How does the popular song go? Everybody’s Working for the Weekend. While we at Sage Rutty certainly love what we do every day and are always happy to help our many wonderful customers, it’s a phrase that many certainly sympathize with. But let’s take this well-known lyric and give it a slight twist. Try this instead: Everybody’s Working for Retirement. Now THAT is something we couldn’t agree more with.
If you aren’t thinking about your retirement already, now is the perfect time to start. One way that many people like you choose to plan for their upcoming and even far-distant retirement is by creating an investment portfolio. But for those of you who do not currently have an investment portfolio, it may seem like a daunting task to take on. For those of you who do currently have an investment portfolio, it certainly doesn’t hurt to closely monitor its performance and make adjustments if needed.
Here are a few simple ways you can get more out of your investment strategy:
Define your Investment Objective
Knowing what you want to get out of your investment portfolio is crucial to the success of your portfolio. Asset allocation models will outline in detail aspects of your potential portfolio, including your current income and the potential for your income to grow as a result of capital appreciation.
Evaluate the Risk Tolerance
Risk tolerance is the amount of risk you are willing and able to accept when it comes to achieving your financial goals. As you consider risk tolerance, you must keep in mind that conservative investors accept the lowest amount of risk, that moderate investors will have a balance between stability and appreciation, and that aggressive investors have a high risk for loss if it means greater profits in the long run.
Understand your Time Horizon
You need to answer the question of how long you plan to invest before the money is needed before your investment portfolio is created.
Day in and day out, you work hard and face an endless array of stresses and challenges at your place of employment. And at the end of your professional career, you deserve a peaceful Monday, February 5, 2018
Evaluating Your Investment Strategy Makes Retirement Planning Easy
Thursday, December 21, 2017
Your Year End Financial Planning Tips
With the end of the year upon us, you may realize it would be a good time to take inventory of your financial situation. If you’re not sure the best way to go about this, continue reading for some helpful tips.
1 - Assess your 2017 Plan Progress: take a critical look at your 2017 financial plan and take stock of what you’ve accomplished, and what you may need to continue working on in the new year.
2 - Review your Current Cash Flow: Take a deeper look at what you’re spending each month, and determine what things you could cut out to open up new saving opportunities. You may be able to find some helpful ways to save some dollars in 2018, or your long-term goals.
3 - Check your 401K and IRA Contributions: Try not to miss any valuable tax deductions, and also be sure to defer in each pay period to maximize any employer matching contributions.
4 - Talk with Tax and Financial Advisors: By doing this, you can explore more ways to save on your tax bill, especially while there still may be time to take action before tax season.
5 - Check your Flexible Spending Account (FSA): If you’ve been putting a small amount of some paychecks into an FSA, you should check to see if you have any unspent money in your account. Because many plans have a “use it or lose it” feature, you’ll want to spend this money if possible since it cannot carry over into the next year. Perhaps you’ve been putting off a doctor’s appointment or getting a new pair of glasses, and if you have, now is the time to do that.
6 - Review your Homeowners Insurance: The end of the year is a great time to check if you have the right homeowners insurance coverage, and while you’re at it, you can also check your auto insurance. Make sure the replacement value on your home includes any recent increase in value, and also look at changing your deductibles as a way to possibly save money.
7 - Plan Ahead: Plan for any big life changes, such as wanting to switch jobs or having a child. Do you have enough money saved up to have on hand while those changes occur? You never know what may happen in the new year, so it’s important to plan ahead and make sure you have some money saved up when the unexpected happens.
When it comes to planning the financial aspect of your life, the professionals at Sage Rutty can help you come up with the perfect plan. Contact us today at 585.232.3760 to set up an appointment, or visit our website to see a full list of services.
Tuesday, December 5, 2017
Avoid Overspending this Holiday Season
Set Your Budget Now
The sooner you get your budget together, the better — especially if money is tight. When establishing your budget, make sure you write it down on paper or in a document on your computer, not just in your head. Once you've determined how much you can realistically afford to save each week, multiply that amount by the number of weeks you have left to shop, and that number is your holiday budget. Figuring it out isn’t enough, though. You have to make sure you stick to it!
Be Wary of "Sale" Items
This time of year, big sales are not in short supply. Sometimes you can find really good deals, but some sales are a trap for consumers. Know the market value of the items you want so that if they pop up on sale, you can be sure you’re actually getting it at a discount. Some shady retailers will markup the retail price, then slash that number down to the “sale” price — which tricks the consumers into thinking they’re getting a good deal.
Use Cash or Debit
Credit cards certainly have their advantages. Namely, buyer/fraud protections and earning rewards. Credit cards should only be used if you can afford to pay the balance in full before interest is tacked on. Otherwise, stick to cash or debit to avoid finding yourself in debt.
Don’t Forget the Non-Gift Items
Gifts probably aren't the only items you'll be purchasing this season. Chances are you might be springing for some holiday decor for your home, food for the family gatherings, and even gift wrapping supplies. It’s smartest to hit the seasonal clearance racks after Christmas is over to stock up on discounted holiday merchandise for next year. Do this each year to keep your holiday decor fresh without breaking the bank.
For expert money management in all seasons and aspects of your life, contact Sage Rutty & Co.! We offer comprehensive financial services like Retirement Planning, Financial Planning, Legacy & Estate Planning, Investment Management, Trust Services, and more. Sage Rutty is one of the oldest financial services firms in the nation, and with no proprietary products to sell, you can feel confident knowing you will receive the most objective and honest guidance possible. Contact us today!
Monday, October 2, 2017
The Key to Retirement Success: Stick to Your Investment Plan
The Key to Retirement Success:
Stick to Your Investment Plan
Investing for retirement is like dieting - it only works if you stick to the plan. Both take effort but yield important results that will impact the quality and comfort of your life. Many people erroneously assume that financial planning is only for the rich or people with complex finances, but that is not true. Saving for the future is important for everyone, and everyone can do it with the right structure and discipline.
There are different levels of financial planning. A skilled financial planner is able to help draft a savings plan that will work for you. Even putting a little money aside every month helps - and the right investments can make something out of nothing. Having a plan that is adaptable and measurable, regardless of complexity, is of the utmost importance. Learning how to effectively do that is priceless.
Sage Rutty has a few upcoming workshops lead by our financial advising experts that can help you design a savings plan that will prepare you for your retirement and your future.
with Christine Palmiere, RICP®, First V.P., Financial Advisor
What is your current retirement income strategy? With employment-based pensions becoming a thing of the past, it is increasingly difficult to maintain an income stream to support your lifestyle during retirement. In this workshop you will learn how to maximize your current retirement income, avoid unnecessary penalties, as well as some new strategies to create the income you desire so you can enjoy the retirement you deserve
with Doug Parker, CFP®, Senior V.P., Financial Advisor
The road to retirement is unpredictable; rising costs, market volatility and longevity will each have an effect on your plans. We have identified the period when a misstep has the greatest potential of derailing a successful retirement and outlined the 10 critical issues you’ll want to focus on. Whether retirement is just on the horizon or you’re already there, you’ll find actionable suggestions in this program.
with Christine Palmiere, RICP®, First V.P., Financial Advisor and
Aaron Young, CFP®, Associate Financial Planner
Do you picture yourself enjoying a comfortable retirement, saving for the cost of college education for a child or grandchild, or providing financial security for your family? Financial planning is a process that can help you reach your goals by evaluating your whole financial picture; then outlining strategies tailored to your specific needs. In this presentation, we will discuss the framework of financial planning to start you down the path of accomplishing your goals.
with Kris Dowejko, First V.P., Financial Advisor
Would your family know what to do if something happened to you? Have you been named Executor to handle someone else’s affairs? In this session, we’ll discuss Probate and how to avoid it, what the role of the Executor really means, and you’ll learn our simple two-step process to make things easier for your loved ones.
All our workshops are held in the Sage Rutty Educational Center located in our offices at 100 Corporate Woods, Suite 300, Rochester, New York. You can learn more about our upcoming free financial workshops and sign up on our website, www.sageruttyuniversity.com, or call 585-512-2309.
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Friday, September 15, 2017
What You Need to Know About the Equifax Data Breach
Sage Rutty & Co.,
Inc.
Victoria Chase Ferren, CFP®
Director of Financial Planning
100 Corporate Woods
Suite 300
Rochester, NY 14623
585-512-2340
On
September 7, 2017,
Equifax
announced a
massive
data breach that
exposed
vital personal
identification
data on as
many as
143 million
consumers,
roughly 55% of
Americans
age 18 and older.
On September 7, 2017,
Equifax, one of the three main credit reporting agencies, announced a massive
data security breach that
exposed vital personal identification data — including names, addresses, birth
dates, and Social Security
numbers — on as many as 143 million consumers, roughly 55% of Americans age
18 and older.1
This data breach was
especially egregious because the company reportedly first learned of the breach
on
July 29 and waited roughly
six weeks before making it public (hackers first gained access between
mid-May and July) and three
senior Equifax executives reportedly sold shares of the company worth nearly
$2 million before the breach
was announced. Moreover, consumers don't choose to do business or share
their data with Equifax;
rather, Equifax — along with TransUnion and Experian, the other two major
credit
reporting agencies — unilaterally
monitors the financial health of consumers and supplies that data to
potential lenders without a
consumer's approval or consent.2
Equifax has faced widespread
criticism following its disclosure of the hack, both for the breach itself and
for
its response, particularly
the website it established for consumers to check if they may have been
affected.
Both the FBI and Congress are
investigating the breach.3 In the meantime, here are answers to questions
you might have.
1. What's
the deal with the website Equifax has set up for consumers?
affected by the breach. Once
on the site, click on the button "Potential Impact" at the bottom of
the main
page. You then need to click
on "Check Potential Impact," where you will be asked to provide your
last
name and the last six digits
of your Social Security number — a request that was widely mocked on social
media as being too intrusive
when the standard request is for only the last four digits.
Equifax has stated that
regardless of whether your information may have been affected, everyone has the
option to sign up on the
website for one free year of credit monitoring and identity theft protection.
You can
do so by clicking the
"Enroll" button at the bottom of the screen. Note: Just clicking this
button does not
mean you're actually
enrolled, however. You must follow the instructions to go through an actual
enrollment
process with TrustedID
Premier to officially enroll.
More wrath was directed at
Equifax when some eagle-eyed observers noted that enrolling in the free year
of credit protection with
TrustedID Premier meant that consumers gave up the right to join any
class-action
lawsuit against the company
and agreed to be bound by arbitration. But an Equifax spokesperson has
since stated that the binding
arbitration clause related only to the one year of free credit monitoring and
not
the breach itself; Equifax
has since removed that language from its site.4
2. What is
TrustedID Premier?
Equifax's response to the
data breach is to offer consumers one free year of credit file monitoring
services
through TrustedID Premier.
This includes monitoring reports generated by Equifax, Experian, and
TransUnion; the ability to
lock and unlock Equifax credit reports with a credit freeze; identity theft
insurance;
and Social Security number
monitoring.
Consumers who choose to
enroll in this service will need to provide a valid email address and
additional
information to verify their identity.
A few days after enrolling, consumers will receive an email with a link to
activate TrustedID Premier.
The enrollment period ends November 21. After the one free year is up,
consumers will not be automatically charged or enrolled in further monitoring;
they will need to sign up
again if they so choose (some
initial reports stated that consumers would be automatically re-enrolled after
the first year).5
3. What
other steps can I take?
It is always a good idea to
monitor your own personal information and be on the lookout for identity theft.
Here are specific additional
steps you can take:
• Fraud alerts: Your first
step should be to establish fraud alerts with the three major credit reporting
agencies. This will alert you
if someone tries to apply for credit in your name. You can also set up fraud
alerts for your credit and
debit cards.
• Credit freezes: A credit
freeze will lock your credit files so that only companies you already do
business
with will have access to
them. This means that if a thief shows up at a faraway bank and tries to apply
for credit in your name using
your address and Social Security number, the bank won't be able to access
your credit report. (However,
a credit freeze won't prevent a thief from making changes to your existing
accounts.) Initially,
consumers who tried to set up credit freezes with Equifax discovered they had
to pay
for it, but after a public
thrashing Equifax announced that it would waive all fees for the next 30 days
(starting September 12) for
consumers who want to freeze their Equifax credit files.6 Before
freezing
your credit reports, though,
it's wise to check them first. Also keep in mind that if you want to apply for
credit with a new financial
institution in the future, or you are opening a new bank account, applying for
a
job, renting an apartment, or
buying insurance, you will need to unlock or "thaw" the credit
freeze.
• Credit reports: You can
obtain a free copy of your credit report from each of the major credit agencies
877-322-8228. Because the
Equifax breach could have long-term consequences, it's a good idea to start
checking your report as part
of your regular financial routine for the next few years.
• Bank and credit card
statements: Review your financial statements regularly and look for any
transaction
that seems amiss. Take
advantage of any alert features so that you are notified when suspicious
activity
is detected. Your vigilance
is an essential tool in fighting identity theft.
4. How
can I get more information from Equifax?
Consumers with additional
questions for Equifax can call the company's dedicated call center at
866-447-7559. The call center
is open seven days a week from 7 a.m. to 1 a.m. Eastern time. Equifax said
it is experiencing high call
volumes but is working diligently to respond to all consumers.7
1, 3-5, 7) The Wall Street
Journal, September 8, 2017, September 10, 2017
2) CNNMoney, September 8,
2017
6) The New York Times, September
12, 2017
IMPORTANT
DISCLOSURES
Broadridge Investor
Communication Solutions, Inc. does not provide investment, tax, legal, or
retirement
advice or recommendations.
The information presented here is not specific to any individual's personal
circumstances.
To the extent that this
material concerns tax matters, it is not intended or written to be used, and
cannot be
used, by a taxpayer for the
purpose of avoiding penalties that may be imposed by law. Each taxpayer
should seek independent
advice from a tax professional based on his or her individual circumstances.
These materials are provided
for general information and educational purposes based upon publicly
available information from
sources believed to be reliable — we cannot assure the accuracy or completeness
of these materials. The information in these
materials may change at any time and without notice.
Thursday, August 3, 2017
Reaping the Benefits By Investing in Your Dreams
Photo Credit: Victor Filippov
Reaping the Benefits
By Investing in Your Dreams
Summer is a great time for vacations that turn into forever
memories with friends and family. Your vacation may lead you to explore new
exotic destinations by sea, fly to a family reunion across the country, or
drive to a familiar family cabin by the water, or maybe even, all the above.
Our ability to actualize our dreams can be influenced by how big we can afford
to dream. In order to make your dreams come true, make sure your investments
are still working, even when you are taking time off.
Here are three simple steps to achieving your dreams this
summer:
Photo Credit: Tirachard Kumtanom
Recharge
All work and no play is a dangerous equation. Giving your
body time away from stress keeps us healthy and mentally fit. According
to Psychology Today, "Chronic stress takes its toll in
part on our body's ability to resist infection, maintain vital functions, and
even ability to avoid injury. When you're stressed out and tired, you are more
likely to become ill, your arteries take a beating, and you're more likely to
have an accident.” Vacations are not wasted time. They help give us the energy
we need to accomplish our goals. As Psychology Today explains,
"We emerge from a successful vacation feeling ready to take on the world
again. We gain perspective on our problems, get to relax with our families and
friends, and get a break from our usual routines."
Photo Credit: Dianne Povey
Dream
In order to know what your goal is, you first must define
what your dreams are. Take time to visualize where you want to see yourself,
how do you want to get there, and who are you with. Do you dream of visiting
new foreign countries, or do you prefer the comforts of home in a second home?
Open your mind to the possibilities, talk to friends, read travel magazines and
blogs, listen to travel podcasts, and watch documentaries. Discuss with your
spouse their wishes and dreams. What is something you have always dreamed of
doing together? What is on your bucket list? Write it down. Dream big. Get excited about the
possibilities. This excitement will motivate you to do the work necessary to
make it happen.
Work with Experts
Look for help to make your vacation dreams come true.
Investing is not everyone’s strong point - and it doesn’t have to be. The most
successful people aren’t experts at everything. They are successful because
they collaborate with other experts. Learning the basics of financial investing
can help you learn the foundations of what you need to know and can help you
communicate more effectively with an advisor. Sage Rutty offers a variety
of free,
educational seminars that can help you ask the right questions.
Sage Rutty also invites you to explore our website and
review our roster of expert financial advisors that can help you invest in your
dreams. Have any questions, feel free to reach us by phone at 585-232-3760 or
toll free at 1-800-733-1133. We look forward to helping you make your dreams
come true.
Friday, June 16, 2017
The Long Haul:
3 Essential Tips to Remain Financially Healthy Throughout Retirement
3 Essential Tips to Remain Financially Healthy Throughout Retirement
The cost of living keeps going up, and after retirement,
when you no longer have a regular paycheck to count on, you need to be able to
rely on your savings and investments in order to stay financially stable. But
we all want to do more than be stable and keep afloat, we want to thrive and
make the most of our retirement during our golden years. Here are three essential
tips to help you stay financially healthy and making the most out of life
during your retirement.
1. Save
Early. Save Often.
As soon as you start working, make saving a top priority.
This is the time to put money aside in savings and investments so funds can
create compound interest and work for you, augmenting your earned income.
Saving early is key to retiring early. According to a survey by MoneyRates.com, “people who start
saving in their 20s are significantly more likely to expect to retire before
age 60, compared even with people who begin saving in their 30s. But the study
also finds that the majority of savers don't begin saving until their 30s, and
that a significant percentage begin saving even later -- if they begin at all.”
2. Budget Now
Insure you have enough money saved ahead of your planned
retirement. Online tools, such as financial calculators and online expense worksheets, can help determine what you need
to enjoy your retirement. While you are still working, try to do a test run of
your retirement budget and see how it works and what needs adjusting. Create a
journal with detailed examples of how you envision your ideal retirement.
Research how much it would cost to realize these dream goals. Work those
numbers into your budget. Look for any unnecessary expenses that you can cut
out or cut down. Don’t forget to consider your debt and the cost of paying off your mortgage.
3. Maximize Your Investment Savings
Working with a financial advisor can help you find the best
ways to maximize your investment savings and minimize penalties. A financial
advisor can educate you on how retirement income is taxed and how to be best
positioned to handle that expense. There are a variety of ways to invest, from real estate, to stocks
and bonds. A financial advisor will be able to work with you, your retirement
goals and your budget to determine what investment strategy is best suited to
accomplish your dream goals.
Learn more about enhancing retirement income strategies at our upcoming workshop
with Christine Palmiere. You can also learn more about about all our upcoming free
financial workshops on our website. Our workshops are held in the Sage
Rutty Educational Center located in our offices at 100 Corporate Woods, Suite
300. Please feel free to contact us with any questions online or call
1-800-733-1133.
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