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Round Up: 2021 in Review

Round Up: 2021 in Review

December 09, 2021

Like 2020, the past 12 months have been a time of heightened economic and financial insecurity. Over the course of 2021, we have noticed a shift in priorities as individuals and families reassess their financial health.

To help address these growing concerns the JL Smith team spent the past year writing a series of articles that answered the most frequent questions we were hearing from our clients: Should I refinance?How will my social security affect my spouse? Do I need a Medicare advisor?

To reflect on shifting financial trends—and to help predict possible trends in the new year —we have rounded up a handful of our most popular 2021 blog posts. From mortgages to marriages, we break it down for you so you can welcome in the new year on solid footing.


When to Refinance Your Mortgage

With so many potential pros and cons to refinancing your mortgage, it can be hard to get it right. Learn how to avoid common mistakes and costs with this helpful article that covers the basics of refinancing.

“If you are looking for ways to save money, refinancing your home may feel like a no-brainer. Lowering your interest rate, shortening your loan term, and tapping into your home’s equity are just a few possible outcomes for those who choose to refinance. That doesn’t mean refinancing your mortgage doesn’t come at a cost, though. It can be difficult to determine whether the benefit of refinancing your home outweighs the expenses necessary to make it happen.”

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Social Security Tips for Married Couples

How you apply for Social Security benefits is challenging. This article dives into the many factors married couples should be aware of when planning for retirement.

“When you think about Social Security, it can feel like an endless puzzle game to determine which Social Security benefits strategy is right for you and your family. When and how you apply for your benefits can result in a difference of tens of thousands of dollars over the span of your retirement.

For couples, navigating this process can feel even more uncertain because partners who coordinate their Social Security benefit strategies are more likely to maximize their benefits than those who don’t coordinate their benefits.”

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How to Transfer Property

There are multiple ways you can transfer property, but legal fees, taxes, and other financial obligations make it difficult to know which method fits. In this article, we break down everything you need to consider when thinking about transferring property.

“In the United States, real estate has been—and continues to be—one of the most valuable financial investments a person can make. When estate planning; however, planning the transfer of that property can feel like a complicated, emotional, and stressful endeavor.

There are multiple different ways a home can be transferred, some of the more popular methods being a will, a transfer on death deed, and trusts. The approach you choose can have a significant impact on not just your financial health, but the financial health of the recipient of your property as well.”

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Personal Finance Terms to Know Before Retirement

What’s the difference between a Will and a Trust? What does “fiduciary” even mean? Read our retirement glossary of personal finance terms so you can make decisions about your retirement with confidence.

“As you near retirement, it is common to become more concerned with your savings and investments. Unfortunately, unless you are a finance professional, some of the terminology that is often thrown around can be quite confusing. Coupled with the ever-changing stock market, fluctuations in interest rates, and unlimited investment options, the thought of growing your nest egg can be daunting.

At JL Smith, we want you to feel comfortable with how your money is being invested. That is why we have taken the time to put together a small guide of the most common terms you might hear during a conversation with one of our advisors.”

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It’s Never too Late to Work with a Financial Advisor

There is no perfect time to start working with a financial advisor, but there are a few key life changes that might prompt you to work with one. In this article, we break down key life events that may warrant calling a financial advisor.

“Many people assume there is a timeline they should follow when it comes to working with a financial advisor. However, this isn’t the case at all. There are different events and scenarios throughout a person’s life where it makes sense to consult with a financial professional.

Regardless of whether you are starting a new job, retiring, downsizing your home, or thinking about starting a business, it is important to make sure you have all of your financial assets in order.”

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What is a Medicare Advisor?

In this article, we explain how a Medicare advisor works with individuals to ensure they are financially ready to take on the costs of healthcare coverage during retirement.

“In 1960, healthcare costs took up $27.2 billion, or 5%, of the United States’ gross domestic product (GDP). By 2018, U.S. healthcare hit an astonishing $3.5 trillion, which was 17.7% of the country’s GDP.

In the United States, healthcare expenses are continuing this upward trajectory and are expected to maintain this trend of inflation at an annual cost increase of 5.9%. This means that on average, a healthy 65-year-old couple retiring in 2021 will spend $662,156 on healthcare costs throughout their retirement.”

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At JL Smith, we believe knowledge is power. Our goal is to educate all our clients in order to help them reach financial wealth and prosperity for life. If you have questions or concerns about your current financial position, call us or schedule a free consultation with one of our expert advisors. We’re here to help.