Perhaps your doctor, lawyer, and accountant are trusted advisors. Through years of working with them, they have come to know your family and your particular needs. How about your investment representative? Have you built the same kind of trusting relationship with him or her? Your investment representative could be a resource to tap for financial planning information through the many stages of your life.

Let’s say that at the age of 25, you earned $35,000. If your salary increased at the average historical rate, you’d have earned nearly $2 million in total by the time you were 65.^1,2 That might sound like a lot -- until you begin thinking about all the financial goals you’ll need to juggle in a lifetime, including buying a home and paying for your child’s education, while funding your own retirement.

In the sports world, a mental error can cost your team the big game. When you are investing, a mental error can put your retirement portfolio at risk. Mistakes often result from letting misconceptions and emotions affect your decisions.

Perhaps your doctor, lawyer, and accountant are trusted advisors. Through years of working with them, they have come to know your family and your particular needs. How about your investment representative? Have you built the same kind of trusting relationship with him or her? Your investment representative could be a resource to tap for financial planning information through the many stages of your life.

After years of investing for retirement and other goals, you may have accumulated a substantial portfolio. If you’re approaching or already enjoying retirement, there are important steps that you can take to help ensure that your investment plan -- and your nest egg -- is on track for your Golden Years.

If you’re looking for an investment-income source, you may want to consider adding dividend-paying stocks to your portfolio. They may be especially appealing to retirees or investors who aren’t comfortable with a lot of risk.

The tax year will be ending on December 31. If you have plans to make charitable gifts to family members, it’s last call to make those donations for 2018.

The Basics

If you have the financial ability and devotion to make lifetime gifts to family members, consider making them annually. The inflation adjustment for 2018 has increased the amount you can gift without being subject to a per-individual gift tax – $15,000 individual, or $30,000 for married couples. Keep in mind that gifting decisions should reflect any additional wealth transfers or estate planning steps you already have in place.

At its most effective, wealth management is a multi-faceted approach—addressing risk and tax issues, estate planning and charitable gifting, and perhaps college and long-term care planning. It’s unlikely to find one single financial professional who’s equally well versed in all these disciplines. Acknowledging that reality, the LPL Financial Advisors of MaxWealth Management located at Lake Michigan Credit Union frequently collaborates in a team effort, to draw on their collective understanding to the benefit of their clients.