Resource of the Month: Personal Net Worth

Robin Weingast financial planning for couplesIn keeping with our focus on financial planning for couples, our latest Resource of the Month is designed to help make planning with your partner a bit easier. As we mentioned in our latest installment of “What Robin’s Reading” (link to post above), couples argue about money, partially because of key misconceptions about their own approach vs. the approach of their partner. Before you can have a conversation as a couple, it’s important to have a solid understanding of your individual personal financial picture. That’s why our February Resource of the Month is a “Personal Net Worth” worksheet that will give you a snapshot of your financial health. You can even pass a copy to your partner, and encourage them to fill it out as well.

Our hope is that knowing your own financial situation will help make conversations with your partner easier for both of you. Once you know where you stand, you can create shared goals for your financial future.

Download our February 2016 Resource: Personal Net Worth.

Need help understanding how your personal net worth should shape your financial goals? The Robin S. Weingast & Associates team is here for you. Contact us today to find out more about how we can help.

Resource of the Month: 2016 Plan Limit Changes


IRS_ImageAs they do every year, the IRS released their plan limit changes for the 2016 tax year. For our final 2015 Resource of the Month, we’ve compiled all the changes into a handy document that you can reference!

Download our Resource of the Month: 2016 Plan Limit Changes.

Questions about 2016 Plan Limits and what they mean for you? Contact our team today!

What Robin’s Reading: December 2015

Robin Weingast Reading RecsWelcome to a new installment of “What Robin’s Reading,” our bimonthly feature that highlights what the Robin Weingast team is reading to stay current and up-to-date on the issues that will most impact our clients and their benefits planning.

This month, we’re reading the 2015 Employee Benefits Security Survey, released each year by Mass Mutual. The goal of the survey, which drew responses from over 1,500 full-time employees at companies that provide benefits is “to explore the disconnect between the value employees place on their employer-provided benefits and other aspects of their lives, to understand employees’ perceptions of their benefits, and to determine the level of interest in employee benefits and personal finance guidance tools.”

Here are some takeaways from the survey that caught our attention:

• Personal finance and health are the areas that are most important to the respondents — being able to retire comfortably is important, but not nearly as important as those two areas.

• Respondents know more about their personal finances and employee benefits than anything else, including current events, sports, and office gossip.

• While respondents feel like the understand basic personal finances, like credit card balances and savings accounts, they do not feel they know as much about what it takes to retire comfortably, and how to prioritize their benefits

• Respondents who want to know more about their finances feel that the obstacles they encounter include not having enough time and not having a person they trust to talk to about finances.

• 40% of the respondents stated that they are very distracted at work due to their concerns about their own finances, most notably millennials. (We read this great follow-up piece in Forbes on why that’s so important.)

• A total of 87% of the respondents were at least somewhat satisfied with their employee benefits plan. Not surprisingly, those who knew more about their plans were more satisfied with them and less distracted by their finances.

For a full copy of the report, click here

For us, this study reinforced a few key things. The first, is that it’s difficult for people to understand what they need to do to retire comfortably. We touched upon this in previous posts about 401 (k) plans and retirement myths. 

The second big takeaway for us, is that it’s not enough to have a good benefits plan; you have to have a well-educated team of employees who understand the plan and know how it can help ease their anxiety and keep them focused at work. That’s good for your team, and good for your business.

It’s vital that you have a plan administrator who won’t apply a “cookie cutter” solution to your benefits plan and who will take time to provide your employees with information and resources to help them plan for their futures. If you’d like help making sure your employees have a benefits plan that they understand, appreciate, and that works for your bottom line, contact us today.

Resource of the Month: Long-Term Care

Long-term care refers to the range of services that a person—of any age—may need to meet their daily, personal needs.  While long-term care may include healthcare, it more often deals with the assistance people need with the every day tasks of life. Although people of different ages may need long-term care, it is estimated that almost 70% of people turning 65 will need some form of long-term care.

Planning and paying for long-term care is a source of stress for many people and their families. In addition to the actual expense, most people underestimate the cost of paying for long-term care and only 1 in 6 people actually has long-term care insurance. Most people assume they will not need it and do not make it a financial priority when they are younger.

For all of these reasons—and more—our June Resource of the Month takes an in-depth look at long-term care. The guide will walk you through who needs long-term care and provides an overview of personal and government resources that can be used to pay for long-term care. In addition, the guide provides a chart that illustrates the average national costs of long-term care:

Weingast_Long_Term_Care

 

Keep in mind that these are national averages. As we explored in our post, “What’s your long-term plan,” costs in other cities may be significantly higher—especially if you live in New York City or San Francisco.

The bottom line? Long-term care is something to plan for and pay attention to now. Our Resource Guide is a great first step to making sure you understand the scope, cost, and payment options for you and your family. Download it today so you can begin to understand this vital topic.

If you’re ready to have a more serious conversation about long-term care, please contact the The Robin Weingast & Associates team. Robin Weingast and her entire staff are well versed on all aspects of long-term care. We would be happy to help put a plan in place for you and your family as well as explore the feasibility of providing long-term care benefits to your employees.