We shouldn't measure our "success" by measuring our net worth to others. Why? Because each person is different and unique. However there are times when it is useful to determine if we are "on track" with our asset accumulation.

Here is a nice article on what the typical American accumulates during their lifetime. 

Where do you fall in comparison? 

Are you ahead?  Then good for you!  Keep up the good work and enjoy the benefit!

Are you behind?  This can be a great stimulus for you to work to boost your savings for the future. 

How Does Your Net Worth Compare?

Note:  In this article, they use two different measurements of wealth. Here is a simple way to think of these numbers.  Average can be thought of a "typical" or "most common" number in the group.  Median is the number "in the middle" of the group, where half of the people in the group are below this number and half are above this number. 

Note:  WCRM is not responsible for...

 Repeat after me...."I DO!"

Be a millionaire at age 65?   For SOME it’s easy.

So you want to be a millionaire.   To join the “double comma” club.  The seven-figure bank account. All by age 65.

Sounds great ‘eh? 

Now here is a secret.  You can buy membership into that club for a monthly fee.  

How does 300 bucks and some change a month sound?  Would that be a great deal to join the club?

Or would you rather pay $450 or so for membership?

Or $650?  ….all the way up to $6,000 a month to join that club?

Which would you choose?   $300?  Or $6,000 a month “dues”?

I suspect that we would all choose to join the club for $300 a month. 

But there is a catch to becoming a millioniare…

It’s about time.  It’s how long you put away that monthly money and let it do a lot of the work for you.  Depending on your age, it may be too late to join the...

You have spent your entire career building and growing your practice.  Maybe you were even the founder of the practice.  It represents your blood, sweat, and all too often ... tears, from years of dedicated work.

Now it's time to cash out.  Retirement here I come!  I see the big nest egg that my practice buy-out will provide me.  Maui ... here I come!

It's Time To Buy Me Out!

But hold on there cowboy!

There is a problem. What you think your practice is worth and what you should get from it, isn't necessarily the value offered by your partners that you are leaving behind.  Maybe they see the practice value far lower than you do.

Now what?

Perhaps the last thing you want when you leave your practice is to have it a contentious event.  There is nothing more potent than money when it comes to poisoning a relationship.  Everyone typically overvalues their own contribution and undervalues everyone else's. 

A retirement buy-out is...

We all know there is a risk to investing.  We never really know if the market is going up ...  or down.

Most of our lives, this isn't an immediate issue for most people.  They are in the market for the long term and "conventional" wisdom is that you shouldn't sell when the market is down, but rather wait until it comes back, which is invariable does.  

Note:  This post does not provide any specific information for individuals to use for investing.  That is your responsibility alone.  This is NOT investment advice.  This article is to highlight an element of investing that you should consider in your own investment plan.

Near Retirement?

Although it's often the plan to "ride out the storm" of a market downturn, there is a time when that can be difficult.  When you are relying on those investments to create your retirement cash flow.  You need monthly income, which you get from your investments, and now they are down. ...

Medicare.

Simply the sound of the word creates confusion for most people who are facing or preparing for retirement.  There are many different choices that you need to make that can have significant financial ramifications to the amount and type of coverage you receive.  

One type of Medicare coverage you need to become familiar with, to determine if it's right for you, is the Medicare Advantage plan.  This is also known as a "Medicare Private Health plan" or sometimes called "Medicare Part C".

An advantage plan is a Medicare plan which is offered thought a private insurer.   Such plans have different benefits, sometimes more than a standard plan, but can also have elements of coverage or flexibility that are more restrictive than a traditional Medicare plan.  

Confused yet?  

There are two resources that can help you better understand your options so you may make the best choice for yourself. 

The Kaiser...