Whether you’ve lived in Park Ridge for years or are new to the neighborhood, you’ve probably noticed that this is a town where people put down roots. We’ve got a median age around 44, plenty of multi-generational families, and median home values that have climbed past $570,000. All of that adds up to some money situations that come up again and again for our neighbors/clients.
About one in five Park Ridge residents is under 15, which means a lot of households are stressing about college costs since tuition isn’t getting cheaper. If you haven’t researched a 529 plan recently, it’s worth a few minutes of your time. Whether it’s for your kids or grandkids, even with older kids already in college or out of college (it can be used to pay off some loans), it’s never too late to capitalize a 529 plan. A financial advisor can help you figure out how to maximize the benefits of a 529 on money you were going to either save or spend on education anyway.
Then there’s the “Sandwich Generation.” Nearly 30% of Park Ridge residents are between 45 and 64, which potentially means juggling your own retirement savings, helping aging parents, and raising a family. If it’s been a while since you checked your 401(k) or IRA contributions, take a look. The limits go up periodically, and if you’re 50 or older, “catch-up” contributions let you put away extra cash that can make a real difference down the road.
Finally, there are the pre-retirees and retirees. At least one in 6 of our neighbors are at an age where they are considering either partial or full retirement soon. If that’s you, one big question on a lot of minds is when to start taking Social Security. Claim early at 62, full retirement age, or wait until 70? That choice locks in your monthly benefit for life, so it’s worth having a plan. The best option for you might not be right for your neighbor. Other topics of interest to this generation are legacy planning, donor advised funds, Roth IRA conversions, and Required Minimum Distributions.
Bottom line: a quick check-in with your financial advisor can go a long way, no matter what stage of life you are in. If you don’t have one, give us a call.
To learn more about how Moran Wealth Advisors can be of service to you, please visit www.PlanWithMoran.com or call (224) 938-9200.
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