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Category: Scary Financial Mistakes

5 posts categorized as "Scary Financial Mistakes"

Scary Financial Mistakes: Ignoring Incapacity Planning

Oct 27, 2021

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

As we continue our financial mistakes series, one of the scariest topics we can cover is incapacity. While preparing for incapacity is extremely important, it’s often overlooked or ignored.

Many feel their incapacity is as likely as a real ghost in the attic, but that’s just not true. One study states, “By the time you reach the age of 65,

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Scary Financial Mistakes: Forgetting to Take Required Minimum Distributions

Oct 20, 2021

By Theresa Fry, Senior Vice President and Manager, IRA’s, Retirement & Education Planning

Paying taxes can be scary enough, but layer on top of that a 50% IRS tax penalty and the results can be horrifying. That’s what can happen if you forget to take your required minimum distributions (RMDs) from your retirement accounts.

When you save for retirement through IRAs or workplace retirement plans, one of the benefits you receive is tax deferral.

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Scary Financial Mistakes: Needing Long-term Care Without a Plan

Oct 13, 2021

By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance

The idea of having a prolonged physical illness, disability, or a long-term cognitive impairment, such as Alzheimer’s can be frightening.  So much so that you might not want to think about it at all. However, having a long-term care need without proper planning could result in a significant economic hardship for you and your loved ones.

Consider these statistics:

  • The national average for 24-hour home care or for one year in a nursing home can cost more than $100,0001
  • At least 70% of people over the age of 65 will require long-term care at some point in their lives with 20% requiring care for longer than 5 years2
  • From 2004 to 2020,

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Scary Financial Mistakes: Retirement Planning Errors Could Lead to Frightful Outcomes

Oct 8, 2021

By Edward “Ed” V. O’Neal, Senior Vice President and Manager, Retirement Plans

As we enter the bewitching month of October, it’s natural for thoughts to shift to the beautiful fall foliage and the enjoyment of Halloween, when it’s fun to indulge in scary activities. However, for those that are planning for and nearing retirement, making key mistakes in the retirement planning process can lead to some negative and scary outcomes – and not the fun kind!

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Scary Financial Mistakes

Scary Financial Mistakes: Leaving Important Details Out of Your Financial Plan

Oct 1, 2021

By Eric Estelle, Manager, Financial Planning & Marketing

For most of the country, October signifies a transition. Jackets come out of storage, trees put on a colorful show, and everything gets covered in pumpkin spice. It means the holidays and a new year are fast approaching as well, but October is probably most famous for Halloween. Through costumes, haunted houses, and home decorations, we poke fun at the things that frighten us.

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