Brian Halverson - President & CEOLiving For Today, Planning For The Future
Too often, the words “planning for your future” lead only to a conversation about retirement. In reality, the challenge we all face is balancing how to meet long-term financial goals with today’s expenses. Yes, you should participate in your employer’s retirement plan, and you should have an emergency fund, but how do you do that while living fully today?
My spouse and I are blessed with three young, active kids. We are immersed not only in our own lives and events but keep up with an avalanche of activities for our children. It seems like every weekend we are traveling out of town to another tournament. This means paying for gas, food, and a hotel at every turn. It drains the checkbook, but we’ve found creative ways to stick to a budget. We bring snacks and meals, and use credit card and loyalty rewards points for hotels and gas when we can. Sometimes we only take part of the family, which gives my spouse or I valuable one on one time with each of the kids.
Broadridge Investor Communication SolutionsPlanning for Earned Income in Retirement Adapted from Broadridge Investor Communication Services
Adapted from Broadridge Investor Communication Services
If you’re like a lot of people, retirement won’t be the world of gardening, golfing, traveling, and tennis you once envisioned. Rather, retirement will mean relaxing and working. Maybe you’ve retired from your “regular” job and started a business, or perhaps you want to work part-time to stay busy. However, if you work after you start receiving Social Security retirement benefits, your earnings may affect the amount of your benefit check.
How your earnings affect your benefit
Your earnings in retirement may increase your retirement benefit
Your monthly Social Security retirement benefit is based on your lifetime earnings. When you become entitled to retirement benefits at age 62, the Social Security Administration (SSA) calculates your primary insurance amount (PIA) upon which your retirement benefit will be based. Later, your PIA will be recalculated annually if you have had any new earnings that might substantially increase your benefit. So if you continue to work after you start receiving retirement benefits, these earnings may eventually increase your PIA and thus your retirement benefit.
Jon BensonIs a Trust Right For You?
We have all heard the horror stories about families being torn apart after their parents pass away. Brothers, sisters, and long-lost family members who have spent years in court fighting over land, money, family heirlooms – big and small – and more. There will never be a family Christmas or birthday celebration together again.
This is not the vision or dreams that Mom and Dad held so close. This is not why they worked so hard and saved so much to give a better life to their kids and grandkids.
A trust can help.
Many of my clients did not see themselves as trust people until they knew the facts and benefits. Many believed trusts are only for the ultra-wealthy and famous, but that could not be further from the truth.
Heartland TrustMeet Kevin Wangen
Meet Kevin Wangen
Kevin Wangen is the wealth management associate at HTC. He holds a finance degree from North Dakota State University, from where he graduated on the same day he got married.
Tell us about yourself
I was born in Langdon, North Dakota, and my family moved to Harvey, North Dakota, when I was 4. My parents still live there so I visit when I can. Growing up in a small town had a profound impact on my life. I moved to Fargo for college and now live here with my wife and four kids, who are 2, 5, 7, and 9. It can certainly be challenging, but I try to be the best dad and husband I can.
Jan Nelson, Trust OfficerWhat is My Net Worth?
You probably know what net worth means, but do you know what your net worth is? Knowing this number can help you get a better picture of your financial situation. Remember: this number represents one moment in time, as your financial health is always changing.
Simply stated, your net worth is the total of assets minus debts or liabilities. To find this number, use one of the countless online calculators or spreadsheets available. The downside of this method is you need to manually update the values. There are also apps for your phone or tablet, or software for your computer, that can track your net worth. You may even be able to link your accounts so the values are updated automatically.