Eric Scott Blog Posts

 

Where Could Your Retirement Income Come From?

Where Could Your Retirement Income Come From?

You’re used to receiving a paycheck, and perhaps you’ve been used to it steadily increasing over the course of your career. You may have experienced what’s known as “lifestyle inflation” and may not plan to downgrade in retirement. Whatever the case, it’s important to...

How Long Should You Keep Records?

How Long Should You Keep Records?

When it comes to records, how long should you keep everything? It depends on the receipts or records. Most of us have a place where we keep those “important papers” or just old bills. They can pile up quick, and it is important to know when you can say goodbye to...

How Much Do You Need to Save for Retirement?

How Much Do You Need to Save for Retirement?

While $1 million is sometimes cited as the ideal number for retirement savings, this assumes a one-size-fits-all approach to retirement planning. Everyone’s retirement goals are unique, and preparing for retirement might not be as simple as saving a specified amount....

An Important Estate Planning Strategy Eliminated

An Important Estate Planning Strategy Eliminated

The SECURE Act that was passed at the end of 2019 changed how you can pass down your retirement accounts to loved ones. That change could mean that you need to re-think your estate plan and tax-minimization strategy. How might the SECURE Act impact your estate plan?...

Retirement Has Changed – Have Your Plans?

Retirement Has Changed – Have Your Plans?

People are retiring differently today than in the past – just think, will you retire exactly like your parents did? Probably not. Retirement is no longer about the end of a career; it’s about the beginning of a new, often quite active phase of life that could last...

Be Part of the 4% When it Comes to Social Security

Be Part of the 4% When it Comes to Social Security

According to a recent study, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household. (1) There are many things to consider when choosing how to claim your benefit, and there’s no one-size-fits-all...

Estate Planning Starts with a Conversation

Estate Planning Starts with a Conversation

Today’s retirees may feel more pressure to help out their adult children financially than previous generations – do your adult children have debts to pay off, live at home, or seem to expect financial help? Estate planning is an important part of retirement planning,...

4 Major Retirement Challenges to Overcome

4 Major Retirement Challenges to Overcome

Today’s retirees may be the richest the world has ever seen with Baby Boomers holding more than half of U.S. household wealth as of the end of 2020. (1) While you may be looking forward to traveling, working on your golf game, or retiring early to enjoy more free...

4 Reasons to Have a 401(k) Strategy

4 Reasons to Have a 401(k) Strategy

If you’ve saved a substantial amount in a tax-deferred retirement account, it will no doubt be instrumental in retirement. The next step is to strategize how you’ll use those savings. There are several important things to know about your 401(k), such as how much you...

Tax Minimization Strategies When Estate Planning

Tax Minimization Strategies When Estate Planning

We’ve seen increased government spending due to the COVID-19 pandemic and will likely see more in the near future. This could mean a much larger tax bill later on. There are many long-term tax minimization strategies that you should consider: Capital Gains Tax...

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