Are You Considering Retiring Overseas?

September 23rd, 2016

retire-overseasThere is a growing trend in Bermuda among people who are ready to retire or who have just retired to head off the island to make the most of cheaper living and/or a more adventurous lifestyle.

Whether you are choosing to move to the US or Canada or something a little more exotic like Ecuador or Belize; making sure you plan accordingly is key. Retiring overseas can be a great idea but without research and a clear understanding of what is involved, it can be a very bad idea.

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Manage Money To Plan For The Unexpected

August 19th, 2016

Speak with anyone who’s been in an emergency situation like a fire, flood or car accident and they’ll say the same thing “I never expected this to happen”! The biggest challenge with emergencies is not only are you dealing emotionally with the aftermath of the event, you are also dealing with it financially.

A large amount of the working population are waiting for their pay check to hit their bank account, only to spend every last penny. Only to have to wait for the next pay check to arrive. Unfortunately, when you live pay check  to pay check ; you have not had a chance to build much in savings so when an emergency occurs you do not have the financial resources to cover it.

So the question is: how do you manage your money and plan for the unexpected? It can be answered in two words – Emergency Fund. Read the rest of this entry »

WE HAVE MOVED TO A NEW LOCATION

August 17th, 2016

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FMi has moved to our new place in Huntington!

Our new address is 11 Prospect Street, Huntington NY, 11743.

We love our new location. Stop by and say hello!

Thank You To The Emergency Service men & women in Bermuda

July 21st, 2016

We hope our partners, friends and colleagues at Freisenbruch-Meyer and surrounding businesses are safe due to the fire in Bermuda today. Thankfully, all of our staff and account data are safe. For any inquiries on pension matters, please call our NY office at 631-385-2100 or info@fmintl.com. Thank you to all the emergency service men and women who helped contain the fire.

How To Retire Well

August 25th, 2014

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How well prepared are you for the retired life?

The first consideration for retirees is to be sure that you have enough money saved and invested to sustain your financial needs during your retired life. Aside from the basics, you want to be able to sustain a chosen lifestyle. Setting aside some funds for emergencies and cash needs adds to your security. Continuing to save and invest during your retirement helps you to hedge against outliving your retirement assets. According to U.S.News & World Report contributor, Dave Bernard, there are steps to help you make the transition into a happy retirement that involves setting personal goals and working toward achieving them.

The first consideration in your preparation is to decide what will you do? Read the rest of this entry »

Expenses You Must Include In Your Retirement Budget

August 9th, 2014

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How accurately can we estimate and budget for our retirement future? While individual lifestyle will dictate your expenses, a report published by U.S. News & World Report lists the expenses that are shared by all retirees and must be budgeted for.

  • Health care costs will be one of the biggest expenses you must deal with in retirement. A 65 year-old couple retiring in 2013 will need $220,000 to cover health care costs during retirement, according to calculations by Fidelity. This figure is based on average life expectancy. The cost of long-term care services depends on whether you receive it at home, in adult day care, at an assisted living facility or in a traditional nursing home. The average cost of a private nursing home is about $90,000 per year, assisted living facilities average $3477 per month and hourly home care rates average $46 for a Medicare-certified home health aid, according to MetLife.

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Five ways to wreck your retirement (and marriage)

July 21st, 2014

Spending your retirement in comfort depends largely on what you and your spouse do today.

Retirement, like marriage, comes under enormous strain when money is constantly an issue and recognizing this sooner rather than later can make the difference between traveling and living out your years together in relative comfort or having to scrape by for years as you get older and less healthy. It’s a pretty stark contrast.

Here are five things to avoid with your retirement today:

1. Not saving early or often

It’s the little things that add up. While you may think there’s plenty of time between your current situation and retirement, saving now means you won’t have to catch up later, when you may face other issues or unplanned expenses. It’s also the single most effective habit you can develop: saving a little bit all the time.

2. Underestimating your needs and lifestyle Read the rest of this entry »

Insuring your retirement is not unlike insuring your car

July 6th, 2014

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You can insure your home and car from disasters and accidents. Life insurance essentially protects your family from the loss of your income should tragedy strike. You can’t insure your retirement accounts in the quite same way, but there are a few tried and true strategies that can help safeguard them.

1. Save for retirement even during…retirement

There is no rule that you have to stop investing when you hit your golden years. One of the best hedges to outliving your retirement assets is to continue investing even when you reach retirement age. While there are mandatory age distributions from 401(k) retirement plans and traditional IRAs, you can continue to make investments in other assets during your retirement.

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Grow up financially while you’re still young.

June 23rd, 2014

imagesThe old adage of ‘the earlier you start to save for retirement, the better’ holds true today especially today. Here are a few questions you should ask yourself when starting to think about your options:

How much should I save?

Try to start out at around 15 percent, and that’s a minimum figure — 15 percent of your salary. It should be as easy putting that much away and more into a 401(k) plan. If you have a 401(k) with a match, up to half can of your savings can come from your employer.

Where should I invest my savings?

Index funds are a great way to get started since they allow you a wide range of investments including funds that invest in domestic stocks and bonds, and international stocks. A solid investment portfolio mixes equal parts of all three. The key aspect of an index fund is that it is generally cheaper.

What if I have a low paying job that doesn’t allow me to save much? Read the rest of this entry »

Hey, your 401(k) is not a piggy bank.

June 7th, 2014

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With a piggy bank, you put money in and take it out. It’s a fairly simple tool, and it’s great for what it’s used for. A 401(k), on the other hand, is a great tool to save for retirement. But increasingly, they are being used as something they aren’t: piggy banks.

Recent studies show that Americans are increasingly pilfering from their 401(k) accounts. With the economy being the way it has been since the financial crisis, that’s understandable on one level, but the choice can put your retirement plans on a slippery slope.

According to the IRS, a whopping $57 billion was withdrawn prematurely from 401(k) accounts in 2011, up 37 percent in inflation-adjusted dollars from 2003. You could argue that if a person needed the money to survive, then an early withdrawal from a 401(k), even with the tax penalty, is better than most other options – to a point.

Unfortunately, younger individuals are withdrawing the most. According to a recent study, nearly 40 percent of workers between 20 and 39 cash out their plans when they change jobs.

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