People often ask, “How much money do I need to save before I can retire?”
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Predicting how much you need depends on a number of factors, including how much you will spend each year, when you will stop working, and your sources of retirement income. In addition, you need to know the growth rate of your savings and investments, the inflation rate, and an estimation of how long you will live. Most of these variables can’t be predicted with certainty. However, you still should prepare a plan and then reassess your plan each year. It is
better to plan ahead than risk outliving your money.

Celebrate your 65th birthday, but take the time to address the following important issues:

1. Enroll in Medicare
​​a. You should apply for Medicare during your initial enrollment period, the period
that begins three months before the month you turn 65 and ends three months
after the month of your 65th birthday. If you do not sign up for Medicare during
your initial enrollment period, you can still enroll for Medicare during the general
enrollment period. However, late enrollment penalties will apply.

b. Research and educate yourself about Medicare coverage and costs before you
apply. Understand that Medicare will not cover all your health-care costs.

i. Original Medicare includes Part A (hospital insurance) and Part B
(medical insurance). You can add Part D (prescription drug coverage) and
Medigap (supplemental) insurance. Medigap coverage fills in some of the
gaps in Original Medicare. Part A is free for most participants, while Part
B and Part D premiums are based on income.

ii. Medicare Advantage (Part C) combines Part A, Part B, and
usually Part D. Medicare Advantage limits the network of providers, but
often offers additional benefits and charges lower premiums than Original
Medicare.

c. If you’re still working at age 65 and have health insurance through your
employer, you may want to wait until your special enrollment period to enroll.
This period begins depending on when you leave your job or when your group
health insurance coverage ends.

Do you know that spring cleaning and decluttering are actually good for you? According to goodnet.com, cleaning out and organizing your home and office can make you happier and more productive. Some might disagree, but I think we all can admit that less clutter leads to less stress.

Look around your daily living and working space. Do you see piles of papers and
documents? People often wonder what financial records need to be saved and how long to save them. Bankrate.com has the following guidelines:

A recent survey from bankrate.com caught my attention: only 40% of Americans have $1,000 in savings to pay for an emergency. This means that 60% don’t!

​I started to reflect on this stressful situation. I also reflected on my own personal rules of managing my family’s daily finances, the lessons that I taught my four now twenty-something children, and lessons I’ve learned from my daily money management clients. My simple but steadfast goals can be summarized as follows: spend less, save more and pay off debt.

If you haven’t filed your 2018 taxes, it’s time to start gathering your tax forms and
supporting documents. The year ending December 31, 2018 is the first year governed by the Tax Cuts and Jobs Act of 2017 (Tax Act), a far-reaching reform of federal tax policy.