retirement planning

By The CFP® Team at Washington Wealth Advisors

Can you believe it is already February? How are your 2021 New Year’s resolutions going? If they’re already a thing of the past, not to worry. We’ve created a financial to-do list to help you get your financial life on track in 2021.

January and February: Review Your Situation and Investments

After a year like 2020, it’s probably time for a solid financial checkup. Write down the answers to questions such as:

By Maura C. Schauss, CFP®

When it comes to retirement planning, believe us when we say you have a lot of options in front of you. If you’re looking for ways to supplement or diversify your retirement income during the planning stages of your life, it may be time to consider an annuity. Annuities are unique long-term investments that can help mitigate the risk of outliving your retirement income.

By Ann D. Blakey, CFP®

If you’re a single female, you may assume retiring early is out of reach for you. Your income needs to cover all your household expenses, leaving less for savings. And, if you are like many women, you may have taken time out of the workforce for family needs.  That’s just one reason why you may have earned less over your career than a man who remained in the workforce. Whether you want to stop working entirely or leave a more lucrative career to pivot to a second act, here are five things to keep in mind.

By Ann Blakey, CFP®

Even with all the challenges we face in 2021, there’s always something hopeful and exciting about a new year.  Of course, we will all be turning another year older at some point this year – but if you don’t like the thought of adding a number to your age, here’s the good news: there are some financial advantages to reaching certain milestone birthdays.

Here’s how you can maximize your finances if you are turning one of these ages during 2021.

By Todd I. Youngdahl, CFP®

If you are a full-time employer and are offered enrollment into a 401k as one of your job benefits, you should definitely take advantage of this opportunity, especially if you plan to retire one day.

Here are the basics about 401k plans as well as a slew of reasons to take advantage of them.

By Maura Schauss, CFP® and Todd Youngdahl, CFP®

Planning for your healthcare costs in retirement is one of the most important moves you can make. Most people receive healthcare coverage through their employers, which will end when they retire. Many are eligible to receive Medicare at age 65, so there are things you need to know to be ready to enroll, including the enrollment process, coverage options, and what healthcare expenses Medicare doesn’t cover.

By Todd Youngdahl, CFP® and Maura C. Schauss, CFP®

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on December 20, 2019. The Act contained a broad array of retirement-related provisions. The provision that has the most far-reaching effects has to do with the age at which people must start to draw down their retirement accounts. 

By Todd I. Youngdahl, CFP®

If you’ve spent any time researching financial advisors, you’ve probably come across the term Fee-Only. It’s used to describe registered investment advisors, and it’s one of the best words you can hear when searching for a financial expert.

But what does it mean? And why is it important when you are evaluating financial advisors?

Today we’ll address what it means to be a fee-only financial advisor—and why we at Washington Wealth Advisors pride ourselves on this one little phrase.

By Maura C. Schauss, CFP® and Todd I. Youngdahl, CFP®

By Maura C. Schauss, CFP®

In the news, the word “fiduciary” has been thrown around a lot in regards to financial advisors and their duties. The concept can seem confusing to people, as many assume that all advisors, whether they’re stockbrokers or financial planners, are required to act in their client’s best interest. But that’s not the reality. It’s important to understand the distinction between different types of advisors’ roles and what it means for you and your money.