Core Insights - The CFP Board has appointed Terri Kallsen as the new Chair, effective January 1, 2026, to lead the organization through a CEO succession process as current CEO Kevin Keller prepares to retire in April after nearly two decades of leadership [2][3] Group 1: Leadership Transition - Kallsen's primary focus as Chair is to ensure a rigorous CEO succession process that maintains continuity and stability for the organization, which she believes will shape the future of financial planning [3] - The Board is actively searching for Keller's successor both internally and externally, marking a significant leadership transition [7] Group 2: Kallsen's Background - Kallsen is a managing partner and head of partnerships at Rise Growth Partners and has previously held significant roles at Wealth Enhancement and Charles Schwab, where she oversaw 7,000 employees and $1.6 trillion in managed assets [3] Group 3: Focus Areas - During her tenure, Kallsen will prioritize artificial intelligence, ethics, and the quality of financial planning, reflecting the evolving landscape of the financial planning profession [4] - The Board has established an AI Working Group to explore the impact of AI on financial planning, including participants from major firms like LPL Financial and Fidelity [4] Group 4: Technological Initiatives - Earlier in the year, the CFP Board introduced an AI-backed exam preparation tool for advisors and released a Generative AI Ethics Guide to assist advisors in using generative AI ethically [6] Group 5: Historical Context - Under Keller's leadership since 2007, the CFP Board has undergone significant changes, including relocating its headquarters from Denver to Washington, D.C., and revising its sanctions and procedural guidelines [7] - Some of these changes were prompted by a 2019 investigation revealing the Board's failure to vet the regulatory and disciplinary histories of numerous CFP professionals [8]

Core Insights - The article discusses the financial challenges faced by retirees, particularly focusing on Jim and Helen, who have $1.5 million in savings but may struggle to maintain their lifestyle in retirement due to rising costs and longevity risks [4][28][29] Retirement Planning - The average life expectancy for a 65-year-old woman in the U.S. is 20.12 years, while for a man it is 17.48 years, indicating that retirees need to plan for potentially long retirement periods [2] - The average retirement age has increased by three years since the 1990s, with nearly 20% of Americans aged 65 and older still employed as of 2024 [3] Financial Assessment - Jim and Helen's combined income before retirement was $300,000, and they have no debt, but their savings of $1.5 million are below the recommended target of 8 to 10 times their annual income, which would be between $2.4 million and $3 million [4][15] - If they withdraw 4% from their savings, they could expect about $60,000 annually, which is significantly lower than their current income [17] Budgeting and Cost Management - The article suggests that Jim and Helen should create a detailed retirement budget that includes healthcare, housing, and discretionary spending [24] - Tools like Rocket Money can help track expenses and identify areas for cost-cutting, which can be redirected into their retirement fund [19][20] Social Security Considerations - Claiming Social Security benefits at 62 results in a 30% reduction compared to waiting until full retirement age at 67, and delaying until 70 can yield even higher benefits [21] - Helen's decision to delay retirement could significantly enhance their income through Social Security benefits [22] Investment Strategies - Alternative assets, such as gold and commercial real estate, are highlighted as potential hedges against inflation and market volatility [6][11] - Investing in a gold IRA can provide tax benefits while protecting retirement funds from economic uncertainties [9] Conclusion - With careful planning and potentially one spouse continuing to work, Jim and Helen can transition into retirement with financial security [28][30]

Core Insights - The article emphasizes the importance of flexible financial planning for retirement, highlighting strategies to manage spending, investments, and tax implications effectively [1][4][5]. Group 1: Financial Planning Strategies - Stoy Hall, CEO of Black Mammoth, discusses the significance of adjusting spending according to income and market conditions, advocating for a flexible withdrawal strategy rather than adhering to fixed percentage rules [1]. - Derrick Kinney suggests a practice-retirement budget 12–18 months before actual retirement to assess living expenses, which can lead to earlier retirement or extended working years based on individual financial situations [2]. - Stephanie McCullough emphasizes the need to differentiate between long-term and short-term money as retirement approaches, recommending that funds needed within the next five years should be kept in low-risk investments [6]. Group 2: Tax Management in Retirement - Carolyn McClanahan points out that retirees often delay withdrawals from retirement plans until required distributions, which can lead to higher tax brackets later on, stressing the importance of early tax planning [4]. - The article advises retirees to utilize the 10% and 12% tax brackets effectively in the early years to minimize future tax burdens and potentially delay Social Security benefits [5]. Group 3: Healthcare and Long-term Care Planning - Hall recommends pre-funding a Health Savings Account (HSA) before retirement to cover healthcare costs tax-free, and planning for long-term care either through self-funding or insurance [8]. - The article discusses the financial benefits of aging in place, suggesting that downsizing can reduce home maintenance costs and long-term care expenses [7][8]. Group 4: Legacy Planning - Bill Perkins' philosophy, as mentioned by McCullough, encourages making substantial gifts to beneficiaries during one's lifetime rather than prioritizing a legacy at death, which can be uncertain [9].

Core Insights - The end of the year presents financial challenges and opportunities for middle-class families, necessitating a structured approach to financial management [1] Financial Checklist - Utilizing a checklist can help families organize their financial affairs as they transition into the new year, similar to how they manage other household tasks [2] - Financial planner Connor Bauserman emphasizes the importance of having a clear plan to avoid overspending during the holiday season [4] Holiday Spending Analysis - The average family spends approximately $1,600 during the holidays, which can lead to financial strain if not managed properly [5] - Bauserman suggests that families should review their December spending and create a savings plan for the next holiday season, recommending a monthly saving of about $134 to alleviate financial stress [5] Automation of Finances - Automating finances, particularly savings and investments, is recommended as a year-end upgrade to prioritize saving over spending [6] - Automatic transfers to savings accounts or investment accounts can help families work towards their financial goals without constant active management [6]

Core Insights - Chesapeake Financial Planners is expanding its team and service capabilities in response to increased client demand for professional financial guidance [1][2][3] - The firm has launched a redesigned website aimed at enhancing transparency and usability for prospective clients [3][4] Company Developments - The firm has added new team members to support its growing client base while maintaining personalized service quality [7][8] - The new hires will assist in various operational areas, ensuring the firm can handle increased planning volume effectively [8] Client Focus - Chesapeake Financial Planners primarily serves business owners, technology executives, and individuals nearing or in retirement, who face complex financial situations [10] - The firm operates as a fiduciary, legally obligated to act in clients' best interests, distinguishing it from firms with less stringent requirements [11] Recognition and Expertise - Jeff Judge, the Managing Partner, has received the Five Star Wealth Manager award annually from 2017 to 2026, based on objective criteria [12] - As the sole CFP® designee at the firm, Judge brings rigorous training and ethical standards to client engagements [13] Strategic Vision - The operational updates reflect a commitment to sustainable growth, focusing on building infrastructure that supports long-term client relationships [14]

It might surprise people that my husband and I pay a financial planner, given that I spend a lot of time on financial, tax, and investment planning at work. However, hiring a planner has delivered a return that can’t be quantified: peace of mind. Here are some key reasons we pay for financial advice. 1) We wanted a second opinion on a few important decisions. I wanted a different perspective on less-familiar subjects, such as handling employer stock, and whether we needed long-term care insurance. We c ...

Core Insights - Wealth Enhancement has acquired Spectrum Wealth Management and its affiliated accounting firm Putman Group, enhancing its team and client asset management capabilities [1][2] - The acquisition increases Wealth Enhancement's total assets under management to over $131.2 billion [2][5] - Spectrum Wealth Management specializes in comprehensive financial planning and tax planning, which aligns with Wealth Enhancement's integrated wealth management model [3][4] Company Overview - Spectrum Wealth Management, founded in 2002, focuses on financial and tax planning, risk management, and investment management for business clients and high-net-worth individuals [3] - Putman Group, established in 1991, is associated with Spectrum Wealth Management and enhances the firm's tax planning services [3] Strategic Implications - The acquisition is Wealth Enhancement's 100th, following the recent purchase of Wise Wealth, which added $464 million in client assets [5] - The integration of Spectrum Wealth Management is expected to provide clients with greater resources and support, fulfilling the firm's promise to help clients prosper [4]

Core Insights - Many retirees are unprepared for unexpected expenses, with only 27% able to withstand financial shocks during retirement according to a T. Rowe Price survey of over 7,000 retirees globally [2] Group 1: Financial Shocks in Retirement - Common financial shocks faced by retirees include medical expenses not covered by Medicare and housing-related costs [6] - Health care costs are a significant concern, particularly the unexpected expenses that arise between catastrophic illnesses, which are often not planned for [6] - Financial planners emphasize the importance of having a safety margin and a flexible plan to adapt to unforeseen circumstances in retirement [3] Group 2: Health Care and Insurance Coverage - Medicare starts at age 65 but does not cover all medical expenses, leading many retirees to purchase supplemental insurance [4] - Even with supplemental plans, retirees may still face high medical bills due to gaps in coverage [6] - Long-term care costs are not covered by Medicare or supplemental plans, making it essential for retirees to evaluate their potential medical needs before retirement [7]

Core Insights - The article discusses the importance of managing irregular expenses through a financial tool known as a sinking fund, which helps individuals prepare for planned, non-monthly expenses without disrupting their budget [4][5][6] Group 1: Sinking Fund Overview - A sinking fund is a savings account designated for planned, non-monthly expenses, allowing individuals to set aside money to cover these costs without financial strain [4][5] - Examples of expenses that can be managed with a sinking fund include yearly travel, insurance premiums, property taxes, car maintenance, and tax payments [5] Group 2: Financial Education Gap - The concept of sinking funds is not widely recognized, despite being a practical solution for managing intermittent expenses, as personal finance education often focuses on emergency funds and long-term investments [6]

MoMo Productions / Getty Images Designate your heirs as your beneficiaries to ensure they receive your 401(k). Key Takeaways Your 401(k) passes to the person you name on a beneficiary form—not through your will. Spouses and non-spouses face different rules and tax implications when inheriting a 401(k). Forgetting to update your beneficiary or leaving it blank can lead to probate and unintended recipients. Your 401(k) could be one of your biggest assets. But what happens to it after you die? Unli ...