Social wellness should be top of mind whether you’re approaching retirement or already retired. Social wellness refers to nurturing yourself and your relationships. It can provide you with a positive social network that improves your self-esteem and overall quality of life.

It might also lead to better sleeping and eating habits. Social wellness may also help you ward off loneliness, which can take a toll on your mental health and increase the risk of chronic illnesses like heart disease, depression, and Alzheimer’s disease. In honor of Social Wellness Month, we’ve created a list of ways you can practice social wellness in your retirement years:

Join A Club

Many clubs cater to people with various interests, hobbies, and beliefs. Whether you join a book club, choir, or sports team, you’ll be able to engage with other like-minded people. A club can also help keep you active while giving you a reason to get out of the house.

Bond With Children

If you’re fortunate enough to have children and grandchildren, make it a priority to spend time with them regularly. You’ll be able to enrich your life through meaningful play and conversation while enjoying the perspective of someone in a different stage of life.

Get A Pet

Studies show that pet ownership can help people reduce stress levels and improve their health. If you don’t have a pet, it may be time to add a four-legged friend to your family. While a pet does come with responsibility, it can do wonders for your social and emotional wellbeing.

Exercise At A Gym

Do your best to engage in at least 30 minutes of physical activity each day. You can join a gym or fitness center to meet new people and develop strong relationships while walking around the track, practicing yoga, or taking a dip in the pool.

Volunteer

Find an organization you believe in and donate your time through volunteering. Not only will you feel good about giving back but you’ll also connect to others with similar passions. Consider volunteer opportunities at a local soup kitchen, animal shelter, park, or disaster relief organization.

Consult Your Financial Professional

A financial professional can help you review your financial situation throughout retirement and determine the ideal strategy for your unique goals.

SWG2241771-0622d The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.

In addition, M3 Wealth specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!

Whether you’ve had an estate plan for years or only recently set one up, it’s essential to update your estate plan from time to time. So when should you update your estate plan? That answer depends on your unique circumstances. However, most financial experts recommend that you review and revise your estate plan every three to five years or after you’ve undergone a significant life event. Here’s a closer look at circumstances that may warrant an update to your estate plan:

Marital Changes

A change in your marital status is the ideal time to review your estate plan. If you get married, you may want to add your new spouse to specific estate planning documents. On the flip side, if you divorced, you might want to remove your former partner from your estate plan.

Birth Of A Child

It’s essential to protect your children when something unfortunate happens to you or your child’s other parent. That’s why the birth of a child usually requires an update to your estate plan. You can also use the opportunity of updating your estate plan to name a guardian for your child.

Major Financial Changes

Maybe you purchased a home, or perhaps you made a considerable investment or became a business owner. If there has been a substantial change to your finances, you must update your estate plan to reflect your and your family’s new needs.

A Geographic Move

Estate planning laws may vary from state to state. While some differences are slight, others are significant and warrant changes. Things related to powers of attorney, advance medical directives, and living wills. If you move to another state or acquire a second residence there, it’s in your best interest to meet with a legal professional to learn how your new state’s estate laws impact your situation.

Significant Health Changes

An estate plan is designed to protect your health, well-being, and finances. If you or a loved one experience a substantial change in health, it’s essential to revise your estate plan. For example, if your power of attorney is a spouse whose health now prevents them from taking on the role, you may want to consider changing to someone else.

Consult A Financial Professional

A financial professional can help you with your ever-evolving estate planning needs by reviewing your financial situation and determining the ideal strategy for your unique situation.

SWG2241771-0622a The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.

In addition, M3 Wealth specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!

No matter your age or stage of life, it’s essential to conduct a yearly financial review with your financial professional. A financial review will allow you to take a close look at your finances, assess the success of various strategies, and determine whether you need to make any changes.

A yearly review can help ensure that you’re headed in the right direction financially. In honor of Effective Communications Month this June, we’ve compiled this list of tips to help you make the most out of your yearly financial review:

#1- Consider Your Budget

A budget helps you track how much money is coming in and going out each month. When you meet your financial professional for your yearly review, review your budget for the past year and use it to design the ideal budget for the upcoming year. Reviewing your budget will help you determine where you can cut any unnecessary expenses.

#2- Examine Your Savings Goals

Since your ability to save will play a vital role in your financial success, take a look at your savings. Determine if your savings goals for the year still apply. Ask yourself if there is any room for improvement and how realistic it is for you to boost your savings. If possible, work toward increasing your savings rate each year to help compound your money and change of savings rate success.

#3- Evaluate Your Financial Plan To Retire On Time

As you review your financial plan, make sure you’re saving enough this year. Adjust to keep you on track for retiring on your retirement timeline. You may consider increasing your retirement savings contributions at work or contributing more to your other retirement savings accounts.

If you’re already retired, meet with your financial professional to help determine whether your spending down plan is appropriate. For the current economic environment or if you should consider other strategies.

#4- Assess Your Investment’s Performance

It’s essential to review each investment’s performance and take action to improve your portfolio’s future performance. While you can’t control market performance, you can take action to help ensure that your investments align with your goals. During this time, review performance net fees, and discuss other investment vehicles. During your yearly financial review discuss strategies appropriate for your situation with your financial professional.

#5- Understand Your Tax Situation

Taxes can get complicated, so that you may need help from a tax professional. Understand how you can max out your retirement savings accounts or give charitable donations to help lower your taxable income. Also, determine whether you qualify for any new tax credits or deductions. If you’re gone through some life changes, you may have access to tax perks that weren’t available to you in the past. Tax planning can occur anytime throughout the year, and well ahead of the end of the year is optimal for your yearly financial review.

Contact Your Financial Professional To Schedule Your Yearly Financial Review Today!

SWG 2208431-0522e The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.

In addition, M3 Wealth specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!

If you currently invest in real estate or if you plan on investing in today’s real estate market, it’s essential to understand its risks.

Now, we’re in a seller’s market, which means fewer homes are for sale, prices exceed list prices, and fewer incentives from sellers. Be sure to keep these four tips in mind if you plan to invest in real estate in the near future:

Home Values May Decrease

Home prices continue to rise, but no one can predict what will happen to the housing market. Therefore, if you’d like to invest in selling within a specific period, consider the risks of a short-term real estate investment since home prices may fall and take a toll on your plans.

Overpaying Is Easy

Many people are looking to buy properties. If you know a property has received several offers, you may spend more. By understanding the maximum price you want to spend, you can avoid paying more than a property’s market value.

It Can Be Challenging To Find Suitable Properties

A seller’s market means low supply, and it may take a while to find an investment property or multiple properties that check off all your boxes. You may have to settle for a less-than-ideal property for your needs.

Consider The Alternatives

No one has a crystal ball that can predict whether the housing bubble will burst. While you can invest your money in property now and hope that property values continue to go up, you may also want to consider holding off and using other strategies to diversify your portfolio. Here are some options to consider instead of investing in today’s real estate market, after consulting your financial professional:

REITs

REITs or real estate investment trusts are companies that invest in income-producing real estate. To generate income, you can buy publicly traded REIT shares, a REIT fund on stock exchanges, or private REITs.

Real Estate Crowdfunding

Real estate crowdfunding allows you to pool your money with others online to purchase property shares. Ensure you do your due diligence by investigating real estate crowdfunding platforms licensed in your state. To make sure they are legitimate. Your financial professional or your state’s attorney’s office is an excellent place to start.

Consult Your Financial Professional

A financial professional can help you determine if now is an appropriate time to invest in real estate in the current market based on your financial situation.

SWG 2208431-0522d The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.

In addition, M3 Wealth specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!