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Your financial goals also influence your strategy to cover LTC. LTC insurance may provide greater peace of mind, or you may want insurance to protect your assets to leave a legacy to children or a charity.
It is everyone’s hope that long-term care will not be needed but according to the U.S. department of Health and Human Services (DHHS), approximately 70% of people who turned 65 in 2020 will require some degree of long-term care services in their lifetime.
Overconfident investors commonly, underestimate risks and over- estimate returns. They often also engage in market timing, excessive trading, and premature selling all of which generally lead to underperformance.
Fixed income provides a hedge against stock market volatility and short-term liquidity.
Your asset allocation needs to be aggressive enough to meet your goals but safe enough to avoid anxiety during market fluctuations.
The odds of being audited have fallen to 3.8 out of 1,000 in 2022 down from 4.1 out of 1,000 in 2021. However, the IRS is working to increase the audit rate for the wealthiest Americans.