Think of long-term financial planning for your family like planting a tree. At first, it may seem small and insignificant, but with time, care, and attention, it grows strong and provides shade, beauty, and fruit for future generations. Without this early and sustained effort, your family may not have the foundation to weather life’s storms and enjoy what you have worked so hard to build. Asking the right questions is crucial when planning your financial future. For example, identifying your […]

As a grandparent, you naturally want to support your grandkids’ education. You want to see them succeed and know they’ll go on to live happy, productive lives with their children and grandchildren. You also want to be sure your multi-generational generosity doesn’t impact your financial goals and retirement savings later in life when you need it the most. Here at SGL Financial, our retirement planning and CFP® professionals in Buffalo Grove understand the complexities of this balancing act and are […]

Saving for retirement is one of the most important financial activities you can do for you and your spouse. This importance may even carry over to your children because you do not want to depend on them late in life. The more you and your partner/spouse can save toward retirement, the better the odds that you can live the independent life you’ve dreamed about as you plan for your retirement years.  If you and your partner/spouse are both employed, two […]

One of the most fundamental financial decisions you will make as a couple is how you treat your money. Will you treat it as a joint asset or manage it separately? Traditionally, couples often share joint checking, savings, and investment accounts. Many financial planning professionals agree that this arrangement can help build trust as you merge your finances, assets, and financial futures. However, some couples opt to keep their assets separate. They may have substantial assets, income, and even debt […]

Welcoming a new child into your family is one of life’s most thrilling milestones, but it often changes your responsibilities and financial priorities. Planning for your expanding family’s future should be a top priority if you are a new or relatively new parent.  As Buffalo Grove wealth advisors, we use a holistic financial planning approach for our clients. This allows us to look at all aspects of your financial situation so you are better prepared to handle life’s twists and […]

Given the increasingly high cost of obtaining a college education, planning for your child or children’s education should be a high priority, even if your child just started elementary school. The 2023-2024 average cost of sending a child (or grandchild) to a four-year college looks like this: If your child or grandchild attends a school within their state, the average annual tuition and related fees cost approximately $11,260. You can add roughly $17,580 for room and board, bringing the annual […]

Retirement traditionally marks the end of a full-time work schedule for yourself or someone else. But increasingly, it’s becoming a phase of life where people blend increased leisure activities with lesser amounts of part-time work. This new approach to retirement planning is reshaping how individuals think about their early post-career years, not just from a financial standpoint but also in terms of personal fulfillment and social engagement. Redefining work after age 65 offers many opportunities. Whether it’s part-time employment, starting […]

As you approach the end of your career and working years, transitioning from being a diligent saver to strategically spending your retirement savings can be a source of both freedom and stress.  Freedom because you no longer depend on a paycheck to fund your cost of living. On the other hand, it is stressful because your retirement savings must produce income for the next 30 years (if you or your spouse live into your 90s).  Moving into retirement often requires […]

Imagine your retirement is full of relaxation, engaging in hobbies you love, and enjoying financial freedom for the rest of your life. It’s an inviting picture, but apprehension is also common. After all, retirement, which could last 30 or more years, brings various uncertainties that you’ll have to address. Think market swings, inflation, recessions, political turmoil, economic downturns, interest rate hikes, and global disruptions, to name just a few. What if you had a financial roadmap, a retirement plan, that […]