The truth is, figuring out retirement spending doesn’t start with a magic formula. It starts with looking closely at the life you live today — and the one you imagine for the future. That process is simpler than most people think, but it requires a willingness to pull out the numbers and see them for what they are.

Step 1: Look at today’s spending

The best predictor of your retirement lifestyle is how you spend money right now.

Begin by asking:

• What do I spend each month on housing, food, transportation, and healthcare?
• Which costs are essential versus optional?
• How consistent is my tracking — do I actually know what I spend?

This step may feel basic, but it’s powerful. Using credit card and bank statements to ground your answers in reality helps you “feel” the numbers, not just guess at them. If you need tools to make that easier, see 3 Alternatives to the “Mint” Budgeting App.

Step 2: Separate fixed and variable expenses

A simple but powerful way to think about money is to split your expenses into two buckets:

• Fixed expenses: Mortgage or rent, property taxes, insurance premiums, utilities, basic groceries. These are your non-negotiables — they don’t go away just because you retire.
• Variable expenses: Travel, dining out, hobbies, gifts, entertainment. These are the lifestyle choices that make retirement fun, and they can flex up or down depending on your circumstances.

To get a sense of balance between these categories, many clients also find the 50-30-20 Rule of Thumb helpful — it’s a quick way to compare essentials, lifestyle, and saving against what you’re currently spending.

Step 3: Ask what carries over into retirement

Not all expenses disappear when you stop working. Some shrink, some grow, and others surprise you.

Ask yourself:

• Will I still have a mortgage, or will the house be paid off?
• How will healthcare costs change once I’m on Medicare?
• Will I travel more — or spend less on commuting and work clothes?
• What new hobbies, family support, or giving might I want to add?

You don’t need perfect answers. Even rough estimates highlight what will stay the same, what will change, and what could catch you off guard.

Step 4: Don’t forget the surprises

Even the most careful planners underestimate certain costs:

• Healthcare and long-term care: Premiums, prescriptions, and in-home or assisted care can be significant. Genworth estimates median costs at $5,000–$10,000+ per month.
• Home maintenance: Roofs, HVAC systems, and other big-ticket repairs don’t vanish in retirement.
• Lifestyle creep: More time can mean more spending on hobbies, entertainment, or family experiences.

Step 5: Put it all together with a worksheet

After walking through these steps, the next move is to put your numbers in one place. A Retirement Spending Worksheet helps you:

• Capture today’s fixed and variable expenses.
• Decide which ones continue into retirement.
• Estimate how your costs shift — higher in some areas, lower in others.
• Create a simple snapshot you can revisit every year.

You don’t need perfect answers — even ballpark numbers bring clarity and confidence.

FAQ

Here are some of the most frequently asked questions I hear from clients — they’ll help you gauge if you’re on track as you work through this exercise with the worksheet.

Q: How much does the average retiree spend per month?

A: According to the U.S. Bureau of Labor Statistics, consumer units with a reference person aged 65 or older reported average annual expenditures of about $49,872 in 2020–2021. That works out to roughly $4,150/month.

Q: Will my expenses go down in retirement?

A: Some will (commuting, payroll taxes), but others rise (healthcare, hobbies, travel). That’s why separating fixed and variable expenses matters.

Q: How often should I update my plan?

A: At least once a year, or after big life changes such as paying off a mortgage or a health shift.

Q: What if I don’t know exact numbers?

A: Use ranges or estimates. Clarity, not perfection, is the goal.

Figuring out retirement spending starts with looking at today, separating fixed from variable, and asking which expenses carry forward. From there, you can begin to see your future life with more clarity.

At MainStreet, the clients we work with often find this exercise to be a turning point. What feels vague and overwhelming at first becomes tangible once the numbers are laid out side by side. And while the worksheet itself is simple, the act of doing it is where the real value lies. Pulling out credit card and bank statements, writing down real spending categories, and comparing them to what life might look like in retirement helps make the numbers real.

That’s exactly what the Retirement Spending Worksheet is designed to do — take your best guesses and your real numbers, and turn them into a snapshot you can build on with confidence.

Next step: Download our worksheet and sketch out your numbers. The moment you see them on paper, you’ll feel more in control of your retirement.

Fill out the form to get the worksheet link sent to you and to join our MainStreet Inbox Club

The post How Do I Figure Out What I’ll Really Spend in Retirement? appeared first on MainStreet Financial Planning.

My Own Life Insurance Journey

Like many, I bought my first life insurance policy in my 20s—mostly because I knew it was the “responsible” thing to do.

When our son was born, my needs changed dramatically. Suddenly, we had childcare costs, a growing list of family expenses, and his future education to plan for. I added more coverage.

Later, when our daughter arrived, I was already in my 40s—and by then, we had also taken on a bigger mortgage. For many families, that timing might feel “late in life” to be adding coverage. But with the right strategy, it doesn’t have to be overwhelming. I built a laddered approach—adding policies with different lengths and different amounts—to match our obligations. Because coverage phases out as those obligations (like tuition and the mortgage) go away, the overall cost stays manageable, even starting later.

This laddered strategy saved about 15–20% on premiums compared to buying one big 30-year policy, while giving me the most protection during the years my family needs it most.

Are You Over- or Under-Insured?

The most important step is to ask: Does your coverage still fit your life today?

• Over-insured? If your mortgage is nearly gone, your kids are financially independent, and retirement savings are solid, you might be paying for more insurance than you need. Many people also forget they have life insurance through work—coverage they’ve never factored into the bigger picture. If you’re considering canceling, read: Three Considerations If You Are Thinking to Cancel Your Life Insurance Policy.
• Under-insured? If you still have tuition to cover, debts to pay, or parents who rely on you financially, your current coverage may fall short. Ask yourself: Do You Have Enough Life Insurance?.

Term Insurance: Still Worth Considering

If you bought a 20- or 30-year term policy years ago, it may be close to expiring. When the term ends, so does the coverage. If your responsibilities are still significant, this could be the time to add more. Even in your 40s or 50s, shorter-term coverage—like a 5- or 10-year term—can still be surprisingly affordable.

And don’t assume term is just for your younger years. Sometimes adding new coverage later makes perfect sense if your financial needs have grown. Not sure how much protection you need right now? Start here: Calculating the Need for Life Insurance.

Permanent Insurance: Does It Still Fit?

Permanent insurance (whole life, universal life) is usually set up with long-term goals—estate planning, leaving a legacy, or lifelong protection. For some families, these policies remain useful well into retirement. Others may find that their original purpose no longer applies.

Permanent policies can also provide flexibility. Over time, they build cash value, which can sometimes be accessed through policy loans—for example, to help cover a child’s college costs. But it’s important to remember: tapping that cash value comes at a cost, reduces the death benefit, and should always be carefully evaluated. For more perspective, read: Is Whole Life Insurance an Investment?.

Review as Life Changes

Your financial life won’t stay the same—and neither should your insurance. I’ve adjusted my coverage as our family grew and our mortgage changed, and I encourage others to do the same. Make a point to review your policies every few years or whenever you hit a major milestone.

The right coverage gives you peace of mind that your family is protected. And making sure it evolves alongside your life is one of the smartest financial moves you can make.

Further Reading on Life Insurance

• Three Considerations If You Are Thinking to Cancel Your Life Insurance Policy
• Is Whole Life Insurance an Investment?
• Do You Have Enough Life Insurance?
• Calculating the Need for Life Insurance

The post Life Insurance and the Sandwich Generation: Do You Have the Right Coverage? appeared first on MainStreet Financial Planning.

For these clients, it’s not just the delivery of a solid, financial plan.  We also have a conversation around who is going to be in “Circle of Support”—a mix of people who could offer emotional, practical, and professional support during this next chapter of life.

If you’re facing retirement without family, considering a similar move—or just wondering how to strengthen your connections in retirement—here are five steps to help you build a support network without relying on family.

1. Reflect on Your Needs and Strengths

Begin by thinking about the kind of support you want or need in this next stage of life:

• Emotional: Companionship, encouragement, or a trusted friend to talk to.
• Practical: Help with errands, home maintenance, or rides to appointments.
• Professional: Advisors who can support your financial, health, or legal decisions.

Also, consider what you bring to the table. Do you have time to help others? A skill to share? Support networks are most rewarding when they’re mutual.

2. Reconnect and Strengthen Relationships

You may already have people in your life who could be part of your circle—you just need to nurture the connection.

• Reconnect with old co-workers, friends, neighbors you’ve lost touch with.
• Strengthen your current friendships by scheduling regular calls, planning outings, or sharing experiences together.

Even small steps—like inviting someone for coffee—can lead to meaningful connections over time.

3. Expand Your Network with Intention

When you’re ready to meet new people, seek out opportunities based on shared interests:

• Hobbies: Join local clubs or online groups focused on something you enjoy.  If you love hiking, join a local hiking group.  If you love theater, volunteer to paint scenes at the local theater.  Join a book club, craft or gardening club to meet your kind of people.
• Community resources: Check out offerings at your local senior center or community center. Many offer fitness classes, art workshops, or lifelong learning courses.
• Support groups: If you’re facing a specific challenge—like caregiving, chronic illness, or grief—there are groups filled with people who understand.
• Online tools: Sites like Meetup.com, NextDoor or Facebook Groups can help you connect with like-minded people in your area.

And remember—if you don’t find something that fits, create your own.

4. Communicate Clearly and Set Boundaries

Building a support system means inviting people into your life—but also setting healthy expectations.

• Be honest about what kind of help you’re seeking.
• Understand that not everyone will have the capacity to meet those needs—and that’s okay.
• Clarify your own limits, too, so you don’t become overwhelmed by trying to be everything to everyone.

Healthy boundaries make relationships stronger and more sustainable.

5. Make It Mutual

Support isn’t just about what you receive—offering your time, presence, or skills helps relationships flourish. Whether it’s helping a friend with tech, offering to walk a neighbor’s dog, or simply listening when someone’s had a hard day, reciprocity creates a sense of community and purpose.

You’re Not Alone

Retirement without family can feel uncertain—but it doesn’t have to be lonely. By reflecting on your needs, reaching out to others, and being open to new experiences, you can build your own Circle of Support.

Start by reaching out to one person today. You may be surprised by how ready others are to connect—and how fulfilling this next chapter can truly be.

Other Helpful Resources:

Creating Your Solo Aging Plan

Navigating Solo Network and Resources Library

Solo Aging and the Importance of Building a Local Support Network 

How to Build Your MicroBoard (And Be the Chair of Your Board!)

13 Ways to Live a Dynamic Life 

With the increasing awareness of Solo Aging, help with planning can also be found through many organizations around the country, including senior centers, area agencies on aging, and county offices of aging.

Online search suggestions:  Search “solo aging”, “childfree”

The post Facing Retirement Without Family: How to Build Your Circle of Support appeared first on MainStreet Financial Planning.

1. Freeze Your Credit

If you temporarily unfreezed your credit for a loan or new credit card last year, be sure to re-freeze it now. Freezing your credit is an effective way to protect against identity theft and unauthorized access to your financial accounts.

2. Update Your Home Inventory

Take a few moments to review and update your home inventory, whether you keep it in an app, a spreadsheet, or through photos on your phone. Removing items you no longer own and adding new purchases will ensure your inventory is accurate and ready for insurance purposes if needed.

3. Scrutinize Your Credit Report

Visit annualcreditreport.com to get your free credit reports from the three bureaus: Experian, TransUnion, and Equifax. Verify that the information is accurate and that all your credit cards, store accounts, and loans are properly listed. This will help catch any errors or fraudulent activity. If you notice discrepancies, file a dispute with the relevant credit bureau.

4. Verify Your Social Security Earnings

Your Social Security benefits are based on your earnings record, so it’s crucial to ensure your reported income is correct. Log into myssa.gov to view and confirm your earnings history. If you notice any errors, you can easily request a correction online. For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. Double-checking this annually ensures your record stays accurate for future benefit calculations.

5. Review Your Estate Planning Documents

Take some time to review the key documents in your estate plan, such as your will, power of attorney, and property deeds. Whether they’re stored in physical files or securely stored digitally, it’s important to confirm they’re updated and easy to access should you need them.

6. Revise Your Annual Budget

Look over your budget from the previous year and make adjustments for 2024. Tools like Tiller, Monarch, or YNAB can help you track your spending and ensure you stay within your financial goals. While inflation can increase certain costs, staying aware of your spending is the key to preventing your expenses from creeping up.

7. Prepare for Tax Season

Organize your tax documents in one central location—whether it’s a folder, box, or basket—to avoid scrambling when it’s time to file. You’ll receive a mix of mailed forms, emailed notices, and online documents, so keeping everything in one place will save you time and hassle when tax season arrives.

By checking these key items annually, you’ll stay on top of your financial health and be ready for whatever the year brings. Starting the year with these updates will give you peace of mind, knowing your finances are secure and organized.

The post Start the Year Strong: Get Your Financials in Shape for 2025 appeared first on MainStreet Financial Planning.

The MainStreet Financial Planning Discussion Club

When:  Thursday, November 21st at 6:45 pm ET | 3:45 pm PT

~30-45 minutes

Recorded and able to retrieve for one week

How: Zoom Meeting

Free for current clients, $10 for guests

Email us for the Recording!

Passing on Your Legacy: Planning for Smooth Asset Transfer

Hosted by: Vida Jatuils, CFP® &  Anna Sergunina, CFP®

Guest: Barry W. Finkelstein

Are you prepared for how your assets will pass to your loved ones? Join Anna Sergunina, CFP® and Vida Jaulis, CFP®, and guest estate planning expert Barry W. Finkelstein, as they provide insights into establishing a meaningful estate plan to ensure a smooth transfer of assets through trusts, wills, and essential directives.

In many cases, estate planning documents are established without a full understanding of how they work, when they come into play, and how tools like trusts can facilitate the efficient transfer of assets to the next generation. This session will take you beyond the basics, empowering you with the knowledge to make informed decisions tailored to your unique life stage and family needs.

Topics we’ll cover include:
1. The essential documents for effective asset transfer, including trusts, wills, and powers of attorney.
2. Planning for minor children: setting up trusts to protect and support young beneficiaries.
3. Understanding how asset transfer evolves as children reach adulthood.
4. Choosing the right successor trustees, executors, and healthcare agents.
5. Structuring inheritances to ensure they support, rather than burden, your beneficiaries.

Join us for this insightful session to gain peace of mind, fully understand your estate plan, and ensure your legacy supports your loved ones at every stage of life!

About Barry W. Finkelstein

Barry Finkelstein is a California native and opened his last office in Alameda in 2000, focusing exclusively on estate planning for individuals and families throughout the Bay Area.  Barry is passionate about estate planning because he feels that there is so much about what happens to us and our stuff if we become incapacitated and after we die that most people don’t know or understand, which is why he loves doing presentations like this one, to help people make that rough transition as smooth as possible.  Barry is an avid cyclist who loves to do volunteer work and lives in Mountain View with his wife Susan and their two cats.

The post Chalk Talk: Passing on Your Legacy: Planning for Smooth Asset Transfer appeared first on MainStreet Financial Planning.

1. Maximize Your Retirement Contributions:

Enhancing your retirement savings not only secures your future but also offers immediate tax benefits. For 2024, the IRS has increased contribution limits:

– 401(k), 403(b), and most 457 plans: You can contribute up to $23,000. If you’re 50 or older, you can make an additional catch-up contribution of $7,500, bringing the total to $30,500.

– Traditional and Roth IRAs: The contribution limit is $7,000, with an extra $1,000 catch-up contribution for those 50 and above, totaling $8,000.

While IRA contributions for 2024 can be made until April 15, 2025, contributing before year-end allows you to benefit from tax-deferred growth sooner.

2. Harvest Tax Losses

If you have investments that have declined in value, consider selling them to offset capital gains from other investments—a strategy known as tax-loss harvesting. You can use up to $3,000 of net capital losses to offset ordinary income, with any excess carried forward to future years. Consult with a tax professional to navigate the complexities and avoid wash-sale rules.

3. Prepay Deductible Expenses

If your itemized deductions are close to the standard deduction thresholds—$14,600 for single filers, $29,200 for married filing jointly, and $21,900 for heads of household in 2024—prepaying certain expenses can help you exceed the standard deduction and maximize your tax benefits. Consider:

   – Mortgage Interest: Making an extra mortgage payment to increase deductible interest.

   – Medical Expenses: Scheduling and paying for medical procedures or expenses before year-end, especially if they exceed 7.5% of your adjusted gross income.

 – Property Taxes: Paying property taxes due in early 2025 before December 31, 2024, keeping in mind the $10,000 cap on state and local tax deductions.

– Tuition Payments: Prepaying college tuition for the upcoming semester may qualify you for education credits, such as the American Opportunity Tax Credit, worth up to $2,500 per eligible student. Be aware of income phase-out ranges for these credits.

4. Bundle Charitable Contributions

If your charitable donations don’t typically exceed the standard deduction, consider “bunching” multiple years’ worth of contributions into one year to maximize your itemized deductions. Establishing a donor-advised fund allows you to make a large charitable contribution in one year, receive the tax deduction, and distribute funds to charities over time. This strategy is particularly effective if you have appreciated securities, as donating them can help you avoid capital gains taxes.

5. Contribute to a 529 College Savings Plan

Contributions to a 529 plan grow tax-free, and withdrawals for qualified education expenses are also tax-free. While there’s no federal tax deduction for contributions, many states offer tax benefits. For example, California does not provide a state tax deduction for 529 contributions, but the tax-free growth and withdrawals still offer significant benefits. Check your state’s specific rules to understand the potential tax advantages.

By implementing these strategies before December 31, you can optimize your tax situation and set a strong financial foundation for the upcoming year. Always consult with a tax professional, (we happy to help you as well) to tailor these strategies to your personal circumstances and ensure compliance with current tax laws.

The post Save on Taxes with These 5 Year-End Financial Tips appeared first on MainStreet Financial Planning.

What are Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts?

• These types of accounts are custodial accounts which allow you to invest on behalf of a minor until they reach the age of majority. The age of majority is usually either 18 or 21, determined by the state of residence of the custodian.
• UTMAs and UGMAs allow financial investments, but UTMAs also allow property such as real estate. UTMAs may be the only option when opening a new account. Vermont and South Carolina residents can only establish new UGMAs.

Why use this type of account?

UTMAs and UGMAs can transfer wealth to a grandchild, of course, but you can also use them as a learning tool to provide financial education. Gifting even a small amount of money to a UTMA or UGMA and passing along your investment knowledge can give your grandchild a gift more valuable than money that will last a lifetime.

How are UTMAs/UGMAs taxed?

This account is owned by the child, so earnings are generally taxed at the child’s assumed lower tax rate instead of the parent’s rate. This is the power of this type of account.

What is the impact on Financial Aid?

Since these are the child’s assets, there is an expectation that more funds of these funds would go toward the child’s education. Saving for College indicates “20 percent of a student’s assets are counted on the FAFSA, 25 percent are counted on the CSS Profile. Any interest, dividends or capital gains reported on the student’s income tax return is also counted as income on the FAFSA and assessed at 50 percent.” Note: This is not tax-advantaged like a 529 plan.

How can you use the funds in a UTMA/UGMA?

This account can be used for anything! Whether these funds are earmarked for your grandchild’s first car, a downpayment on a home or kickstarting their funds for retirement, these assets will continue to be invested for their goals. If the focus is specifically on education, a 529 Plan may be a better choice in some circumstances, however.

What happens when the grandchild turns the age of majority?

While the grandchild is the minor, you will continue to manage and invest in the UTMA/UGMA. After the age of majority, the grandchild takes over ownership of the account, and it becomes their individual account. This is where the knowledge and financial skills they have learned from you help them to become a responsible and informed investor for their future success.

Where Can You Open a UTMA/UGMA Account?

Ready to get started? Here are three reputable custodians where you can open a UTMA/UGMA account today:

1. Vanguard: Known for its low-cost index funds and long-term investment philosophy, Vanguard is a great option if you’re looking to minimize fees while teaching your grandchild about diversified investing. Open a UTMA/UGMA with Vanguard.
2. Schwab: Charles Schwab offers a user-friendly platform with a range of educational resources, making it a good choice for grandparents who want to engage younger family members in managing their investments. Open a UTMA/UGMA with Schwab.
3. Fidelity: With a strong emphasis on financial education and planning tools, Fidelity is ideal for those who want to teach their grandchildren about investing while providing a wide array of investment options. Open a UTMA/UGMA with Fidelity.

Opening a UTMA or UGMA account for your grandchildren is a wonderful way to contribute to their financial future while also passing on essential money management skills.

Interested in other ways to financially support your loved ones? Check out our article on 5 Ways to Give Your Godchild (or Loved One) a Financial Boost

The post The Benefits of Opening an UTMA/UGMA for Your Grandchildren appeared first on MainStreet Financial Planning.

After my mom passed, I had been helping my dad get his estate planning documents and other financial activities in order. In fact, when on the phone with his insurance or investment companies, he loved to refer to me as his financial advisor before even mentioning that I was also his daughter. Over the years my dad felt comfortable that everything was in in good hands for when he passed.

Below are some of the items or activities my dad and I did.

• Add data to an Excel spreadsheet.

• • Use a Life Organizer to collect your important data as shown in this Money Tip. I made sure it included a list of my dad’s former addresses, email addresses and phone numbers, personal information like date of birth and Social Security number and military data. After he passed, it was great to be able to not only have everything in one place but where I could copy and paste data instead of constantly retyping.

• Create an address book with the people you want to attend your funeral, including phone numbers.

• • I had a few weeks before my dad’s military funeral was scheduled so I was able to mail letters, however, most of the time the funeral will be coming up pretty quickly and letters are not an option. My dad’s friends greatly appreciated being notified.

• Write your own obituary

• • What is it you want your family and friends to know about you and what you value most? Not only is this task out of the way for those you leave behind but it’s also a good recap of your life so far!

• Make a list of your values or create a letter of intent.

• • This lets your family know what’s important to you or if you have instructions on what you wish your heirs to do with the funds you’ve left them.

• Have a family meeting

• • This is where you can discuss what the documents are, what your family’s responsibilities are, and get on the same page with your wishes if you become incapacitated or pass away. Not everyone is ready to face this topic head-on—be prepared for jokes brushing it off, procrastination or denial.

• Do a test run

• • The worst time to realize your hard work wasn’t actually complete is after you’ve passed and there’s nothing that can be done. So, practice! Have your executor do a test run trying to locate your documents and check they have any needed contact information while you’re still around to fill in the gaps.

My client’s father had his documents in “the red notebook” which I thought was pretty genius. Not only did this notebook contain his letter of intent—instructions for some funds earmarked for the grandchildren towards purchasing a car, but the name “red notebook” will now always refer to a source of all the important information a family needs when someone passes away. Instilled in the next generation, it becomes a legacy passed along to the rest of the family who will also make sure they are as prepared as they can be.

For another article on getting ready for your end of life, see this article on Digital Legacy Planning to organize your online assets.

The post End of Life Planning appeared first on MainStreet Financial Planning.

This post takes a deeper dive into CCRCs (Continuing Care Retirement Communities also known as Life Plan Communities)

CCRCs are an all-in-one solution to aging in place for people over 60. Residents start out living independently in their own apartments, duplexes, or single-family homes in the community.  As health needs evolve, CCRCs offer a seamless transition to assisted living, memory care, or skilled nursing facilities within the same community.

Benefits of CCRCs

CCRCs are an attractive option for couples where one person might need more care over time. The average age of a new resident is in their late 70s to early 80s, but newer communities are seeing a lower average move in age. Common services and amenities include:

• Home repairs and maintenance
• Housekeeping and laundry service
• Transportation
• On-site medical care
• Planned social/recreational activities.
• Dining room/meals
• Pool, fitness centers and classes
• Guest rooms for traveling family/friends.
• Approved vendors for assistance as you need it.

Ownership and Management Structure

Not-for-Profit organizations have a mission-based culture owned by Section 501(c)(3) religious or faith-based groups, or fraternal organizations. Their philosophy is generally to provide lifetime housing even if a resident runs out of money and maintain a foundation or endowment fund to be able to do this. Earnings stay in the organization for the benefit of the residents.

For-Profit organizations are usually owned by larger parent organizations responsible to corporate investors or shareholders interested in making money on their investment. Due to the profit-oriented culture, there may be a higher risk of being asked to leave if you can no longer pay. Some facilities do maintain separate charitable funds for this situation.

Do Your Research

As you explore CCRCs, you will want to explore your lifestyle preferences and compare available services & amenities. Research the organization, management and quality of healthcare provided. The financial stability of the community as well as the continuity of management are very important. How close it is the places you go often (doctor’s office, family, friends)?

Be sure to review the contract details and have an attorney review before signing. Consult your financial advisor to understand the financial implications of the entry fee and monthly fee.

Finally, it’s great to ask around and get other’s opinions, but remember that things could change over time. You need to do fresh research. Be sure to visit the community.  Some allow you to sign up as a day camper, visit the dining room or even stay overnight.

CCRCs often have waiting lists and deposits – sometimes 1-2 years out.  Some also have health and financial screenings. If you are interested in these types of communities, you will want to start planning while you are still healthy enough to enter independently.

Where to find unbiased information

CCRCs are regulated at the state level and are required to provide annual disclosure statements which include an in-depth description of all aspects of the community, audited financial statements and sample residency contracts. Disclosure statements can be obtained directly from the community or from the state.  Some states offer meaningful information on the communities located within their state.

Below are some helpful resources for people interested in CCRCs.

California Department of Social Services/Continuing Care Contracts Bureau

California CCRC Providers

Maryland Department of Aging

Where you live matters

My Life Site

My Life Site CCRC Checklist

Legg Mason/Franklin CCRC worksheet

Positive Aging Community

The post Understanding Continuing Care Retirement Communities (CCRCs) appeared first on MainStreet Financial Planning.

At MainStreet Financial Planning, every member of our dedicated team is proudly affiliated with the Garrett Planning Network (GPN). This affiliation goes beyond a mere association; it signifies a commitment to providing exceptional service and embracing a unique model of financial planning. Our approach aligns with the five defining characteristics upheld by the Garrett Planning Network that set us apart in the realm of financial planning.

Here is what makes us different:

1. Hourly, Fee-Only Service:

We operate on an hourly or, flat, fee-only basis, ensuring transparency and alignment of interests with our clients. Importantly, we do not accept sales commissions or any compensation beyond what is directly agreed upon with our clients. Clients pay only for the time your advisor actively works with you.

2. No Minimums, Maximum Accessibility:

Unlike traditional financial advisors, being a Garrett Advisor means that we have no income or investment account minimums for hourly engagements. This eliminates barriers, making our services accessible to individuals across different income brackets.

3. No Product Sales, Pure Expertise:

This is probably the most distinctive part of being a Garrett Planning Network advisor. We, as Garrett Advisors, distinguish ourselves by not selling financial products. Instead, we offer our time and expertise to guide clients through their financial journey. This commitment to objectivity ensures that the advice provided is solely focused on the client’s best interests.

4. Tailored Recommendations:

While not selling products, we do offer specific recommendations and opinions on various products and services that may be suitable for a client’s situation. Additionally, we can guide clients on where to obtain these products or services. If requested, we can also assist with plan implementation so whether it is rebalancing your employer’s 401(k) or giving a recommendation for how to invest your ongoing IRA or brokerage account contributions so that they align with your risk tolerance and time horizon, we can help regardless of whether they are held at Schwab, Vanguard, Fidelity, Betterment, etc.

5. Accessible Financial Guidance for All:

This is my favorite quality of being a Garrett Planning Network advisor – with fees structured as flat or on an hourly basis, MainStreet provides accessible options for individuals at every stage of their financial journey. Whether you’re a beginner with a quick question, a middle-income earner seeking ongoing financial assessment, or a do-it-yourself enthusiast in need of direction, Garrett Advisors cater to diverse financial needs. Our team has a wealth (pun intended) of knowledge ranging from:

• Debt payoff plans
• Experience with government employees, including both military and civilian
• Evaluating equity compensation
• Helping small business owners
• Working with individuals who are widowed or divorced.
• Planning for college
• Taking a gap year
• Relocating to another state or country
• Retirement income planning
• And so much more

In embracing the Garrett Planning Network model, clients gain not just financial advice, but a partnership built on trust, transparency, and a commitment to their financial well-being. If you’re intrigued by this innovative approach to financial planning, feel free to reach out with any questions. I say this with the most humility one can communicate in a brief article that our entire team at MainStreet loves what we do, and we are here to guide you every step of the way.

The post Unlocking Accessible Financial Advice The Garrett Planning Network Advantage appeared first on MainStreet Financial Planning.