Posts by Eric Scott

Preparing for Your Legacy

Your legacy is what you leave behind to loved ones and heirs after you’ve passed on, including assets, life-lessons and possessions.1 Losing a loved one is difficult, and you could lessen the stress of your family members by implementing a plan that takes care of your inheritance prior to your passing. Legacy planning can include leaving instructions for funeral arrangements, health directions, late-life care, wills and trusts. A case study conducted by Merrill Lynch found that only about half of survey respondents ages 55+ have a will in place.1 Part of this delay is simply due to the fact that
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Culinary Corner: Salsa Verde Chicken Casserole

Ingredients: 2 cups shredded rotisserie chicken 1 cup (8 ounces) sour cream 1-1/2 cups salsa verde, divided 8 corn tortillas (6 inch) 2 cups chopped tomatoes 1/4 cup minced fresh cilantro 2 cups shredded Monterey Jack cheese Optional toppings: Salsa, avocado slices, thinly sliced green onions or fresh cilantro leaves Directions: Combine the chicken, sour cream and 3/4 cup salsa in a small bowl. Spread 1/4 cup salsa on the bottom of a greased 8-in. square baking dish. Layer with half of the tortillas and chicken mixture; sprinkle with half the tomatoes, minced cilantro and half of the cheese. Repeat
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9 Things You Must Know About Social Security

Did you know that the age at which you start collecting Social Security has a big impact on the amount of money you receive every month from the program? Waiting to collect your benefit could cause it to grow by up to 8% until the age of 70, but collecting before your full retirement age could result in as much as a 25% permanent reduction of your benefit amount. But there are other factors to consider rather than simply age alone.  When choosing the best way to file in order to maximize your lifetime Social Security benefit, you have more
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What You Need to Know Before Enrollment Ends on March 31st

Medicare Open Enrollment ended in December, but there are two other enrollment options that began at the beginning of 2019 and are still in effect until the end of March: Medicare Advantage Open Enrollment and the Medicare General Enrollment Period (GEP). From 2011 to 2018, people were not given the option to switch to a different Medicare Advantage plan outside of the fall open enrollment period (unless they were enrolled in a Special Enrollment Period).1 Starting in 2019, the Medicare Advantage Open Enrollment Period has been placed into effect,2 which allows you to make different types of changes to your
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Are You Standing at One of These Retirement Crossroads?

At Eric Scott Financial, we’ve worked with people on their retirement planning for decades, and during that time, we’ve helped people make decisions at important points along their journey. Our retirement planning process encompasses what we call “The Five Crossroads.” Here is a brief summary of each one. Retirement Income Once you stop working and having a regular paycheck coming in, your income becomes a top priority. We look at optimizing your Social Security along with any pensions, and then we help you create income streams from the assets you’ve accumulated. Our goal is to set you up with reliable
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Building the Overall Efficiency of Your ‘Three-Legged Stool’ for Steady Retirement Income

One of the most important issues people face as they prepare for retirement is how to position their investments so that they can live their retirement years to the fullest. We often find that people are concerned about not having enough money in retirement, yet they don’t always get the difference between running out of money versus running out of income. The latter is the bigger threat. It goes like this: When we’re working, we can withstand the loss of a paycheck, but the loss of our job is more devastating since we wouldn’t have anything to live on. This
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The Importance of Having a Budget

In last month’s blog I wrote about the importance of getting your financial house in order, beginning with forming a foundation with some key protections against the unexpected. Among the cornerstones for this foundation is emergency savings – with the recommendation that you have at least 3-12 months’ income set aside in case of an unexpected financial crisis. I drew inspiration for that blog post from my book, The Five Crossroads: How The Choices We Make Affect Our Retirement Journey. This month I want to continue with another theme from my book, beginning with The Crossroads. Each Crossroad, as the
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Establish an Emergency Fund – Commit to Being Prepared for When ‘Life’ Happens

Like most journeys of a thousand miles, getting to a joyful, successful and prosperous retirement begins with one step. So if you had the chance to better prepare for retirement and important life-changing financial decisions now would you take that first step? Most of us probably would, right? “No matter your situation now, there is a way to reach a better position for the future.” This is what the character, simply named “The Guide,” writes in the letter John & Sue Smith receive in the prologue of my book, The Five Crossroads. Preparing for the so-called thousand-mile journey ahead and
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Medicare Open Enrollment Begins October 15 and Runs Through December 7

Medicare’s Open Enrollment period is upon is. If you’re already enrolled in a Medicare Prescription Drug Plan, are considering making changes from Original Medicare (Parts A and B) to a Medicare Advantage Plan, or are newly eligible to evaluate your Medicare options, now is your chance to make changes or enroll. During the Open Enrollment Period you can change Medicare health plans and prescription drug coverage for the following year. Medicare health and drug plans often make changes to their policies each year, including changes to costs, coverage, and what pharmacies and providers are in their network. It’s your opportunity
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A Good Financial Plan Can Help Sync Up With What’s Truly Important To You

Competing priorities, burnout, confusion and overwhelm in our lives can sometimes get in the way of what’s important to us and what we want to achieve in retirement. Have you taken some time recently to consider what you value in retirement? Is it your family, leaving a legacy, or finding your purpose? Maybe it’s leading a mission-driven business or living and sharing your life in abundance? Whatever you value in retirement and, indeed, in life, are what’s most important to you. These values drive our actions. They’re what motivate us and also act as an after-the-fact evaluation of our actions.
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