.

Source: The Financial Planning Association

Plan to Pay Off Your Credit Cards

Now that you have extra cash, put it to good use. Pay down your debt. Especially any credit card debt you may have.

Plan to pay off your credit cards with the help of this calculator.

Source: CPA Site Solutions

Plan to Pay Off Your Credit Cards

Now that you have extra cash, put it to good use. Pay down your debt. Especially any credit card debt you may have.

Plan to pay off your credit cards with the help of this calculator.

Source: CPA Site Solutions

Understand and Analyze Your Debt

Are you wasting money on unnecessary finance charges? Do you want to get out of debt but don't know how?

Debt Reduction Planner is a simple information tool designed to help you understand and analyze your debts.

Source: Intuit Inc. Quicken

Understand and Analyze Your Debt

Are you wasting money on unnecessary finance charges? Do you want to get out of debt but don't know how?

Debt Reduction Planner is a simple information tool designed to help you understand and analyze your debts.

Source: Intuit Inc. Quicken

Deal With Debt Problems

Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt negotiation is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Source: Federal Trade Commission

Deal With Debt Problems

Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt negotiation is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Source: Federal Trade Commission

Project the Return on Your Expense Savings

You've decided to downsize your home. Use this tool to project the return on your expense savings.

Source: Forefield, Inc.

Project the Return on Your Expense Savings

You've decided to downsize your home. Use this tool to project the return on your expense savings.

Source: Forefield, Inc.

Identify Tax Impact of Selling Home

If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Find additional information regarding the tax impact of selling your home by clicking the Continue button.

Source: Internal Revenue Service

Identify Tax Impact of Selling Home

If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Find additional information regarding the tax impact of selling your home by clicking the Continue button.

Source: Internal Revenue Service

See Where Your Money Goes

Use this tool to see where your money goes.

Source: Forefield, Inc.

See Where Your Money Goes

Use this tool to see where your money goes.

Source: Forefield, Inc.

Revisit Employer Retirement Plans

Understand your employer retirement plan.

Source: Forefield, Inc.

Revisit Employer Retirement Plans

Understand your employer retirement plan.

Source: Forefield, Inc.

Revisit Your Risk Profile and Asset Allocation

Use the investment profile and asset allocation tool.

Source: Forefield, Inc.

Revisit Your Risk Profile and Asset Allocation

Use the investment profile and asset allocation tool.

Source: Forefield, Inc.

See How Asset Allocation Works

Asset allocation—not stock or mutual fund selection, not market timing—is generally the most important factor in determining the return on your investments. In fact, according to research which earned the Nobel Prize, asset allocation ( the types or classes of securities owned) determines approximately 90% of the return.

This resources explains how to "asset allocate" properly for maximum return.

Source: CPA Site Solutions

See How Asset Allocation Works

Asset allocation—not stock or mutual fund selection, not market timing—is generally the most important factor in determining the return on your investments. In fact, according to research which earned the Nobel Prize, asset allocation ( the types or classes of securities owned) determines approximately 90% of the return.

This resources explains how to "asset allocate" properly for maximum return.

Source: CPA Site Solutions

Learn About Asset Classes

The securities that exist in today’s financial markets can be divided into four main classes: stocks, bonds, cash, and foreign holdings, with the first two representing the major part of most portfolios. These categories can be further subdivided by "style."

This resource takes a look at these classes in the context of mutual fund investments.

Source: CPA Site Solutions

Learn About Asset Classes

The securities that exist in today’s financial markets can be divided into four main classes: stocks, bonds, cash, and foreign holdings, with the first two representing the major part of most portfolios. These categories can be further subdivided by "style."

This resource takes a look at these classes in the context of mutual fund investments.

Source: CPA Site Solutions

Learn How Allocation Models Are Built

Simply stated, financial advisors build asset allocation models by (1) taking historic market data on classes of securities, individual securities, interest rates and various market conditions; (2) applying projections of future economic conditions and other relevant factors; (3) analyzing, comparing and weighting the data with computer programs; and (4) further analyzing the data to create model portfolios.

There are three key areas that determine investment performance for each asset class...

Source: CPA Site Solutions

Learn How Allocation Models Are Built

Simply stated, financial advisors build asset allocation models by (1) taking historic market data on classes of securities, individual securities, interest rates and various market conditions; (2) applying projections of future economic conditions and other relevant factors; (3) analyzing, comparing and weighting the data with computer programs; and (4) further analyzing the data to create model portfolios.

There are three key areas that determine investment performance for each asset class...

Source: CPA Site Solutions

Learn About Long-Term Care Insurance

It's a fact: People today are living longer. Although that's good news, the odds of requiring some sort of long-term care increase as you get older. And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you're ever going to be able to afford long-term care.

One solution that is gaining in popularity is long-term care insurance.

Source: CPA Site Solutions

Learn About Long-Term Care Insurance

It's a fact: People today are living longer. Although that's good news, the odds of requiring some sort of long-term care increase as you get older. And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you're ever going to be able to afford long-term care.

One solution that is gaining in popularity is long-term care insurance.

Source: CPA Site Solutions

Learn How to Purchase Long-Term Care Insurance

Long-term care insurance policies come in many shapes and sizes. The number of options available can make it difficult to compare policies.

Read this Long-term Care Insurance Buyer's Guide to learn the tips and tricks.

Source: Insurance Information Institute

Learn How to Purchase Long-Term Care Insurance

Long-term care insurance policies come in many shapes and sizes. The number of options available can make it difficult to compare policies.

Read this Long-term Care Insurance Buyer's Guide to learn the tips and tricks.

Source: Insurance Information Institute

Find Out About Your Health Plan's Student Eligibility

Check with your Human Resource's department or health insurance company to determine how long your child can remain on your health insurance policy.

Find Out About Your Health Plan's Student Eligibility

Check with your Human Resource's department or health insurance company to determine how long your child can remain on your health insurance policy.

Learn More About Short-term Medical Insurance

Short-term Medical insurance is the ticket for people in transition.

Short-term Medical (STM) plans provide individual and family coverage from 30 days up to 6 months. These plans are major medical plans designed to protect you and your family when temporary health coverage is necessary for a specific amount of time.

A short-term medical plan is ideal for individuals who are between jobs or in need of immediate coverage while they shop for more permanent coverage.

Learn More About Short-term Medical Insurance

Short-term Medical insurance is the ticket for people in transition.

Short-term Medical (STM) plans provide individual and family coverage from 30 days up to 6 months. These plans are major medical plans designed to protect you and your family when temporary health coverage is necessary for a specific amount of time.

A short-term medical plan is ideal for individuals who are between jobs or in need of immediate coverage while they shop for more permanent coverage.

See How Much Life Insurance You Need

Use this calculator to determine how much life insurance you need.

See How Much Life Insurance You Need

Use this calculator to determine how much life insurance you need.

Learn More about Life Insurance

Most of us have some sort of life insurance... either through work or a policy bought from an agent. But is your current coverage enough? And what type is right for you?

The tools and resources you'll find here will help you understand the issues and make informed decisions regarding life insurance for yourself and your family.

Learn More about Life Insurance

Most of us have some sort of life insurance... either through work or a policy bought from an agent. But is your current coverage enough? And what type is right for you?

The tools and resources you'll find here will help you understand the issues and make informed decisions regarding life insurance for yourself and your family.

Analyze Your Auto Insurance Needs

Use this tool to assess your auto insurance needs.

Source: Forefield, Inc.

Analyze Your Auto Insurance Needs

Use this tool to assess your auto insurance needs.

Source: Forefield, Inc.

Shop for Auto Insurance

Link to Marsh auto insurance engine.

Shop for Auto Insurance

Link to Marsh auto insurance engine.

Shop for Umbrella Liability Insurance

Link to Marsh liability insurance engine.

Shop for Umbrella Liability Insurance

Link to Marsh liability insurance engine.

Learn More About Umbrella Coverage

An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander.

Source: Insurance Information Institute

Learn More About Umbrella Coverage

An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander.

Source: Insurance Information Institute

Find an Accountant

An empty nest frees up cash. But it also may bring higher taxes. Don't be surprised at tax time. Find an accountant and look into how your tax liability will change now that your child is gone.

Source: The American Institute of Certified Public Accountants

Find an Accountant

An empty nest frees up cash. But it also may bring higher taxes. Don't be surprised at tax time. Find an accountant and look into how your tax liability will change now that your child is gone.

Source: The American Institute of Certified Public Accountants

Read about Strategies to Reduce your Taxes

Looking for ways to take advantage of all the tax savings that are available to you?  This Financial Guide provides tax saving strategies for deferring income (often through the use of retirement plans), and maximizing deductions. It includes some strategies for specific categories of individuals, such as those with high income and those who are self-employed.

Source: CPA Site Solutions

Read about Strategies to Reduce your Taxes

Looking for ways to take advantage of all the tax savings that are available to you?  This Financial Guide provides tax saving strategies for deferring income (often through the use of retirement plans), and maximizing deductions. It includes some strategies for specific categories of individuals, such as those with high income and those who are self-employed.

Source: CPA Site Solutions

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