More and more people are getting pet insurance. It is an insurance meant to protect owners from paying expensive medical bills when a pet gets injured or falls ill. Although pet care policies may cost you more money monthly, it can provide peace of mind so when that accident occurs, you may be very glad you have it. In short, pet insurance helps cover medical expenses. When illness or accidents occur, you will take your pet to the vet to get the care it needs, pay the bill up

Wealth management can be thought of as a comprehensive service focused on taking a holistic look at a client’s financial picture, including services such as investment management, financial planning, tax planning, and estate planning. While wealth management is generally considered a “high-end” type of service, and some wealth management firms may require a certain level of investment assets or minimum net worth, that is not always the case. For clients who need this level of

Reverse mortgages backed by the Federal Housing Administration (FHA), otherwise known as home equity conversion mortgages (HECMs), account for almost all reverse mortgages in the United States, according to the National Reverse Mortgage Lenders Association. In 2021, more borrowers entered into reverse mortgages than the year before, at almost 50,000 more. Other ways to tap into home equity, such as home equity loans, home equity lines of credit, and cash-out refinancing, were

If you’re a renter, you might find yourself considering whether you should buy a home instead- especially when your lease is about to expire. But it’s not always as simple as paying rent versus paying a mortgage. When you’re thinking about making the leap to homeownership, consider some of the factors that might come into play. Cost Of course, money will be a top consideration as you weigh your options. Be realistic about what you can afford. Homeownership isn’t just about th

The complexity of the mortgage process can make searching for and securing a loan difficult and confusing. There are many considerations to be made by both the lender and the borrower and finding a match may seem difficult. One relevant complication is that you may find cases where your mortgage lender does not service your loan. While this isn’t a terribly significant issue, it can add some inconvenience and confusion to a process that doesn’t need more hurdles. What is the

Generally when you apply for a home loan, you often need to provide your W-2’s and tax returns. But what if you don’t have those? Luckily, there are other options. Bank statement loans are a type of loan that allows you to get a mortgage without the documents that most loans need to prove your income. They are also known as “self-employed mortgages”, “alternative documentation loans”, or "Non-QM loans". Bank statement loans can be used if you work for yourself or own a busine

Last week we went over the provisions of the SECURE Act 2.0 that affected employers, both small and large. This week, we’ll dive into the provisions that affect plan participants, as well as student loans, savings and emergencies. Provisions For Plan Participants New RMD Start Date SECURE 2.0 pushes back the beginning date for required minimum distributions from qualified plans. Individuals turning age 72 during 2023 or later will start their RMD at age 73. For those reaching

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, which is part of the larger bill, the Securing a Strong Retirement Act, also known as the SECURE Act 2.0. These laws follow the Setting Every Community Up for Retirement Enhancement (SECURE) Act signed into law at the end of 2019. SECURE 2.0 covers numerous changes to retirement provisions designed to increase retirement savings, facilitate access to retirement savings, encourage employees to sa

As you move closer to retirement age, you’ve likely been involved in discussions about retirement planning. These may involve chats about employer percentages, being vested (or not), and the cost of living, or where to live. However, there is one important piece always missing from retirement conversation; the target retirement age. The average age of retirement in the United States is 61 years old. Plenty of Americans retire before and after this age, for a variety of reason

1. Dryer Vents If a washer and dryer are blocking the vents, chances are home inspectors are going to miss it. Some vents are so clogged, the dryer won’t even dry clothes. This also creates a fire hazard. If vents are relatively easy to access and straight enough, you can clean them yourself, but you may need to hire a professional. 2. Faulty Major Appliances Major appliances usually have a decent shelf life, but even if home inspectors say they are functioning , proceed with

1. Update beneficiaries and passwords When there is a change in your family such as the loss of a family member, divorce, or birth of a child, you should consider adjusting your beneficiaries on each of your accounts. Beneficiaries can be updated for your retirement accounts, as well as life insurance and even some savings accounts. You may also want to consider updating the passwords to your financial accounts for added security. 2. Review your tax withholdings If you’ve had

When it's finally time to wind down for the winter, it can be hard to stay busy, but it doesn't have to be with a little creativity and some planning. Here are a few fun ways you can stay busy this winter. Outdoor Activities: Winter walk/hike: This one never gets old. Each season of hiking has something new to offer. Make sure to dress warm and bring water. It’s important to hydrate, even in the cold. Use the I-phone/Android app called AllTrails to look up walks and hikes nea

Many people wonder what a financial advisor does and if it is worth it. In general, these professionals help you make decisions about what you should do with your money. This may include investments or financial products that will benefit your nest egg over the long term. A financial advisor is your financial planning partner. Let’s say you want to retire in 10 years, or send your child to college. To accomplish your goals, you may need a skilled professional with the right l

For years you’ve been imagining all the things you’ll do in your retirement. Travel the world. Restore a classic car. Start a garden. Spend time with your kids and grandkids. Whatever you hope to do once you stop working, you’ve probably thought about it a lot. Have you considered the statistic that 52 percent of people turning 65 today will eventually need some form of long-term care (LTC) in their lifetimes? For many people, the possible need for future long term care can b

The three most important aspects to consider in retirement must be equally strong, support each other and work together to achieve balance, just like a three-legged stool. Here are three legs, one just as important as the next. Lifetime Income How can I position my retirement nest egg so that funds last as long as I live? A strategy involving a lifetime income stream is important when designing a balanced approach. Long-term care Who will take care of me if I can no longer ca

Did you know that just one inch of water can cause $25,000 in damage, according to FEMA? Did you know that every single house in the entire country is in a FEMA flood zone? It’s just that some flood zones are worse than others. You can check which flood zone your home is in by visiting FEMA.gov. Do I need Flood Insurance? No matter where you live in Washington State, flood insurance must be purchased as a separate, stand-alone policy because flood damage is typically not cov

After years of making memories in your home, you’re ready to sell it and want to do it right. Here are a few things to do when you are getting ready to sell your home so that you can optimize value, save time and money, and attract the right buyers for your beloved home. Declutter The first and more obvious benefit to decluttering is that it will make packing and moving much less of a hassle. The other benefit is that buyers love to see space and storage. The more space, the

Life insurance is most valuable to you during life's difficult times, which is why it's important to know in advance when and how to file a claim. Insurance companies are required to pay insurance claims promptly, but there are steps you or your loved ones will have to follow to receive the proceeds. Though the specific details will vary according to your policy, here are some general things to know: Keep beneficiaries up-to-date. A common reason for a delayed claim is when

The process of purchasing a home can be overwhelming and time consuming. Your realtor and loan officer will help outline the process for you, and will be by your side through the entire process. It is important to be available during this process, as it takes prompt time and effort on all ends, including yours. Consult your loan officer before you make any decisions involving your credit during this escrow period. We are always available to help. During your loan process, th

Today more than ever, retirees are struggling to feel reassured about their retirement savings. In recent years, fixed indexed annuities (FIA) have gained popularity by offering guarantees to income with potential for interest accumulation. And with an FIA you can sleep at night knowing that the next stock market crash won’t force you to alter your lifestyle. With pensions no longer being offered by the majority of employers, fixed indexed annuities are a way to help create