​The holiday season is here, and that means it’s time to find the perfect gifts for your family and friends. However, this could also be the perfect time to give a gift to yourself. While it might be nice to give yourself the latest gadget, consider a gift that will have a much more lasting impact. For example, you could give yourself financial peace of mind. According to a new study, you might be able to obtain it simply by changing your mindset.
 
A study from Wells Fargo recently found that those individuals who have a planning mindset are more likely to describe themselves as thriving in both their financial life and overall life. They’re also 42 percent less likely to have high levels of financial stress and, on average, have 3.1 times more in retirement savings than those who do not have a planning mindset.1
 
So what is a planning mindset, and how do you obtain it? Below are the four key criteria identified by the study as the characteristics of those with a planning mindset. If these characteristics don’t sound familiar to you, it might be time to reassess your financial mindset.

Set financial goals. 

Individuals who have a planning mindset are in the habit of setting goals for themselves. Think about the past six months. Have you set any financial goals for yourself in that period of time? Have you actively pursued those goals?
 
If not, there’s no time like the present to become goal-oriented. You could even start with something small, like paying off a credit card balance or reaching a target in emergency savings. Pick something to get yourself in the habit of setting and pursuing financial goals.

Work towards a big long-term objective. 

Modest short-term goals are important, but long-term goals are also critical. You may have general long-term goals such as retiring in the future or paying for your child’s education.
 
However, it’s helpful to make those long-term goals specific. Work with a financial professional to determine exactly how much you need to save to pay for your child’s education or to fund a comfortable retirement. Once you estimate the cost of your goal, you can then develop an action plan to make your long-term goal a reality.

Shore up your immediate financial future. 

It’s often hard to focus on long-term goals when you have stress and anxiety about the present. You may be concerned about more pressing issues such as paying your bills on a monthly basis or tackling debt.
 
Individuals with a planning mindset are comfortable with their financial situation in the near term, which allows them to focus on longer-term goals. Again, a financial professional can help you develop a plan to overcome your near-term financial challenges. Perhaps you need to bolster your emergency savings. You might benefit from using a budget. Once you feel more comfortable in the short term, you can start focusing on large long-term objectives.

Save for retirement today. 

Retirement is a major financial challenge for most people. In fact, nearly 60 percent of Americans are concerned that they won’t have enough money to fund a comfortable retirement.2
 
However, individuals with a planning mindset know that saving today is always a wiser strategy than putting retirement off for the future. Even if you can save only a modest amount toward retirement, that’s still better than not saving at all. Time is the most powerful tool at your disposal. If you contribute money now, you give those funds the opportunity to grow and compound over a long period of time, which can help you accumulate more assets before retirement.
 
Ready to adopt a planning mindset in 2019? Let’s talk about it. Contact us today at Senior Care Alliance. We can help you establish goals and develop an action plan. Let’s connect soon and start the conversation.
 
1https://www.businesswire.com/news/home/20181114005575/en
2https://news.gallup.com/poll/233642/paying-medical-crises-retirement-lead-financial-fears.aspx
 
Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.
 
18280 - 2018/11/28

Thinking of giving to charity this holiday season? You’re not alone. For many people, the holiday season is also the giving season. Perhaps you’re going to donate old items such as clothes, toys or furniture. Or maybe you’d like to donate your time and volunteer with your favorite charity.
 
Of course, you may be considering a much more sizable donation, like a significant amount of assets. A monetary donation to a charity can obviously be helpful for the organization. It can also provide you with important tax benefits. And you get the benefit of seeing how your donation can help others.
 
Before you write a check, though, you may want to meet with a financial professional. You can give money or assets to a charity in a variety of ways. The right strategy depends on your needs and goals. Below are a few ways you can donate to your favorite charity:

Annual Donations

Perhaps the simplest approach is to write a check to your favorite charity each year. This strategy is straightforward, and it gets the funds to the charity in the quickest way possible. You also may be able to deduct your donation from your taxes.
 
Talk to a tax professional before you do this, though. There are caps on how much you can deduct as a charitable gift. You also may be able to carry forward some of your gift as a deduction in future years. If you’re contributing assets like securities instead of cash, the deduction rules can be somewhat complicated. A financial professional can help you develop the right strategy.

Life Insurance

Do you have a permanent life insurance policy that you no longer need? You could stop paying the premiums, surrender the policy and take the cash value as a lump sum. However, that would create a taxable event.
 
An alternative is to donate your policy to charity. You simply transfer the policy to the charity, which becomes the owner and beneficiary. Upon your death, the death benefit is paid to the charitable organization. The policy also continues to build tax-deferred cash value.
 
When you transfer ownership of the policy to the charity, you may be able to deduct your past premium payments from your current tax return. You also may be able to deduct any future premium payments that you make. You get a current tax benefit, and the charity gets a sizable donation in the future.

Charitable Trust

Perhaps you want to leave part of your estate to a favorite charity. One way to do this is with a charitable remainder trust. You set up a trust for the benefit of your charity and then transfer assets into the trust. The trust then manages those assets and possibly even sells them for diversification purposes. Because the trust is meant for charity, you avoid any taxes related to gains.
 
The trust invests the assets to generate income, which it pays to you for the remainder of your life. When you pass away, the trust distributes the assets to the charity according to your instructions. A charitable trust can be a powerful gifting tool, but it can also be complex. A financial professional can help you determine if it’s right for you.
 
Ready to develop your gifting strategy? Let’s talk about it. Contact us today at Senior Care Alliance. We can help you analyze your needs and implement a plan. Let’s connect soon and start the conversation.
 
Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.
 
18276 - 2018/11/27