How to Plan for Early Retirement

January 10th, 2017

screen-shot-2017-01-11-at-9-52-38-am

As the New Year is upon us, new goals and new visions are being created to make this a prosperous and successful 2017. Perhaps you are in the later stages of your career and are consciously developing a succession strategy for your role to ensure a smooth transition when you do retire. Ever thought what would happen if you were forced into retirement well before your succession strategy could ever be executed? Read the rest of this entry »

Knowing How to Manage Your Debt

December 13th, 2016

b5abc33fdc2eed0df279b3085bbf73d9With the start of the holiday season upon us, we are consistently reminded of the joy of giving; either by TV commercials, articles in the media or a flyer received in the mail. Giving generally equates to more spending and when you don’t have a lot of money that can sometimes mean borrowing money.
Perhaps you already have a mortgage payment, a car payment or credit card debt, so adding additional debt during the holidays and trying to find a way to pay off this debt might be challenging.

Knowing how to manage your debt and sticking to a realistic budget isn’t always common sense, it is a
Read the rest of this entry »

Retiring For The ‘Sandwich Generation’

October 28th, 2016

Alot of people who are getting close to their retirement age are being faced with really difficult challenges and are having to make some really tough decisions.

The hardest hit is the “Sandwich Generation”, the generation which is trapped between financially providing for their own children and being responsible for providing financial assistance to their elderly parents.

images

Now, if you are lucky enough not to be sandwiched, think about how soon you might face this challenge and how long those obligations could last. In this situation, early planning can go a long way to easing emotional and financial strain.

 

An article in the Daily Mail on September 2015 stated “Middle-aged parents are forced to balance working full-time while spending an extra 19 hours every week caring for their older relatives, with a third paying towards their care. Meanwhile they are spending nearly £6,500 a year on children aged 22 and over.”

So how could this impact you?

Read the rest of this entry »

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.

Read the rest of this entry »

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

061016_Moved

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

images

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

Man in home office on telephone using computer smiling

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.

Read the rest of this entry »

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 »