coin stacks with a miniature graduation cap on them to symbolize saving for college and retirement planning strategy

Factoring College Funds Into Dallas Retirement Planning

Preparing for whatever the future may bring is an important step toward financial security, so it’s wise to set money aside for any known expenses you may incur down the road. For everyone, this includes retirement planning, but those with children also need to consider college funds for their dependents’ education. Considering that both retirement and college tuition expenses occur around the same time, as well as the growing cost of post-secondary education, it’s imperative that your financial plans include both important investments.

Prioritize Your Dallas Independent Financial Planning Options

Your Fort Worth retirement financial advisor or Colleyville financial advisor will tell you to establish your independent financial planning priorities now–such as retirement investment and understanding social security. If retirement planning is most important to you, then focus on that for now, as your child can apply for loans to pay for their schooling, but you can't do that for your retirement. 

Increase Your Dallas Retirement Planning Savings

If your child is young, increase the amount you contribute to your retirement savings each month for Fort Worth retirement planning. This allows you to have a healthy sum set aside while paying for your child’s college tuition. You can always reduce this monthly contribution to your Colleyville retirement fund, should the need arise. 

You should also ask our Fort Worth retirement financial advisors about establishing a 529 plan–a college savings account with numerous tax benefits.

Invite Your Entire Family Into Your Independent Financial Planning Goals

How can you and your family save money and establish healthy financial habits? Even seemingly small adjustments to your budget can have long-term effects that will benefit everyone. Reducing household expenses on frivolous items that you can then, in turn, put toward your Dallas retirement savings will yield higher returns than many realize. Consider simple changes, like making coffee each morning rather than purchasing from your neighborhood cafe, or reserving dining out for special occasions and cooking at home instead. These small adjustments add up over time and also help your children better understand the importance of fiscal responsibility.

Talk to Your Fort Worth Retirement Financial Advisor About New Investment Opportunities

Make your money work for you. Our Colleyville retirement financial advisors can provide guidance regarding the types of investments that will work best for you and your family. Our team stays up-to-date on market trends and adjusts our recommendations accordingly, offering sound, pragmatic advice. Contact us today to discuss your Fort Worth independent financial planning and begin your path to financial stability both today and in the years to come. 

Document titled estate planning

Things To Know About Dallas Estate Planning

Planning your estate is a long and often grueling component of your retirement planning process. It’s often something a lot of soon-to-be retirees put off, but we don’t recommend this. Instead, we recommend planning your estate early on–we can always adjust it if need be. In this article, our Dallas financial advisors based in Colleyville will offer insight on a few things to know about estate planning as a component of your retirement plan and how we can assist you during this process.

You Don’t Have To Be Wealthy To Plan Your Estate

Usually, estate planning is synonymous with wealth, but even those who aren’t millionaires or billionaires should plan their estate. Let’s go back to early planning for a moment. Let’s say you only have a handful of assets. Years down the line, they may be worth far more than what you initially paid, so it’s imperative that you take the time to plan your estate accordingly.

You Should Have A Clear Goal For Your Estate In Mind

What are you hoping to accomplish with your estate plan? Do you want to protect your family’s wealth? Keep a business up and running after you pass away? Donate to charity? Whatever your goal is, knowing what it is will help us come up with a solid estate plan together on your terms rather than on a judge’s terms.

Taxes May Be Owed By Your Beneficiaries Once They Take Possession Of Their Assigned Asset 

Although Texas does not collect estate or inheritance taxes, the federal government does. However, there are ways to reduce the tax burden on your beneficiaries, and our Dallas retirement financial advisors–who also serve clients in Colleyville and Fort Worth–will help you reduce the tax burden as much as possible. There are certain legalities we must keep in mind, but it is very much possible to lower the taxes on your estate. This is especially important because the taxes owed will depend on your assets’ fair market value by the time they are divided amongst your beneficiaries.

You May Need An Estate Attorney’s Legal Expertise

Our Dallas financial advisors have vast experience and knowledge that will help you come up with the right estate plan for you and your beneficiaries, but a suitable estate attorney will also play a role in getting the right documents. Our retirement planning experts will aid in finding the right attorney for your needs so that, together, we can make estate planning as seamless as possible.

The Dallas Retirement Planning Team At Retire Guides Will Help You Navigate Your Estate Planning

Estate planning is highly involved and, at times, rather tedious. With our retirement financial advisors at your side, we can ensure that your estate is divided how you would like it to and that your beneficiaries are well looked after. If you’re ready to navigate estate planning, please contact us.

social security card

Common Questions About Social Security Planning

Retirement is a complex journey. Social security is just one of the factors that must be taken into consideration when retirement planning. However, social security isn’t always an easy concept to understand, but it is critical in developing the right retirement/financial strategy for you. In this article, our Dallas retirement financial advisor will address some of the most common questions we receive about social security.

What Is Social Security?

Simply put, the social security program is a federal program put into place as a way to provide retirees with income to continue to support themselves.

How Do You Become Eligible For Social Security?

Many tend to believe that social security is a given when you retire, and although everyone can have social security, you only become eligible for it once you have earned 40 credits. Determining your eligibility is a must when developing your Dallas retirement planning strategy.

What Are Social Security Credits?

Credits are a measure taken into consideration when determining if you are eligible for social security. Every year that you work, you earn up to 4 credits, so you must work for at least 10 years in order to earn 40 credits, which is enough to qualify for social security benefits.

When Should You Claim Your Social Security Benefits?

In general, the longer you wait to claim your social security benefits, the more money you will receive every month once you retire. You can claim your benefits either a few years prior to retirement, or a few years after. The right time for you to retire and claim those benefits is known as the “break-even age” and can be calculated. When you want to determine the best age to claim your social security benefits, our Dallas financial planning company–which serves Colleyville and the Dallas/Fort Worth area–will be glad to assist. 

What Determines Your Social Security Benefits

When our Fort Worth retirement financial advisors–which help clients in Dallas as well–assist in your retirement planning strategy, we are often asked about how much money you will get in Social Security. To determine your benefits, we utilize a formula that averages the income you earned from your 35 highest-earning years. If you’ve already earned your 40 credits, we can help estimate how much you will receive in social security.

Our Dallas/Fort Worth Retirement Financial Advisors Consider Your Social Security When Assisting In Your Retirement Planning

A lot of factors should be addressed when retirement planning. Social security is just one of them, but it is one of the main factors that our customers worry about. Our Colleyville financial planning team is available to assist and plan the retirement of your dreams. If you're ready to plan for retirement or have some other questions, please contact us.

older couple nearing retirement age and meeting with their Dallas financial advisor

Things To Ask As You Approach Retirement Age

Whether you planned for retirement as soon as you finished schooling and got your first job or if you waited some time until you felt a bit more stable in your career, there are certain questions you need to ask and learn the answers to as you approach the age at which you planned to retire. In this article, our Colleyville-based retirement financial advisors–who serve the Dallas/Fort Worth area–will address three questions that anyone nearing retirement needs to have a definitive answer for. By knowing the answers to these questions, working out the rest of your retirement planning strategy becomes a lot easier.

Question 1: Aside From No Longer Working Full-Time, What Do You Dream Of Doing When Retired?

Some dream of retiring to a beach house, buying a luxury sports car, traveling the world, and more. Whichever the case, having a clear vision (or visions) in mind is critical because it enables us as your Dallas retirement financial advisor to better strategize and assist in making your dreams a reality.

Question 2: Do You Have Enough Money To Support Your Retirement Dreams?

Figuring out how much money you need in order to enjoy the retirement of your dreams is the primary reason our Fort Worth independent financial advisors are hired. We’ll work with you to understand your needs and goals and develop various retirement planning strategies that will result in the financial requirements you need to meet to enjoy your retirement. Our unique strategies may incorporate any of the following:

Rest assured that we will do whatever is possible to maximize your financial security as you transition into retirement.

Question 3: Have You Initiated A Dallas Estate Plan?

As mentioned, we also offer estate planning services to those in the Dallas/Fort Worth area who are planning their retirement. Entrusting us and your estate attorney to offer our expertise when planning your estate means you won’t be as stressed attempting to figure out how to divide your estate all on your own. Also part of the estate planning process, it is important to devise a good tax strategy that minimizes the tax burden when you pass. We know this process is rather unpleasant and long, but it is in your best interest–and that of your heirs–to plan ahead. We’ll be right by your side the entire way through!

The Independent Financial Planners At Retire Guides Are Here To Help You Navigate Your Retirement

Retirement is a long journey and even when you have officially retired, you may still need to assess and tweak your current strategy because needs and wants change over time. If you are approaching retirement age or have begun the planning process, please contact us so we can work with you to help you navigate this phase of life and enjoy retired living to the fullest.

Retired couple enjoying travel after effective financial retirement planning

Planning to Travel When You Retire? Here's Where to Start

For many, retiring means finally having all the time in the world to travel everywhere you dreamed of going. However, it’s not easy to incorporate traveling into your retirement planning strategy because a lot goes into it that you may not have previously thought of. In this article, our Colleyville retirement financial advisors–which help clients in Dallas and Fort Worth plan their retirement–will offer some advice on what you should consider when planning to travel during retirement.

Determine if You’re Ready to Travel

Dreaming about your next trip is one thing, but actually paying for the plane ticket, making sleeping arrangements, and creating an itinerary are something else entirely. It may be nice to think about traveling, but are you actually ready to? There might be some things pending that require your attention before you retire, such as health insurance, social security, or even income/savings milestones. Before you make travel plans, our Fort Worth retirement planning experts recommend we first discuss everything that must be included in your retirement plan, determine if everything has been planned for and set in motion correctly. Once this has all been sorted, we can talk about your travel plans.

Understand How Much Money You Might Spend on Travel When You Retire

Retirees may plan an average of $11,077 per year on vacations. However, this number can vary significantly depending on what kind of vacations you would like to take. For example, are you a budget traveler, or do you enjoy extravagant vacations? Also, how often do you plan to travel? Will it become your new lifestyle, or do you only plan to take a couple of vacations a year for a week or two at a time?

Our Dallas Financial Advisors Can Help You Establish a Travel Budget

Your retirement budget is one of the most important parts of retirement planning, especially because income is often limited or unpredictable by the time you retire. When you work with our independent financial planners, we can work out a sensible budget every year, multiple times a year, and revise as needed. This way you can feel comfortable knowing that you have enough money to go on your next trip and can continue to achieve your retirement dreams and goals.

Our Dallas Retirement Financial Advisors Are Here to Help You Live the Retirement of Your Dreams

Traveling is a common dream many soon-to-be retirees have. However, like anything pertaining to retirement, goals differ from one person to the next. Also, many components must be addressed before you finally retire, and that’s where our financial planners in Dallas and Fort Worth come in. We are committed to helping you enjoy retirement to the fullest on your terms. If you’re ready to plan for your retirement and want travel to be a part of it, please contact us so we can discuss all your goals and work out a retirement strategy.

retiree with money in different investments

Active Versus Passive Investment For Retirement

If you’ve read our previous blog about diversifying your retirement investment portfolio, then you know why investing plays a critical role in what retired living looks like for you. In this article, our retirement financial advisors based in Dallas and Fort Worth expand on retirement investment. We’ll compare active and passive investment methods and discuss which is the best addition to your retirement planning strategy.

What Is Active Investing

As its name implies, active investing means that the investor takes a very direct and active approach to investing. If you’re an active investor, you need someone you can trust to serve as your portfolio manager. This approach requires extensive knowledge about investments and investment strategy, as well as a team behind you that can encourage the success of your investments, especially because they are usually short-lived to maximize earnings at the right time.

What Is Passive Investing

Passive investing is usually a long-term investment method. In this case, if you’re an investor, you likely won’t try to invest and then sell at the right time over and over. Rather, you as the investor would prefer to keep the investment and let it grow without nearly as much intervention or strategy behind it.

Pros And Cons Of Active And Passive Investment For Retirement

When you’re working on retirement planning, the right investment portfolio makes a world of a difference, which is why our Dallas retirement financial advisors in Fort Worth and Colleyville recommend you consider the pros and cons of each.

Pros And Cons Of Active Investing

Pros:

  • Active investing is more flexible because they don’t require following an index
  • Active investing enables our clients to enter and exit as they please

Cons:

  • A retirement investment portfolio fully comprised of active investment is expensive
  • Active investments are associated with higher risk and potentially high returns, but very bad losses

Pros And Cons Of Passive Investing For Retirement

Pros: 

  • Passive investing is lower in cost than active investing
  • Because passive investors are following an index, it is clear at all times what assets are present

Cons:

  • Passive investments are limited to the index, so investors are tied to them regardless of market conditions
  • Their lower risk is also associated with lower returns

Should Your Retirement Investment Portfolio Be Made Up Of Active Or Passive Investments?

At this point, you might believe that it is ultimately up to your preference. While there is some truth to this, our Dallas financial planning experts recommend that your retirement investment portfolio consist of a healthy blend of both active and passive investments. This way, you can get the most out of investing while remaining comfortable about your assets and their levels of risk.

Ready To Improve Your Retirement Investment Portfolio? Our Colleyville Financial Advisors Are Ready To Help

If you would like to take a look at your portfolio, understand its performance, and/or make some adjustments to it, please contact us so that, together, we can encourage your retirement investment portfolio to provide the income you need to live your best retired life.

Couple nearing retirement working on their retirement plan with Dallas financial advisor

Mistakes That May Hinder Your Dallas Retirement Planning

When it comes to retirement planning, many of our clients have goals and dreams they wish to achieve so they can truly enjoy retired living. However, there are mistakes that can be made which may hinder these dreams and goals from being achieved and make your retirement less than sweet. In this article, our Dallas financial planners in Colleyville and Fort Worth will outline certain mistakes to avoid if you want to get the most out of your life in retirement.

Not Saving Early Enough Will Reduce the Amount of Money You Can Live Off of in Retirement

One of the biggest questions out there is when to start saving for retirement. Should you wait until you make a certain salary? In reality, we recommend you start saving as early as you can! You don’t need to save huge sums of money either. The beauty in saving is that your money earns compounded interest, which means it will grow into far more than what you initially saved–all by itself!

You Don’t Know What You Want Out of Retirement

Although most of our Fort Worth independent financial advisors’ clients do have goals and dreams they are working towards for when they retire, not everyone does. When you know what you want during your retirement, you can better plan to make sure you have enough money to support your lifestyle.

Not Investing Wisely or Not Investing at All

Because your income is limited when you retire, investing is a great way to ensure you have some income that can be put towards your retirement lifestyle. There are different ways to invest, each of which may better meet different needs. Whatever the case, not investing at all–or making poor decisions when it comes to your investments–can easily prevent you from realizing your retired living dreams. When retirement planning, do be sure to plan for investments and start as early as you can.

Claiming Social Security Benefits Too Early 

In general, the longer you wait to claim your social security benefits, the more money you will receive once you retire. You can claim your benefits either a few years prior to retirement, or a few years after. 

Our Dallas Independent Financial Advisors Are Here to Assist in Adequate Retirement Planning 

A lot goes into good retirement planning, but you don’t have to do it alone. Our retirement financial advisors are here to help you live the retired life you always wanted by understanding your needs/goals and developing customized strategies. If you would like to plan for your retirement, please contact us. It’s never too early to start!

Adding coins to a jar labeled retirement fund

When To Start Retirement Planning

No matter if you are fresh out of college or have already established your career, you might be wondering when you should start planning for your retirement. In this article, our Dallas-area retirement financial advisors–who serve clients in Fort Worth and Colleyville–will discuss when the right time to plan for retirement is and what role we play as you begin planning for retired living.

At What Age Should You Start Planning Your Retirement?

This might not be the answer you’re looking for, but our Fort Worth ​​retirement financial advisors believe that the earlier you start planning your retirement, the better. You could start as soon as you receive your first paycheck once you finish schooling. 

If You Start Saving For Retirement Early, How Much Should You Save?

We advise our clients to save what they’re comfortable with saving. Even though your first job may not be 6 figures at first, the beauty of saving early is that your money earns interest, gradually compounding and eventually growing into way more than what you initially saved–all by itself! 

How Our Dallas Retirement Financial Advisor In Colleyville Can Help You Navigate Your Retirement

A lot goes into retirement planning, and you can read more about our financial planning services here. Unfortunately, because of the rather complex nature of retirement planning, some people keep putting it off rather than working with our Dallas retirement financial advisors. 

At Retire Guides, know that we want to do all the heavy lifting for you so you can keep working stress-free and enjoy retired living when the time comes. From investing for retirement to understanding social security and everything in between, rest assured that we will take care to understand what you want out of retirement and continuously help you achieve your retirement goals.

Our Fort Worth Retirement Financial Advisors Are Here To Journey With You As You Plan And Enjoy Retirement

It’s never too early to plan for your retirement. Even if you just imagine what you would like retired life to look like, this is an important step to take! When you’re ready to start saving, please contact us. We will take the time to understand your wants and needs and advise accordingly. We can’t wait to embark on this journey with you!

married couple reviewing finances for planning retirement budget with our Dallas financial advisors

Have You Thought About Your Retirement Budget?

Budgeting plays a critical role in our everyday lives. Budgets help us plan for monthly costs like a down payment/mortgage, groceries, and other bills. They also help us plan for less frequent costs, such as vacations. Because of this, it makes sense for retirees to incorporate budgeting into their Dallas retirement planning. Why then, don’t more retirees rely on a budget? In this article, our Dallas retirement financial advisors–which serve retirees in Colleyville and Forth Worth–will discuss how to build a retirement budget.

Just Because You Have Fewer Expenses When You Retire, Doesn’t Mean Budgets Stop Being Useful

Many retirees try to have as few expenses as possible. For example, you may continue to live in your current house if the mortgage is paid off or, alternatively, you may opt to sell your house and buy a smaller one that you can pay in full (or really close to full). You may also have enough money saved to get that brand new sports car you always wanted. However, chances are you will still have expenses, so budgeting will remain just as important when you retire as it did all those years beforehand.

How Do You Start Budgeting For Retirement?

While many budgets may be done on a monthly basis, retirement budgeting is a bit different as it needs to be done years in advance. Our Dallas financial advisors recommend you take these factors into consideration when starting your retirement budget:

1: Take A Look At Your Current Expenses

This will help you see which ones you are likely to have when you retire. This will give you a good idea of how much of your salary you will need to continue paying those expenses.

2: Consider Other Forms Of Income

Many retirees decide to run a business or rely on their investment portfolio for retirement income. Social Security is another form of income–and remember, the longer you wait, the more income you may get. 

Our Dallas Financial Advisors Can Help You Budget For Your Retirement

Although there are a few online sources you can use, such as an income calculator, it’s always best to work with our Fort Worth retirement planning experts in Dallas and Colleyville. By working with us, we can better customize your retirement budget because we can take into account various factors that are specific to your life and your retirement goals. Online tools simply can’t achieve this. If you’re ready to start budgeting for your retirement, please contact our Dallas retirement financial experts. We look forward to helping you navigate your retirement!

Elderly couple meeting with our Dallas retirement financial planner to discuss what they should know about social security

Understanding Social Security For Your Retirement Planning

Retirement is complex and it’s a journey. Social security is just one of the factors that must be taken into consideration when retirement planning. However, social security is also complex, so in this article, our Dallas retirement financial advisor will explain the basics of understanding social security as you plan your retirement.

What Is Social Security?

First and foremost, it’s important to understand what the social security program is. Simply put, the social security program was put into place as a way to provide retirees with income to live off of.

You First Have To Become Eligible For Social Security

Many tend to believe that social security is a given when you retire, and although everyone has the right to social security, you only become eligible for it once you have earned 40 credits. What does this mean? Every year you work, you earn up to 4 credits, so you must work for at least 10 years in order to earn enough credits to qualify for social security benefits.

The Age At Which You Claim Your Social Security Benefits Matters

In general, the longer you wait to claim your social security benefits, the more money you will receive every month once you retire. You can claim your benefits either a few years prior to retirement, or a few years after. The right time for you to retire and claim those benefits is known as the “break-even age”. When you want to determine the best age to claim your social security benefits, our Dallas financial planning company–which serves Colleyville and the Dallas/Fort Worth area–will be glad to assist, as this is vital to developing the right retirement strategy for you. 

Your Social Security Benefits Are Determined By Your Lifetime Earnings

When our Fort Worth retirement financial advisor assists in our clients’ retirement planning, we are often asked about how much our clients will get in Social Security. To determine your benefits, a formula averages the income you earned from your 35 highest-earning years. If you’ve already earned your 40 credits, we can help estimate how much you will receive in social security.

Our Dallas/Fort Worth Retirement Financial Advisors Consider Social Security When Developing Your Retirement Planning Strategy

A lot of factors should be addressed when retirement planning. Social security is just one of them, but it is one of the main factors that our customers worry about. Our Colleyville financial planning team is available to assist and plan the retirement of your dreams; simply contact us and we will be glad to help.