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If you had too much fun this summer, review and adjust your spending habits to get back on track. You also may want to review and revise your budget to meet your financial goals.
The objective is to use the least tax efficient accounts first to allow your tax advantaged accounts time to grow and compound.
Evaluate your retirement income and assets to assess your ability to adequately support your goals.
The joint owner will inherit the accounts without going through probate, which may not be your objective. The automatic transfer of assets may contradict your will and your intentions. Other children or heirs would be disinherited.
Retirees spent more on travel, eating out, and other discretionary items at the beginning of retirement. As retirees age, discretionary expenses decrease, and health care costs increase.
Although Social Security is a political hot potato, it is likely that policy makers will eventually make some adjustments to avoid dramatic benefit cuts.