Sound financial planning is an important thing to have in the best of times. In times of economic turmoil, it’s an essential. Retirement Pathways understands that when it comes to personal finance, there are times when each of us feels like a ship being tossed on a stormy sea. Our job is to help you no matter how many ups and downs you might experience, ultimately reach safe harbor, your place of financial security.Below is a collection of resources to help you plan for your and your family’s financial future. Whether you need advice on organizing your finances, planning for the New Year or obtaining credit reports, you’ll find valuable information here. Budgeting
ID Theft has become a real and growing threat in today’s society. It is important to stay in control of your personal information and know what is being said about you in your credit report. Below are links that can provide you with assistance in this area.
- Fraud Hotline – Social Security Department 800-772-1213
- US Postal Service
- FTC Identity Theft Phone: 877-438-4338
- KY Office of the Attorney General ID Theft
- www.annualcreditreport.com
- www.Equifax.com Phone: 800-525-6285
- www.Experian.com Phone: 888-397-3742
- www.TransUnion.com Phone: 800-680-7289
Kids & Money
Instilling within your children an understanding of money management is crucial to their future financial success. As soon as your child knows the difference between a one-dollar bill and a five-dollar bill, you can start teaching him or her about the value of money. For some great information on how to educate your children about money, click here.
Children who are exposed to numbers early can build math skills and learn critical thinking patterns, which can help them with money management. If you know a child needing help with math, a free resource is www.khanacademy.org
Investing carries with it a level of risk. At Retirement Pathways, we can help you evaluate your financial situation and goals, then tailor an investment strategy with a level of risk you’re comfortable with. We will work with you to construct an Investment Policy Statement that includes your purpose for assets, investment time horizon, asset allocation, timing of rebalancing, return expectation, investments and benchmarks.
Retirement Pathways will review various investment strategies with you, to ensure that you have a complete understanding of the long-term risks and benefits. Being well-informed will not only benefit your portfolio, but also your peace of mind.
Managing Risk with Asset Allocation
Proper asset allocation is crucial to effectively managing risk. The market is always changing but a diverse, well-balanced portfolio can help you maintain financial stability even in uncertain times. This may include alternative investments to broaden your portfolio.
Retirement Pathway will customize an asset allocation plan based on your investment goals, time horizon and comfort with risk. With numerous allocation strategies available, we can help you through the uncertainty of where to put your money and when to make changes.
For many people, their home is their most valuable asset. But how much home do you really need? Retirement Pathways can help you decide how much home value should be tied up in your portfolio as part of your overall asset allocation strategy.
Also, if you’re buying or refinancing, we can help you determine the type of home loan that best fits your long-term savings goals and optimizes your monthly expenses. Properly financing your home provides an excellent opportunity to build wealth.
We can provide guidance by helping you review loan and insurance documents. We can help you ask the right questions that may save you money and determine the appropriate coverage for your situation.
Additional reading: Mortgages | Federal Trade Commission (ftc.gov)
Protecting yourself, your family and your lifestyle in the event of a long-term illness, injury or death is central to maintaining financial stability. Retirement Pathways can offer guidance to ensure that in the event of a tragedy, your expenses are covered and your family is taken care of.
Whether you’re considering disability insurance, HSA accounts, long-term care or life insurance, we will work with you to find the type and amount of coverage that best meets your needs.
Whether it’s marriage planning, divorce planning, or adapting to income changes due to the loss of your spouse, Retirement Pathways can help you plan for the unexpected.
Career Changes
Losing a job or switching jobs is not only stressful, it can create wrinkles in your investment plan. What should you do with your money left in the former company’s retirement plan? Retirement Pathways will work with you to help ensure you’re informed and prepared should your career take an unexpected turn.
It’s no secret that college tuition has continued to rise. And figuring out how to pay for your or your child’s education can be daunting. But even though a college education is more expensive than it’s ever been, it’s absolutely necessary to bolster your or your child’s earning potential.
Consider your options so that you or your child are not saddled with school debt. Look into the various saving plans, such as Education Savings Accounts and 529 Plans, and develop a sound strategy so that when it comes time to enroll, the resources you need are in place. A good place to start: Compare College Savings Options - Saving for College.
Before beginning your research on available scholarships and monies, be aware of potential scams.
Scholarship and Financial Aid Scams
Start early and keep trying to unlock financial aid. Some money is available on a first come, first serve basis. Some scholarship search sources:
- FAFSA® Application | Federal Student Aid
- Scholly
- Scholarships A to Z - BigFuture Scholarship Search (collegeboard.org)
- FastWeb Scholarship search
- Federal Pell Grants
- The Federal Supplemental Educational Opportunity Grant Program | 2023-2024 Federal Student Aid Handbook
- International education financial aid
- National merit scholarship
- Scholarship Search