When it comes to planning for retirement, there are plenty of myths and misconceptions that can derail even the most well-intentioned plans. At McIntosh & Associates, we believe that understanding the facts is essential for making sound financial decisions. In this blog, we’ll debunk some of the most common myths surrounding retirement planning so you…

As you approach retirement, diversification becomes even more important in protecting your nest egg and ensuring long-term financial security. 1. Reducing Risk By diversifying your investments across different asset classes—such as stocks, bonds, and real estate—you can reduce your overall risk. If one asset class underperforms, gains in another can help offset the losses. 2….

Legacy planning is about more than deciding who gets what after you pass away. It’s about ensuring that your wishes are carried out, your loved ones are taken care of, and your legacy is protected. Here are the essential components of a solid legacy plan. 1. Create a Will and Trust A will is the…

Employer matching contributions can significantly boost your retirement savings. Here’s how to make the most of this valuable benefit. 1. Contribute Enough to Get the Full Match The first step in maximizing your employer match is to contribute enough to qualify for the full match. For example, if your employer matches 50% of the first…

When it comes to retirement planning, a one-size-fits-all approach simply doesn’t work. Your retirement plan should be tailored to your specific needs, goals, and lifestyle. 1. Tailor to Your Lifestyle and Expenses A personalized retirement plan takes into account your unique financial situation. Factors like your desired lifestyle (travel, hobbies, etc.), your expected expenses, and…

Retirement is full of unknowns. From market volatility to unexpected health issues, it’s crucial to have a plan for managing risks. 1. Insurance Insurance can help protect your retirement savings. Consider adding: 2. Emergency Funds An emergency fund is essential in retirement to cover unexpected expenses like home repairs or medical bills without having to…

The Inflation Reduction Act (IRA) has introduced critical changes that will impact health care costs for retirees, especially those on Medicare. Understanding these provisions is essential to ensuring you’re prepared for future health expenses. 1. Lower Prescription Drug Costs One of the major provisions of the IRA is that Medicare can now negotiate drug prices…

Health care is one of the most significant costs retirees face. Failing to plan for rising medical expenses can lead to financial strain later in life. Here’s how you can prepare. 1. Estimate Your Future Health Care Costs The average retired couple may need around $315,000 to cover health care costs during retirement, according to…