Cutter family finance
We’re seeing families having to draw on their savings, which includes money from the child tax credit as well as pre-pandemic savings, to combat higher costs on gas, food, healthcare and more, especially because wage gains are not keeping up.
These are just a few of many considerations when planning your legacy, but it’s key to have a plan – and then keep it current.
Why is it so important for parents to teach their kids financial literacy? A 2022 study by Fidelity discovered that roughly 72% of the teens say they have “no knowledge about trading stocks and ETFs.” And almost half the 13- to 17-year-olds surveyed said that investing “feels out of reach” for them.
For almost three decades, the 4% rule has often been used as the rule of thumb for retirees in determining their withdrawal rate. But considering today’s market and economic conditions, can retirees really rely on this old standby to guarantee they won’t run out of money?
With no shortage of financial myths and mysteries to choose from, there is possibly none bigger than the concept that financial planning is only for the wealthy. The truth for most folks, however, is just the opposite – financial planning is actually a path to becoming wealthy.