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Recent Posts:

November 6, 2008: More individuals in Ohio turning to financial advisors and financial planners

Do it yourself investors have had a tough time lately. First came the credit crisis and the bear market in the stock market, causing many people's 401k's and IRA's to decline. Now we have a massive change in politics with the election of Obama and new policies in government.

What does this mean for individuals? The market is down. Income taxes are going up. Capital gains taxes are going up. Dividend taxes are going up. And estate taxes are going up. Americans need to sit down with a financial advisor and develop a well-thought out financial plan that provides a solution to their retirement and other financial goals.

Some people might be looking for a financial advisor for the first time, while others may have lost confidence in their current advisor and are looking for someone who is a better fit for their needs. Whatever the reason, more individuals have realized that they need to find a financial advisor or investment planner to help them meet their financial goals.

May 10, 2008: Investment strategy in an uncertain political environment.

Ohio is a melting pot of politics with conservative social values and liberal, blue-collar workers. While history shows that there isn't much difference for stock market returns when a Democrat is President versus a Republican, there are some significant economic choices that will have to be made by this next President. First, Social Security and Medicare are guaranteed to go broke, unless spending cuts are made. Clinton and Obama have said they want to continue the status quo path towards bankruptcy. Second, the country is skirting with recession right now. Again, two of the candidates want to raise taxes on income, capital gains, and dividends, exactly the wrong thing to do at the wrong time when we are trying to create jobs and raise incomes. Third, the estate tax is increasing dramatically over the next few years, causing family businesses to have to sell the business just to pay the tax.

Therefore, if you are saving for retirement, in retirement, have an income, own a mutual fund or stocks, or might die someday, then the election is important to you. It is imperitive for you to find a financial planner or investment advisor that can review your entire financial situation. First, a financial advisor can talk to you about the higher income and capital gains taxes proposed by some of the candidates. Higher taxes always cause people to shift income, money and investments around and look for loopholes. Second, you will need to determine how the higher taxes will affect your estate plan and discuss this with your investment advisor. You will also need to review your retirement savings plan with your financial planner, and consider that you won't be able to rely on Social Security or Medicare to pay your bills in retirement if these programs go bankrupt. A financial advisor can help you put together a retirement plan that saves enough to cover your own retirement income needs. You should search and find a financial planner or investment advisor that can cover all of these issues and your unique financial needs.

January 23, 2008: Retirement income and savings in Ohio.

We are seeing a shift in financial planning for retirement in Ohio. The past 10 years have been a period of major ACCUMULATION of investment assets by baby boomers in Ohio, while the next 20-30 years will see a DE-CUMULATION of growth investment assets. In other words, Ohio baby boomers have been saving up for retirement with growth investments. Once they retire, they will need to start shifting their nest eggs from growth to income.

How do you do that? Well, some people retiring today have pensions which will support them. However, most people who are soon to be entering retirement in Ohio will have to work with a financial planner to create their own "retirement paycheck". This often means a combination of Social Security, having a plan to shift a portion of their investment accounts to income assets, and the purchase of annuities which can provide a guaranteed lifetime income.

Your current age, your spending, and your planned retirement age have major impacts on how much you will need to support your retirement. An Ohio financial planner or investment advisor can work with you to analyze your financial plan. After meeting with their advisor, some people will change part of their plan, like working a little longer or spending less. Others will be happy to hear their Ohio advisor tell them their income should last. Younger savers can also benefit, by looking at the various savings "buckets" (401k, IRA, Roth IRA, taxable accounts, etc) you are using for retirement income.

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