As exciting as retirement is, it can be overwhelming. You are making big changes in your life psychologically, physically, and financially, and that’s not easy! By checking all your bases, educating yourself and creating a plan with a retirement specialist, you can head into retirement with confidence. Here is a short checklist to get you thinking. Get Financial Advice Your financial situation is unique and deserves special attention. While there is a lot of information avai

An appraisal is an unbiased opinion of the value of your property. It is required when you buy, sell, or refinance your home. The appraiser will use “comparables”, or recently sold homes within your direct area, to make an accurate value estimate of your home. First, it is important to understand what the appraiser is looking for. Here is a condensed list to give you an idea. General condition of the home The home's location The age of the home The home's exterior The design

Retirees are eligible for a few tax breaks that aren’t available to younger people. There are also many taxes that apply specifically to...

For many people, the largest assets outside of their homes are their retirement accounts. Yet people may not recognize the essential role of protecting and preserving their assets and making sure they pass to their loved ones as planned. At Penny Lane Financial we can teach you how to avoid potentially costly beneficiary mistakes, how to avoid accidentally disinheriting your children and grandchildren, and how to avoid paying unneccessary taxes.

An Individual Retirement Account is a retirement saving and investing tool that is tax-advantaged. Oftentimes a workplace retirement plan such as pensions or 401(k) aren’t enough to provide you with enough income in retirement. If you’re thinking about starting to invest in an IRA, keep reading to learn how they work You can open up an IRA at a bank, robo-advisor, or a broker. If you open an IRA at a broker or a robo-advisor, you’ll be able to invest in stocks and bonds, whil

Planning for retirement and leaving a legacy is a big responsibility now that we are living longer. Deciding if you should keep working, save more or downsize are just a few common issues facing retirees. But, what about retirement planning itself? Here are a few drawbacks and how a financial professional can help you navigate them. 1. Not understanding the source of your advice. It is crucial to know where you are getting your financial advice and understand the motives b

One of the secrets about building a retirement strategy that will help you reach your goals in retirement is avoiding common mistakes. It can be difficult because there are a lot of them. But avoiding those mistakes will help you feel confident that your finances will see you through your retirement and potentially even leave a legacy for your heirs. One of the very first things you can do to avoid common retirement mistakes is to start saving right now. Every dollar you sa

An equity line reverse mortgage allows you to take different lump-sum amounts of equity out of your home as desired or needed up to a predet

So, even though many employees would like to phase their retirements, many employers are not on the same page. Another challenge that worker

If there is one rule more important than any other when it comes to legacy planning, it is this:

That’s not the only reason retirees are returning to the work force, either. With longer life expectancies, some retirees are even finding t

Do Something: Start...

Let's start by asking a couple of questons.

How’s your retirement distribution strategy? Could it use some help?

The price for a single month in an assisted-living facility can range from $1,500 to $4,000. If you need to go into a nursing home that prov

How you prepare for leaving one home when you go to the other can be a large factor in determining the success of your two-home lifestyle. H

A lack of planning can leave you feeling bored and listless. So keep a to-do list, plan your days, and stay engaged.

Money mistakes are a common learning experience from which we can grow. However, when you’re in retirement, bad decisions can be catastrophic. A retiree’s ability to replenish savings is usually greatly diminished, since they are no longer generating income from a job. Luckily, you can learn from the experiences of others and avoid some of the more common mistakes. 1. Not Changing Lifestyle After Retirement Among the biggest mistakes retirees make is not adjusting their exp

The holiday season has arrived, and with the busy days ahead, 2018 will be here before you know it. Amidst all the action, we understand how easy it is to wait until the New Year to consider financial changes. But taking a few steps now could help you reduce your tax liabilities—and start January on a stronger financial foot. Consider completing the following tasks before 2017 is over: Make Charitable Donations Giving to nonprofits you care about can be a powerful way to sh

If you’re tired of spending your holidays in hotels and vacation rentals, consider joining the nearly one million buyers who purchased second homes last year. With today’s increasing real estate values, second homes potentially yield a return while providing a vacation spot to build lasting memories. Buying a second home is a little different than purchasing a primary residence. These are the most popular methods of making a down payment, or paying cash, for a second home: