Whether you consciously realize it or not, money topics and your emotions are considerably intertwined. If you have been considering estate planning as a way to secure your family’s long-term financial security and to put plans in place for the next generation, you may find yourself navigating unexpected emotions or difficult family dynamics. That is because estate planning is about much more than just numbers on a spreadsheet – it’s about family, feelings, and honest discussions.
If you prepare yourself ahead of time for the emotional aspects of such planning, you’ll find the process easier to manage. Below, we’ll discuss four helpful tips you should consider as you discuss your estate.
If there was ever a year that we were reminded of the difficulty of making stock market predictions, it was 2020. Yet, many clients continue to search for "expert" market outlooks in hopes of positioning their portfolio to outperform. A well-known financial publication surveyed 10 Wall Street analysts1 at the beginning of 2020, to make a few predictions of the year ahead:
- The general consensus was that the S&P 500 would rise 4.1% in 2020. Even the panel’s most bullish predictor undershot the final S&P 500 gain for the year.
- These same strategists predicted that the 10-Year Treasury would end the year yielding 1.89%, more than double the 0.919% yield on December 31st.2
- When reviewing different sectors, 8/10 of the panel were overweight financials heading into 2020. The financial sector was one of the four sectors that experienced losses in 2020.
When it comes to retirement, men and women face many of the same challenges. However, because women have a longer life expectancy and are still struggling with a gender wage gap, planning for an early retirement becomes a different equation altogether. It may come as a surprise to learn that women all around the world tend to retire earlier than their male counterparts.
If you’re a woman and you’re thinking about retiring early, here are some things to keep in mind before you make your big decision.
The year 2020 proved to be one of the most tumultuous in modern history, marked by a number of developments that were historically unprecedented. But the year also demonstrated the resilience of people, institutions, and financial markets.
The novel coronavirus was already in the news early in the year, and concerns grew as more countries began reporting their first cases of COVID-19. Infections multiplied around the world through February, and by early March, when the outbreak was labeled a pandemic, it was clear that the crisis would affect nearly every area of our lives. The spring would see a spike in cases and a global economic contraction as people stayed closer to home, and another surge of infections would come during the summer. Governments and central banks worked to cushion the blow, providing financial support for individuals and businesses and adjusting lending rates.
On top of the health crisis, there was widespread civil unrest over the summer in the US tied to policing and racial justice. In August, Americans increasingly focused on the US presidential race in this unusual year. Politicians, supporters, and voting officials wrestled with the challenges of a campaign that at times was conducted virtually and with an election in the fall that would include a heightened level of mail-in and early voting. In the end, the results of the election would be disputed well into December. As autumn turned to winter, 2020 would end with both troubling and hopeful news: yet another spike in COVID-19 cases, along with the first deliveries of vaccines in the US and elsewhere.
There is a lot of evidence that suggests that are facing unique challenges that older generations never had to encounter, as it relates to finances. With this backdrop, it’s easy to see that Millennials have actually accomplished quite a lot despite having to navigate the 2008 financial crisis, as well as overcoming a reputation for being notoriously bad savers.