M.A. Kluemke and Associates

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The truth about Millennials and their 401(k)s

The truth about Millennials and their 401(k)s Are you amongst those Millennials taking positive steps towards their 401(k) savings? Not only are Millennials focused on their financial future, but they are also open to professional advice when it comes to managing their money. In fact, according to a study by Schwab Retirement Plan Services in 2017, Millennials, Gen Xers, and Baby Boomers recognize the importance of the 401(k) in helping meet their retirement goals.The study also revealed that
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Eight things you may not know about estate planning!

Eight things you may not know about estate planning! When someone mentions estate planning, do your eyes glaze over and your palms begin to sweat? We’ve created a list of the top eight things you may not know about estate planning! 1. The two most popular estate planning tools are wills and trusts. Both allow you to spell out how you would like your property to be managed and distributed throughout your life and after your death, but they also offer a lot more than that. 2. Everyone should ...
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Are you planning on working into your retirement years?

Are you planning on working into your retirement years? If the answer is yes, there may be some things you need to consider. Do you have the mental and physical capacity to continue to work past your 60s? What are your current financial needs? Are you still paying a mortgage? Do you need to work full-time, or could you get by working part-time? If you continue to work, how will this affect your medical benefits? If you don’t qualify for Medicare, you will need to check with your
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Are you expecting your first baby?

Are you expecting your first baby? Here are six personal finance tips you should consider before his or her arrival. 1. First and foremost create a budget for the first year after your baby’s arrival. You’ll need to consider medical expenses, the shortfall in income if you decide to take time off work, and childcare costs. It’s important to have realistic expectations about the cost involved in having a baby. Diapers, formula, and other essentials...
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Today is Teach Your Children To Save Day

Today is Teach Your Children To Save Day We all know why it’s important to teach our children to save early, but how exactly do you go about that? Well, with it being Teach Your Children To Save Day on April 12 we thought it was a good time to tackle the matter. If you teach your children to save now, they will go on to have a better understanding of their finances as adults.
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Spring clean your finances

Spring clean your finances Now is the perfect time to evaluate your finances; spring is on its way and that means you'll be busy with the house, kids, and any extracurricular activities of your own. Before you get too busy, take a little time out of your day to assess your spending, saving, and whether you're on track to reach your financial goals for the year, and the future.
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What to expect when you first meet with a financial advisor

What to expect when you first meet with a financial advisor What should you expect to discuss when you meet with a financial planner? It’s a question we’re often asked. We aren’t as scary as we look, honest. When we first meet with a potential client we don’t talk shop. We just want to get to know you, your circumstance, family, and hopes for the future. But, when we do get down to the nitty-gritty of financial planning here’s what you should expect.
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What do women want in a financial advisor?

This may not come as a total surprise, but often women have different needs than men when it comes to working with a financial advisor. Whether newly single, due to separation, divorce, or loss of a partner or husband, there may be some hesitation when it comes to talking to or working with a financial advisor. It’s important to note that, for anyone, discussing finances may be very difficult for some while navigating the grief process. In my experience, women don’t want special treatment,
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How do I manage a volatile market?

How do I manage a volatile market? We’ve seen a lot of market volatility in recent months, which can be uncomfortable for investors and lead to radical decisions, even for the most seasoned of us. First and foremost, please don’t panic. You must keep perspective. Here are five strategies to work through during the peaks and troughs of the marketplace. Stick with the plan The implications of a volatile market
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Start 2019 with a retirement game plan

Now is the perfect time to evaluate where you are and where you want to be. Having a positive attitude toward retirement planning is the first step to success. Here are five practical ways you can work towards your retirement goals in 2019.1 Don't stress, assess. Schedule a meeting with your financial advisor, if you don't have one we can help. The best thing about retirement planning is it's never too early to start. If you're close to retirement, but without a plan, we can
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Required Minimum Distributions (RMDs) & the consequences of failing to withdraw

We want to bring this to your attention as 2018 comes to a close. It may remind you that you need to take a distribution for your IRA.  Required Minimum Distributions (RMDs) are minimum amounts that a retirement plan account owner must withdraw annually from retirement accounts. 401(k), profit-sharing, 403(b), or other defined contribution plans require you to start taking withdrawals when you reach 70-and-a-half years of age or when you retire. If your retirement plan is an
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Questions to ask when choosing a financial planner

The relationship you develop with your financial planner is an extremely important one as he or she will play a significant role in the success of your financial future. So, it's vital that you find one that suits your needs. Ask as many questions as you feel necessary. In the meantime here are a few pointers. How do you charge? You'll want to find out whether there is an initial fee, if the financial planner charges a percentage for assets under management, or do they receive
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Retirement planning in your 50s, 60s, and 70s

Not so long ago I wrote about financial planning during your 20s, 30s, and 40s. Well, now I'm going to talk about what you should be thinking about during your 50s, 60s, and 70s. The 50s: You've been saving your whole life, but now is the time to talk with your financial planner. Your possible retirement date is in sight and you should develop greater clarity about what your retirement looks like. When are you going to retire and where will you spend your retirement years? Make a
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Now is the time to plan!

If you're wondering whether you should talk with a financial advisor, ask yourself the following and if you don't already have an answer, now is the time. How will you spend that first paycheck? Congratulations if you just landed your first job! Now is the perfect time to sit down with a financial advisor. Get off to the right start when it comes to planning your financial future. Do you have a retirement plan? The next question to ask is how much money do you need to retire?
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40 is great, but 30 is better, and 20 is best… when it comes to saving

We have news for you. Your financial goals will, and should, shift along with your situation and your needs.Saving for retirement occurs over decades and – in our experience – it’s never too early to begin planning your financial future. We all know this, but it seems ever so hard to do. And here’s why. In your 20s (or prior) you’re joining the workforce; you’re learning to stand on your own two feet, and for many, you’re starting to pay off student loan
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Are you feeling the squeeze of the sandwich generation?

You may be part of the sandwich generation and not even know it. If you're supporting both an aging parent and children (in many cases, adult children) then the title applies to you. Often you have the demands of both dependents' financial needs on top of your own to think about.This situation is challenging at the best of times. If ever there was an example of how a financial advisor is worth their weight in gold, this is it. As financial advisors, it is our role to maneuver the
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Understanding Long Term Care

Believe it or not, approximately 70% of Americans who live to the age of retirement will need long-term care services at some point in their lives. Generally, women have longer life expectancies than men and they are more likely to require long-term care. The cost of care, which depends on factors such as where you live and the type of care you receive, is expected to dramatically increase in the future. According to the Genworth Cost of Care Survey 2017, the national median cost of a
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Parents, Don't Leave it to Last Minute to Save for College

If you're like my husband and me, you want your kids to go to college. At the same time, the cost of college is probably one of your biggest financial concerns. By starting a savings plan early, even before your kids begin elementary school, you can reduce the burden of taking on debt to pay for their higher education. I've heard a lot of excuses from parents of kids my daughters' age that they don't save for college. These have included: "We don't have the money to
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National Insurance Awareness Day

Today is National Insurance Awareness Day, which provides the perfect opportunity to discuss the role insurance plays in financial planning. Insurance is an important component of financial planning. Different insurance policies help protect you and your loved ones, especially when the unexpected occurs: accidents, illness, disability and death. Liability insurance, often referred to as umbrella insurance, takes effect when the personal liability and lawsuit coverage in other existing policies
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Take control of your finances and your wellbeing

If you feel like money stress is having a negative impact on your health and well being, you're not alone. For so many people, money is the biggest cause of stress in their lives. We can help. Meeting with a professional is a great way to take control. It allows you to feel more at ease when you know where you stand and you have someone there encouraging you: Here are four steps you can start with today: Know your credit score! Understanding your credit score is the first step to
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Older Americans Month

May is Older Americans Month and this year's theme is Engage at Every Age, which emphasizes that you're never too old (or young) to take part in activities that can enrich your physical, mental, and emotional well-being.Now is a great time to get a load off your mind and make preparations for when you're an older American. No matter where you are in your life, there is no better time than now to start.Here are a few things you should keep in mind: The average age at which Americans
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Financial Literacy

Studies have revealed that financial illiteracy is a major problem in the US. Many people have personal debt and little to no savings. Those who lack financial literacy may benefit from working with a financial advisor in order to create a financial plan for their future. This will allow the individual to protect current assets while planning for retirement. I have a few tips on how you might improve your finances. Make better-informed and productive everyday money decisions; know your income
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Four Financial Numbers You Should Know

Each month, we send an e-newsletter to both clients and non-clients who wish to receive it. We cover various topics each month. We would like to share one of the topics from our March newsletter in this blog. If you enjoy it and would like to be a regular recipient of our monthly e-newsletter, please let us know at info@makluemke.com. Daily life is full of numbers and some matter more than others. Here are four that could help you understand and potentially improve your financial
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Planning for retirement

Your yearly expenses in retirement will be approximately 80% of your annual pre-retirement costs, according to many experts. Others estimate your expenses will be 100% of your pre-retirement costs, or more, as you'll have more time to spend money. Generally speaking, some of your expenses will increase while others will decrease. A major factor is inflation. Make sure you are taking inflation into consideration while building your retirement income plan. At a three percent rate of inflation
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Financial planning for newlyweds

If you are recently engaged and preparing for your wedding, you'll be planning your life together as a married couple in so many ways. One of the major changes you will need to address is what you want your financial future to look like, together. It's important to set your financial priorities as a couple. Know what each of you wants. One of you may want to purchase your dream home, while the other may want to focus on saving for retirement. Seeking the support of a financial advisor
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Giving back to the community - Bright Star Equestrian Centre

In September, at the Illinois Women in Leadership annual symposium Erin met Bright Star Equestrian Center executive director, Dana Ingle. Now she is volunteering for the non-profit and serves as the relationship manager on the board of directors. Giving back to the community is very important to Erin, as she explains in her latest blog.Prior to meeting Dana, I had never heard of Bright Star or equine assisted therapy. This chance meeting allowed me the opportunity to learn about
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Why we choose to educate

The answer to this is in our mission statement. Here at M.A. Kluemke & Associates, we are committed to helping people plan for and achieve their retirement goals. To do this, we teach people about how money works not only on a one-on-one basis, but also in classroom settings. Because the foundation for our service is education, we are pleased to offer our exclusive Retirement Planning Today classes. These no obligation educational classes are available for individuals and
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How much will retirement cost you?

Estimating how much income you will need in retirement - and determining whether your current savings and investments can meet your long-term needs - is a good start to creating a retirement plan. Add up your estimated monthly income from any pensions, Social Security, and 401(k) and IRA savings and investments. Then add up your estimated monthly expenses. If you don't already have a clear idea of your expenses this is something you'll need to determine before you can move
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Five financial resolutions for the New Year

It's November, yes, but now is the time to begin thinking about New Year resolutions. Why not make a positive impact on your financial future at the same time? Here are our top five financial resolutions for 2018. Set goals: Have a clear idea of your financial goals for the year ahead. Have a plan, and write it down. If you're not disciplined with your money, it's time to make a concerted effort to get on top of your bad spending habits, lack of saving, and non-existent
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Self Employed & Small Business Retirement Planning

Self-employed and/or small business owner doesn't mean zero options when it comes to retirement. Maybe you don't currently have a plan in place, but did you know that you have options similar to those offered at larger companies available to you? Here are a few retirement plan options to consider: A 401(k) plan can help you make salary deferrals. If you are self-employed or only have a spouse working for you, a one-participant 401(k) also known as a Solo 401(k) may be
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Life Insurance Awareness Month

As September comes to an end, we wrap up Life Insurance Awareness Month. This is an important topic to us as life insurance is not only a way for you to protect yourself and your loved ones in the event of your untimely passing, but it is also plays a key role in your overall financial fitness. As financial advisors, we are constantly speaking with others about ways to create a financially sound future - one that alleviates stress and creates an environment for retirement freed
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Meet Erin Gutzman

In my previous position, I traveled to various worksites to help employees understand life insurance and disability benefits, and I very much enjoyed working one-on-one with employees to help them understand the impact their benefits could have on their lives. It seemed like a natural transition to take this idea of helping people to create security in their futures by moving towards the financial planning field. The most challenging aspect of working in this field is the notion that
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Budgeting Basics

Putting together a comprehensive budget can seem like a daunting task and can leave some of us feeling overwhelmed. Here are a few pointers to help you get started and make sense of what to include into your budget and why. Step One: Find your reason - To get started, you must establish the reason you are creating the budget in the first place. Maybe you hope to buy a home in the next few years, perhaps you are saving for a vacation, college fund, or want to start setting aside money for
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Why Network?

After attending the recent June 8th Women Empowerment Networking event, I wanted to take a moment to share some of my own thoughts on networking and why it is important on a personal and professional level. I think that when people hear the word networking, they tend to think sales. While I could see why the two appear to be linked, I would like to think that networking is not about getting in front of other people to sell to them, but rather to get to know what others are doing.
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Our Downtown Relocation

If you don’t already know, M.A. Kluemke & Associates is proud to announce that we have relocated from our previous office building to 400 South 9th Street, Suite 101 near the heart of downtown Springfield. The move, which proved to be a bit hectic during the Holiday season and New Year, is an all-around positive change for the team. Our new headquarters put us closer to many of our already existing clients and provides us the opportunity to grow with
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Reasons to Roth

In this blog, we share a few reasons why selecting a Roth could be a great retirement option. Tax-free in retirement Yes, you will be paying income tax when you make contributions, but your contributions and the earnings made off of these are tax-free making it one of the few tax-free streams of income you can create for retirement. Also, according to www.irs.gov, you can continue making contributions after you reach age 70 ½.
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HSA Retirement Tool

M.A. Kluemke & Associates is constantly looking for ways to assist you in planning and saving for your retirement. In an effort to educate and help you explore your options, we would like to talk a little about Health Savings Plans (HSAs) and how these could be used as a retirement tool. To start, we feel it is important for you to understand that while an HSA may be offered through your employer, it is not owned by your employer. If at any point you find a plan that better suits your
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Your 401(k): A Retirement Income Source

For some of us, retirement is just around the corner - maybe even this year. While we may have spent a lot of time throughout our career fixated on how to develop our nest egg, some may find that they have not given any serious thought as to how to turn this nest egg into a reliable and lasting source of retirement income. One reason for this could be the lack an extensive knowledge of and support on the matter. In general, people don’t, understand the differences between a 401(k),
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Retiring Solo

Each retirement plan is different and not all plans call for retiring as a couple. In these circumstances, Social Security spousal benefits, joint and survivor pensions, or beneficiary rights for 401(k) and IRA accounts are not options. In these situations, retiring alone as a female could also pose a challenge where factors like life expectancy, career earnings, Social Security, and pension benefits must also be taken into consideration. In an effort to raise awareness and offer
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Finding the Right Financial Advisor

Financial planning is a big task and requires the patience and knowledge to guide each client down their own individualized path as there is no fix-all when it comes to individual circumstances and needs. Searching for the right financial advisor can take time, but here are a few ways to help you make a more education decision. Most of us go to friends or family for advice when it comes to making those big decisions such as buying a car or home. When finding the right financial advisor,
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Your health: Long-term care plans

Maybe you haven’t thought of long-term care because you’re young, active, and perfectly healthy. That’s fantastic, however, doing so could save you time, help in securing better premiums, and keep you mobile when transitioning into your golden years. Staying fit and keeping a close eye on your health is important, just like planning for major life events such as trips or vacations, college funds for the kids, or your retirement. Another factor to take into consideration is
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Post-Retirement Planning

Although planning is typically done in preparation for an event or specific scenario, this does not necessarily mean that you can’t stop to re-evaluate your situation and make necessary adjustments that will assist you rejoining your original plan projection. Oftentimes, life tosses in a little bit of the unexpected and this can cause us to drift off our path. Here are a few ways to reassess your retirement financial wellbeing. Will you have enough? When was the last time you sat
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Investing Early for Retirement

When we think about things that we typically don’t have enough of, the answers can often be the same - time and money. As time continues to move on, we find that asking the tough questions early and making the hard decisions sooner rather than later can often save us a lot of grief in the long run. The same is true when it comes to investing. Starting early is in our best interest. A much simpler way to look at this is, the longer you stay invested the more likely you
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Millennials Should Plan for Retirement

According to GoBankingRates.com, a hefty 42% of millennials have not yet come up with any kind of retirement income plan and that more than half are yet to start saving for life beyond their working years. While some may argue that starting to save at an early age is enough, saving is not necessarily the same as having a plan. Many factors may account for the fact that millennials are not yet saving. It could be the realization that life expectancy has risen - and so the retirement age
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The financial planning process

A financial planner will help determine your long-term financial goals and create a plan to meet your expectations for retirement. Establishing a good relationship with a financial planner you can trust is critical when it comes to achieving your goals. First, you must find a financial planner who has a vested interest in you and your family. One who is in it for the long-term and is on hand to answer any questions you may have.You may find that a financial planner is recommended to you through
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Retirement planning 101

How do you envision your retirement going? Have you shared this with your partner, and if so, does their idea of what retirement means align with yours? What is your 10-year plan? 20-year? If you’re not sure what these answers are, it may be time to re-evaluate your goals and take a look at how financial or retirement planning could benefit you. For those seeking professional guidance on how to map these goals and make your retirement dreams a reality,
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Life Insurance

September is Life Insurance Awareness Month. What is the importance or significance of this you may ask? It all ties back into the goals we set for ourselves - the kind of life we would like to live and the legacy we would like to leave behind. These goals could be to attain higher education, start a small business, grow and expand this business, start a family, buy a home, and retire early to travel with loved ones. In order to reach these goals, a lot of planning
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Community Education

At M.A. Kluemke and Associates, we are passionate about sharing our financial knowledge with the community to better educate those interested in cultivating a secure retirement. Because of this, and the desire to make this information – as well as what to do with this information – accessible to all those in need of guidance, we have partnered with Lincoln Land Community College in Springfield to offer a series of classes and workshops. Throughout September,
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It’s never too late to plan for your retirement

Thanks to today’s technology each one of us has access to more online tools and articles than we may ever need. However, when it comes to investing for your financial future, whether that be your retirement – or sooner, it really does pay to work with a qualified advisor. You should consider seeking the advice of a professional if: You receive a tax refund each year: although getting a refund is a good thing, it may also be a reflection of poor planning. The US government does not pay
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Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck