Ideal Wealth Advisors's LTM E-Newsletter

Craig Lundquist and Kristin Becker photo

Craig Lundquist, MBA, ChFC^®, CRPC^®

VP of Wealth Management

craig.lundquist@lpl.com

651-773-2757

Kristin Becker

Senior Administrative Assistant

kristin.becker@lpl.com

651-773-2821

Ideal Wealth Advisors

Located at Ideal Credit Union

8499 Tamarack Road

Woodbury, MN 55125

CRPC conferred by College for Financial Planning

July/August 2024

S.O.S for Your Family Finances

Protecting yourself and your loved ones is really what having a financial strategy is all about. A haphazard approach to saving and investing can leave you short of your goals, so consider what you can do to improve your chances of success.

Do You Need Life Insurance?

If you’ve just finished college or earned a graduate degree, purchasing life insurance is probably the last thing on your mind. Not everyone needs life insurance when they’re young. But there are times when life insurance makes sense, even though you’re still in your 20s or 30s.*

Retirement in the Twenty-first Century

Picture retirement in the 1950s. Americans typically retired at 65, drew a pension provided by their employer, and received a monthly check from Social Security. The average life expectancy in the U.S. between 1950 and 1960 was 68 to 69 years, so citizens might not have spent many years as a retiree.

The Sandwich Generation

First, the baby boomers were taking care of the Greatest Generation. Now, it’s the Gen X, and even millennials, who are sandwiched between caring for their parents and launching their children into adulthood. Here are reasons why these people feel financially squeezed:

Handling an Inheritance

Millennials who are expecting a substantial inheritance from their baby boomer parents may be in for a surprise. Studies show a significant gap between what millennials expect to inherit and how much their parents plan to leave them.*

What Will They Do with Their Inheritance

The children of baby boomers are set to inherit significant wealth from their parents over the next decades.

How Much Risk Can You Take

Whether your dream is to climb Mount Everest or sail the Caribbean in a pontoon boat, the amount of risk you feel comfortable with is different for everyone. That applies to investment risk, too. But how can you find your comfort level?

Understanding Bond Funds

Investors whose goal is to preserve capital may want to consider investing in bond funds,* which offer diversification while minimizing the risk of losing principal. Funds pay regular interest that can provide investors with a predictable income stream during retirement.

Financial Abuse: A Means of Control

Financial abuse is on the rise. It can affect partners in a romantic relationship or elderly people who are cared for by another adult. By recognizing the signs of abuse, you can take steps to prevent it from happening to you or a loved one.

Mid-year Review Keeps You on Track

Reviewing your business’s financial progress and outlook at the end of the year to make sure you’re on track to reach your goals is a no-brainer. But it’s also a good idea to see where you are at mid-year. That way, you will have time to make adjustments that could be the difference between a mediocre year and a successful one.

Insurance: What Do Business Owners Really Need?

An online survey conducted in December 2023* revealed that 23% of U.S. consumers said they were thinking about starting a new business in 2024. At the top of the list for new — and current — business owner should be insurance protection for their families and their businesses.

Saving on Energy Costs

If energy costs take a significant bite out of your monthly budget, there are steps you can take to lower them. Here are some ideas.

Estimate the Coverage You Need

Have you put off buying life insurance* because you get stuck trying to determine the amount of coverage you need? Focusing on four basic needs will help you estimate the coverage that’s appropriate for you.

ETFs May Have a Place in Your Portfolio

Exchange Traded Funds (ETFs) consist of a “basket” of securities that track an index, sector, commodity, or other assets. They can even be structured to track specific investment strategies. ETFs are marketed on a stock exchange just as individual stocks are.

Kiddie Tax 2024

If your child has investment or other unearned income above a certain threshold, that income may be subject to the kiddie tax.

Satisfaction with Life

According to a 2023 Pew Research Center study, despite having additional family and financial responsibilities, sandwiched individuals are as satisfied or more satisfied with their lives as compared to other adults the same age.

Female Breadwinners: Prioritize Your Estate Strategy

The Center for American Progress found that more than 40% of women are their family’s sole or primary breadwinners. An additional 20% are co-breadwinners, meaning they are responsible for between 25 to 49% of total family earnings.*

Nonqualified Deferred Compensation Plans Explained

Many employers consider nonqualified deferred compensation (NQDC) plans crucial in attracting and retaining top talent, with 58% offering these plans to key employees who can afford to invest more after maxing out their 401(k).

2023 NQDC Survey Report

Here are some of the key findings from the 2023 survey of non-qualified defined contribution (NQDC) plan sponsors.

Bouncing Back From 2023

Nearly 70% of individuals surveyed* earlier this year reported facing stressful financial challenges in 2023. But looking forward, most respondents, and particularly high-net worth individuals, believed their finances will be better in 2024. While there are financial areas that you may think you could have done better with last year, it is not too late to improve on them this year. Here are some items you may feel you want to work on.

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