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Three Legged Stool GraphicMost people are looking for a Lazy Boy when they think of retirement; that comes later! While planning for retirement I like taking the three legged stool approach.  There is a time and place for getting into the complexities but first consider simplicity. Providing for an income, healthcare costs and leaving a legacy. This three pronged approach will reduce a lot of the stress if you are wondering whether you have covered all the bases in retirement planning.




Lifetime Income

Numerous surveys of retired people indicate that their number one concern is running out of money. So it makes sense that eliminating the number one concern will make for a more fulfilling retirement.  As we have discussed in other posts contractual wealth for at least a portion of your investments and properly structured growth vehicles is a good mix. This mix of investments and investment vehicles also allows for an income that will increase to keep pace with the rising costs of retirement living.


Long Term Care Benefits

This important leg of the stool protects the income that we discussed above from being eaten up by healthcare costs associated with an extended or chronic illness. The landscape for how to provide this protection is ever changing or even evolving. This evolution is due to the fact that our life expectancy is increasing, however our quality of life during that time really isn’t. So, planning ahead for this time can really protect your income and assets; ultimately your quality of life.




I did all on my own, so they can do it all on their own!!! Have you ever heard anyone say that? Have you ever made that statement? Well I hear that all of the time from parents in the 30’s 40’s and sometimes 50’s; but rarely to never do you hear that from grandparents. Fact is that we change over time and often those who thought nothing about leaving a legacy begin wanting to leave their mark on their family or the world.  This isn’t just a pitch for life insurance, though that is a great tool; there are multiple ways to create a lasting legacy. Regardless of how you choose to create your impression the earlier you get started planning on it the better.


Don’t be the guy who is trying to prop up on a rickety stool. Create a solid foundation by addressing the three legged stool; because one day when you are reclined in your Lazy-Boy…’ll be glad that you did!



Annual Retirement Limits

November 1, 2013

2014 Retirement Limits

This information was provided by Money Education.


Please feel free to contact me with any questions regarding how this information impacts your personal planning.

Have you ever wondered if you are eligible to receive any Financial Aid for your college bound child? There is quite a bit of mystery surrounding the entire college financial aid application process. This mysterious, even convoluted, process has created a great deal of confusion and misunderstanding about who is eligible for receiving financial aid for college. Below are 6 fictional thoughts and 6 facts regarding financial aid eligibility.



The Fiction


1. My Income is too High.

2. My Child Did Not Win a National Merit Scholarship

3. If My Child Does not Qualify for a Needs Based Aid, There is No Hope

4. I Own a Nice Home.

5. The School’s People Can Help

6. It’s a Simple, Easy and Fair Process


The Facts


1. Middle & Upper Middle Income Class Kids Can Qualify.

2. Need Based Aid Based on Income, Assets, Number of Kids, Etc.

3. There are Millions of Dollars of Aid for Kids with Academic, Artistic & Athletic Talent.

4. FAFSA Form Doesn’t Ask for Home Equity, but the Profile Form Does.

5. Colleges are Businesses & are Concerned about Their Own Enrollment & Finances

6. Many Believe it’s Not Simple, Easy or Fair.




Have you ever had any of the thoughts listed above? I would encourage you to consider getting to the truth about YOUR personal situation. College costs differ from person to person. Let me know if you wish to learn more about lowering the cost of college for your family!


The information provided above is provided through a partnership with 123College. 123College is a source for College Financial Planning, Education and Training.  Since 1994, 123College has developed Financial Aid Analysis Software to ensure accuracy and full compliance with the U.S. Dept. of Education’s complicated financial aid formulas.