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To begin with, start talking to your children about money when they are young. Even preschoolers can start to learn about the basics of money, such as the value of coins and bills, how to make purchases, and the importance of saving. As they get older, you can gradually introduce more complex financial concepts, such as budgeting, investing, and credit. When my four sons were young, my husband and I created a “chore” sheet. We listed chores, such as clear the dinner table, fill up the dishwasher, dust the cobwebs and put away their toys.

Each of those chores had a monetary valuation, and if they performed those chores, they could earn money. They loved that idea and learned the concept of work as a way to make money to buy things they wanted. As they got older, the chores became more sophisticated and got bigger, such as fold the laundry and put it away, wash the car and sweep the driveway, but the money got bigger and they liked that as well. To incentivize them even further, we made a deal that when they earned $10, we would match it and that worked brilliantly! We were also lucky because they didn’t have the desire to play video games.

While not as challenging as talking about the birds and the bees, the goal is to help them develop a positive relationship with money and teach them the skills they need to be financially responsible adults. Here are some tips about how to talk about money.

Use age-appropriate language and don’t overwhelm your children with too much information at once. Start with the basics and gradually add more complexity as they get older.
Be positive. Don’t make your children feel guilty about wanting things or about making mistakes. Instead, focus on the positive aspects of financial responsibility, such as the freedom and security that it can bring.

Make it fun. There are many ways to make learning about money fun. One of these ways is to play board games. A bit old fashioned but very effective and provides family time where you are actually talking to your kids. The goal is to make learning enjoyable for your children so that they are more likely to remember what they’ve learned.
There are many board games that can help children learn about money and have fun doing it. Some of these games are specifically designed for teenage children, while others can be adapted for use with younger learners. Here are a few examples:

EASY MONEY by the Parker Brothers and MONOPOLY by the Milton Bradley Company. These very similar games are designed to teach children about the value of money in real estate. They’ll experiment with buying and selling, building, borrowing, banking and mortgaging. In other words, making money.

PAY DAY by Parker Brothers/Hasbro. In 15 minutes, players will earn a paycheck, pay outstanding bills, and have the opportunity to make deals on property and earn money from it (passive income for the win!).

THE ALLOWANCE GAME. After a few rounds, kids will become familiar with counting money and saving it, too. The game board is full of different chores to do which earns them cash, so expect the kids to get lots of ideas about doing work around the house.

THE STOCK EXCHANGE GAME. Here the players take big risks early and then switch to safer buys later as retirement approaches. The player with the most money at retirement wins the game, just like in real life.

These are just a few examples of games that can help children learn about money. There are many other games available, so you can find one that is appropriate for your child’s age and interests.

Another way to teach your children is by getting them to read books of which there are several age-appropriate ones to buy. For little ones, 7 and up, there’s “The ABCs of Economics” by Connor Boyack and Elijah Stanfield or “My First Book of Money Basics” by Sara Kale. As they get a bit older, there’s “Understanding Finance” by Linda Connor. And remember, there are lots of other choices to seek out. These are just a few.

Talking to your children about money is an important part of parenting. By starting the conversation early and making it fun, you can help them develop a positive relationship with money and the skills they need to be financially responsible adults.

The most important thing when talking to your children about money is to be open and honest. Don’t be afraid to talk about your own financial situation and let them know that it’s okay to make mistakes. After all, no one’s perfect, right? The goal is to help them develop a positive relationship with money and to teach them the skills they need to be financially responsible adults.

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First, start early

The sooner you start saving for retirement, the more time your money has to grow. Starting early can provide you with a significant advantage in building your retirement savings. This is due to the power of compounding, which enables your money to grow over time, i.e., your earnings earn more earnings. The average rate of return of the S&P, with reinvested dividends from January 1,1993 to December 31, 2022, was 9.62%. This is based on the total return index of the S&P 500. If you have a 401(k) plan, contribute as much as you can, up to the annual maximum. The more you save, the more money you will have for retirement. Another benefit of maximizing your 401(k) contributions is that the money you put into the traditional 401(k) is pretax, so it has the added benefit of reducing your taxable income. If you don’t work at a company that offers 401(k) benefits, there are other vehicles you can use such as traditional Individual Retirement Accounts (IRAs), ROTH IRAs, and Deferred Compensation plans, just to name a few. Plus, one of the best benefits of all retirement plans is the tax-deferred nature of qualified retirement plans, i.e., you don’t pay taxes on realized gains and you only pay ordinary income on withdrawals. Tax deferral removes a massive drag on your money that is otherwise present in saving for retirement in ordinary taxable accounts. The distinctions in these plans can be found online or by asking your advisor.

Take Advantage of Employer Contributions

Many employers offer a matching contribution to their employees’ retirement accounts. If your employer offers this benefit, make sure you contribute enough to get the full match. This employer matching is essentially free money and can significantly increase your retirement savings. It is important to fully understand the benefit your employer is offering as it varies from company to company.

Diversify Your Investments

Diversification is crucial in managing risk and maximizing returns. Invest in a mix of stocks, bonds, and other assets that align with your goals and risk tolerance. Consider using low-cost index funds or target-date funds to achieve diversification. There are many choices that are available to you now, so educate yourself as to what these choices are. It is advisable to have a larger allocation to stocks when you are younger, as you have a very long time before you will be taking distributions from these plans.

Keep Fees Low

Fees can eat into your investment returns over time. Be aware of the fees associated with your retirement accounts and choose low-cost investment options where possible. For example, choose index funds or exchange-traded funds (ETFs) with low expense ratios.

Rebalance Regularly 

Rebalancing your portfolio involves adjusting your investment mix periodically to maintain your desired asset allocation. It helps manage risk and maximize returns. Rebalancing can be done annually or semi-annually, depending on your investment strategy. Try not to fall into the trap of “TRADING” your account by buying and selling frequently.

Delay Social Security if You Are Able To

Delaying Social Security benefits can increase your retirement income significantly. You can start collecting Social Security benefits as early as age 62 but delaying until age 70 can increase your monthly benefit by up to 8% per year. The information as to what your Social Security Benefits will be is easily available on the Social Security Website. There is a tool on the site that will allow you to model out your benefits depending on when you start to take your social security. In most cases, unless you need the money, delaying when you begin to receive your social security is beneficial. This is something your advisor can help you with.

Consider a Roth IRA

A Roth IRA is an excellent retirement savings vehicle that offers tax-free withdrawals in retirement. Contributions to a Roth IRA are made with after-tax dollars, and qualified withdrawals in retirement are tax-free. There are many advantages to using a ROTH IRA and if your employer offers a ROTH 401(k), it is worthwhile considering as these funds are always going to be tax free when you take distribution. The primary difference is you are using after-tax dollars to fund this. Again, these are decisions you should discuss with your advisor.

Get Professional Help

Consider working with a financial advisor or planner to help you develop a retirement plan that aligns with your goals and objectives. A professional can help you develop a personalized plan and provide valuable guidance on investment strategies, risk management and tax planning.

In summary, maximizing your retirement accounts requires a disciplined approach to saving, investing, and managing risk. Starting early, contributing the maximum, taking advantage of employer contributions, diversifying your investments, keeping fees low, rebalancing regularly, delaying Social Security, considering a Roth IRA, and seeking professional help are all strategies that can help you achieve your retirement goals. With consistent effort and discipline, you can maximize your retirement accounts and enjoy a financially secure retirement. 

Rebecca Rothstein works with high-net-worth individuals, families, and institutions, helping them advance their wealth management goals. She began her career as a financial advisor in 1987 at Bear Stearns. She spent 10 years with Deutsche Bank Alex Brown and 13 years with Morgan Stanley Private Wealth Management (formerly Smith Barney) before joining Merrill Lynch. As a Managing Director at Merrill Private Wealth Management, Rebecca focuses on wealth management, tax minimization, and estate planning strategies for affluent clients. She also works with corporate officers, devising liquidity and diversification strategies for concentrated positions. Rebecca has garnered a number of national honors as a financial advisor. Barron’s magazine named her one of the “Top 100 Financial Advisors in America” from 2007 successively through 2012. Barron’s also named Rebecca one of the “Top 100 Women Financial Advisors in America” from the inception of the list in 2006 successively through 2012, profiling her in the 2012 issue. In 2017, Rebecca was recognized by the national publication Forbes, which named her one of “America’s Top Wealth Advisors.” In 2018, 2019, 2020, and 2021 Rebecca was again recognized by Forbes, which named her the #1 of “Top Women Wealth Advisors.” Rebecca is very active in the community. She is the Chairman of the Board and Founder of Teen Cancer America (a global charity founded by Roger Daltrey and Pete Townshend). She is also a Co-Chair of the Childhood Autism Board at UCLA, which helps children who have been diagnosed with autism, developmental disabilities, and behavior disorders, and she is a board member of the UCLA Health System. In her free time, Rebecca enjoys cooking, sailing, and participating in a number of charitable efforts. She has four sons and splits her time between Incline Village, Nevada and Beverly Hills, California with her husband Ron.

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Asset Allocation is a well-known and understood concept in the world of investing. It is widely used to help determine how your money should be divided across different asset classes which include cash, stocks, bonds, insurance, and real estate. Your short, intermediate, and long-term investment goals should have an influence on these decisions. Are you investing for your retirement, saving for a down payment on a house, investing for your children’s college tuition or building wealth for the long term? One of the most important discussions you should have with your financial advisor is to help them to understand your investment goals. Always remember, this is your money, not the advisors. Once this is understood these goals will influence and determine your asset allocation decisions. 

Assessing your risk tolerance is a very important part of determining in which areas you should invest. How much risk are you willing to take on in your investment portfolio? Higher risk investments may offer higher potential returns, but they also come with a greater risk of loss and volatility. This discussion must include, but not be limited by, helping you determine your level of risk tolerance. 

Consider your time horizon. The length of time you have to invest should influence these decisions. If you have a longer time horizon (let’s, say you’re in your 30s), you may be able to take on more risk in your portfolio. However, as you hit your 50s and 60s you may want less risk. Some of the most important considerations are your age and where you are in your life cycle.

Diversification of investments can help to reduce risk and volatility. In many cases, it can help improve adjusted returns by investing in bonds, stocks, insurance, and real estate. Diversification is a well-known technique that should be used to reduce the overall risk of your portfolio and can help smooth out longer-term returns by reducing volatility. 

Each asset class has its own risk and return characteristics. Once you have formulated a general strategy, then it’s appropriate to determine the percentages of stocks/bonds/real estate, cash and other assets that you may own or want to own such as jewelry and art. The right mix will be arrived at by having this conversation with your advisor.   

Over the last year as interest rates have risen at the fastest pace in decades, even cash and short-term cash management tools like interest-bearing deposit accounts, money market funds, U.S. Treasury Bills and CDs have come back into favor as an asset class to deliver extremely compelling returns versus traditional checking and savings accounts. If managed correctly this could add an additional 4-5% in return on idle assets that have been yielding zero or near zero for years.  

Once you have assessed your investment goals, risk tolerance, and time horizon, you can determine your target asset allocation. A sample asset allocation could be something like 40% equities, 40% bonds and 20% real estate. This is meant as an example only and not something that necessarily applies to you. Decisions related to your specific percentages is what you and your advisor should determine. Your finances can and should be reviewed regularly to make certain you are aware of external forces that may suggest a shift in the investments, as well as to make sure that the investment plan is working towards accomplishing your stated goals. These goals are always subject to change, which is one of the reasons for ongoing, frank discussions between you and your advisor. Also, it’s important to monitor your portfolio regularly and be prepared to adjust as needed because over time your portfolio may drift. For example, as you age your allocations can easily change from higher risk to a more conservative approach so rebalancing your portfolio is very important. 

In many cases, a great deal of your funds are invested outside of tax-deferred accounts such as IRAs (Individual Retirement Accounts) and pensions. Therefore, in these types of investment accounts, there will be times that you are tempted to sell because the investment landscape frequently changes due to external forces such as higher interest rates, inflation, and recently, a pandemic. These types of market conditions can be nerve-racking and cause you to want to sell but you must carefully consider this action because doing so will most likely cause a tax event. An advisor should always make certain that you are aware of how you will be taxed and how this will impact your outcome. 

Monitor your portfolio performance. Regularly monitoring your portfolio performance can help you make adjustments as needed. Be a partner with your advisor. Be clear about what you want the outcome to be and ask questions. An experienced advisor will answer your questions and then be able to recommend a plan that will achieve your goals. 

And finally, stay informed. The investment landscape is always changing, so it’s important to keep up with market trends and economic conditions that may impact your portfolio. One of the ways to do this is by watching financial news programs, reading financial publications, and setting up bi-annual meetings with your advisor to review your portfolio. 

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When a spouse passes away, estate taxes can be due within nine months. In some cases, there are also costs that are due earlier. To meet these tax obligations, some families will borrow against assets or liquidate those assets, but it doesn’t have to be that way.

One popular way of addressing your wealth transfer goals is by using irrevocable trusts funded with life insurance.  There are two basic types of trusts revocable and irrevocable. For the purposes of wealth transfer it is important to focus on irrevocable trusts (also known as gift trusts), as assets held in these trusts are not included in your taxable estate for estate tax purposes. With an Irrevocable Trust the trustee controls how assets are managed, has legal control over the assets determining how they are distributed and used, has a fiduciary responsibility to act in the best interest of the beneficiaries, and the terms can’t be altered without legal proceedings. The key point being that the assets in the irrevocable trust are held outside of your estate. This is not a complete list and you should discuss the differences with your estate attorney to be certain that the trust they draft for you aligns with your specific goals.

Utilizing insurance strategies can help to manage risk and provide liquidity for you to pay estate taxes or other expenses. If the insurance has been structured properly it creates a financial safety net and the policy’s death benefit will be excluded from the insured’s taxable estate for transfer tax purposes. Additionally, because life insurance proceeds are free from any income tax, effectively your beneficiaries will receive the money tax free.

There are two basic types of life insurance options. Term life insurance lasts for a specific pre-determined period of time, while permanent life insurance lasts your entire lifetime as long as the premiums are paid. Term life is an affordable solution for temporary short-term needs like paying off a mortgage and it can provide income replacement during peak earning years or while raising a family but it has no residual value at the end of the term. Permanent life provides lifelong death benefit protection, protects your family by providing financial security upon your death, can fund final expense at death and builds cash value that accrues over your lifetime. This can provide a way for people to save for future expenses such as retirement or college tuition.

Benefits from a life insurance policy can help cover expenses such as mortgage payments, paying off debt like car loans, living expenses and credit cards, and funding future education costs for children. It’s important to name beneficiaries because by doing so you will alleviate the burden of your death on loved ones and allow them to grieve without having to worry about financial matters. Furthermore, life insurance can be used to make a substantial charitable gift by naming a charity as the beneficiary of a life insurance policy.

In addition to insurance there are other important elements of estate planning to become familiar with such as The Federal Estate Tax Exemption. This is a specified amount that is exempted from estate tax and is reduced dollar for dollar. For example, in calendar year 2023, the federal exemption amount is $12,920,000 per person or $25,840,000 per married couple. That means that if your estate is valued at $50 million, the first $25,840,000 (for a married couple) is not subject to estate tax but the balance of approximately $24,160,000 will be subject to estate tax. This is where insurance becomes very valuable as the insurance will pay into the estate to pay some of the estate taxes due and then the heirs will not be forced to sell assets to pay the estate taxes.

Additionally, everyone gets the opportunity to make an annual gift to anyone they want to and the amount can vary from year to year. In 2023 that annual gift amount is $17,000. The annual gift is not counted against your lifetime exemption.

From a business standpoint insurance will protect your business from the unexpected. If you own a business, you can take out life insurance policies to protect it. You can set up a buy/sell succession strategy, create a business loan collateralization plan and have key person protection. For example, in case of the death of a key member of the team the death benefit can be used to buy out the deceased owner’s share of the business, ensure that the business continues normal operation of the company providing financial security for your family.

Many of us will need long-term care when we get older. To cover long-term care costs, some individuals buy life insurance policies with long-term care riders. These can provide financial assistance for care in the event of a chronic illness or disability thus preserving the value of an estate. This long-term care insurance either as a rider or as its own policy has become very popular since more people are living longer.

Finally, not only will you have peace of mind knowing your family will be taken care of but owning a life insurance policy will also give your family members peace of mind knowing they will be taken care of in the event of your death. This can be especially important for individuals with dependence on those who are the primary breadwinner in their families.

As you can see, it’s very important to plan ahead and it’s never too early to start these discussions. By including insurance as part of your overall estate plan, you can ensure that your assets are used as you intend so your beneficiaries are provided for in the way you choose, which can help maintain the value of your estate.

The role of your financial advisor is to work with you and other professionals to help you make good choices in choosing the proper insurance, identifying products and solutions that help you pursue your investment goals, and give you access to trust services. And lastly, remember to seek a qualified estate planning attorney and a tax professional to join your team to develop your comprehensive wealth transfer planning
strategy. 

Rebecca Rothstein works with high-net-worth individuals, families, and institutions, helping them advance their wealth management goals. She began her career as a financial advisor in 1987 at Bear Stearns. She spent 10 years with Deutsche Bank Alex Brown and 13 years with Morgan Stanley Private Wealth Management (formerly Smith Barney) before joining Merrill Lynch. As a Managing Director at Merrill Private Wealth Management, Rebecca focuses on wealth management, tax minimization, and estate planning strategies for affluent clients. She also works with corporate officers, devising liquidity and diversification strategies for concentrated positions. Rebecca has garnered a number of national honors as a financial advisor. Barron’s magazine named her one of the “Top 100 Financial Advisors in America” from 2007 successively through 2012. Barron’s also named Rebecca one of the “Top 100 Women Financial Advisors in America” from the inception of the list in 2006 successively through 2012, profiling her in the 2012 issue. In 2017, Rebecca was recognized by the national publication Forbes, which named her one of “America’s Top Wealth Advisors.” In 2018, 2019, 2020, and 2021 Rebecca was again recognized by Forbes, which named her the #1 of “Top Women Wealth Advisors.” Rebecca is very active in the community. She is the Chairman of the Board and Founder of Teen Cancer America (a global charity founded by Roger Daltrey and Pete Townshend). She is also a Co-Chair of the Childhood Autism Board at UCLA, which helps children who have been diagnosed with autism, developmental disabilities, and behavior disorders, and she is a board member of the UCLA Health System. In her free time, Rebecca enjoys cooking, sailing, and participating in a number of charitable efforts. She has four sons and splits her time between Incline Village, Nevada and Beverly Hills, California with her husband Ron.

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Experience: Look for someone who has been in the financial industry for several years and, preferably, has a “team” of specialists. The reason is that often the team members will have more expertise in a variety of topics whereas a sole advisor might not have as much knowledge as one of their team members. Another good idea is to choose someone who has seen different types of market conditions and has a track record of helping clients achieve their financial goals given the fluctuations of the markets. This will give you confidence in their ability to provide guidance and support as you work towards your financial goals. Experience matters a lot in this business!

Qualifications: The financial planning industry has a number of professional licenses and certifications that advisors must earn to demonstrate their knowledge and skills. These include, but are not limited to, a Series 7 license and a Certified Financial Planner (CFP) certification. It’s important to make sure the advisor you choose has the necessary licenses and qualifications to provide professional quality advice.

Fees: Make sure that you understand how a financial advisor charges for their services, including any upfront or ongoing fees. Some advisors charge an hourly rate, while others charge a percentage of the assets they manage. Some charge commissions. Choose an advisor who can charge a fee structure that you are comfortable with and is best suited to your financial goals. Generally, working on a fee basis aligns the advisor with their client’s interests so be certain to ask how you will be paying for their services.

Services offered: When considering a financial advisor, it’s important to determine what services they offer and whether they are compatible with your needs. Have the advisors delineate exactly what you can count on them for, some of which include generational planning, buying and selling of stocks, lending, asset allocation and retirement planning, just to name a few. Make sure to choose an advisor whose services meet your specific needs and goals. Some advisors may offer a comprehensive financial planning package that includes everything from budgeting and debt management to investment advice and retirement planning. Others may offer à la carte services, allowing you to choose the specific services you need. Consider your needs and goals and choose an advisor whose services meet your expectations.

Investment philosophy: Your advisor should understand your investment philosophy and approach to risk management to ensure you are both on the same page. Investors are usually classified into three main categories based on how much risk they can tolerate. Would you prefer to be aggressive, moderate, or conservative with your money? Knowing your risk tolerance level helps advisors plan your entire portfolio and will drive how they invest for you. Your investment philosophy should be based on your personal financial situation so it’s essential to be clear about what you are expecting from your advisor. Don’t expect them to guess. This is an important relationship and all these things should be discussed thoroughly. This will require you to be forthcoming about your own expectations and goals. And, keep in mind that as your relationship with the advisor continues, these things will change over time. A lot of this will depend on your age and the ages of your family members. An advisor who understands what you want will be better equipped to help you make informed investment decisions that will satisfy your long-term financial goals.

Communication style: The communication style of a financial advisor is also an important factor to consider. Choose an advisor that you feel comfortable working with and who has a communication style that you like. You will need to be clear about your expectations. Some people want to be in contact frequently, others quarterly, some less often. Consider your own communication preferences and choose an advisor whose style works best with your preferences. Good communication builds trust and ensures that your advisor is able to provide the support and guidance you need. Always take the time to review the monthly statements that are provided by the firms. Look for an advisor who is responsive and proactive and who is willing to take the time to fully understand your needs and concerns. Strong communication is essential for a successful advisor-client relationship.

Client base: It can be helpful to choose a financial advisor who serves a client base similar to your own circumstances, as they may be better able to understand and address your specific needs and concerns. They will be more familiar with the unique financial challenges and opportunities you may face and will be better able to provide tailored advice and support. Similarly, if you are approaching retirement, you may want to look for an advisor who has experience working with clients in your age group and has a strong understanding of the financial considerations that come with retirement and generational planning.

Conflict of interest: It’s important to make sure the financial advisor you choose does not have any conflicts of interest that could influence the advice they give you. This includes receiving commissions for recommending certain products or services and receiving commissions for buying and selling stocks. As mentioned above, working on a fee basis aligns the advisor with their client’s interests. So, choose an advisor who is transparent about their fee structure and any potential conflicts of interest.

References: Asking for references from current clients can be a helpful way to get a better understanding of a financial advisor’s work style and effectiveness. These references can provide valuable insight into an advisor’s communication style, knowledge and expertise, and overall approach to working with clients. They can also help you get a sense of the level of support and service you can expect from an advisor and their team.

Compatibility: Trust your instincts when choosing a financial advisor. Choose someone you feel comfortable working with and who you believe will have your best interests in mind. Consider their communication style, personality, and overall approach to financial planning. It’s important to find an advisor who you feel comfortable discussing your financial situation with and one who you believe will provide sound and unbiased advice.

In summary, there are a number of factors to consider when choosing a financial advisor. Look for an advisor who has experience, qualifications, and a track record of helping clients achieve their financial goals. Understand how they charge for their services and make sure their fee structure is compatible with your needs. Trust your instincts and choose an advisor that you feel comfortable working with and who you believe will have your best interests in mind. 

Rebecca Rothstein works with high-net-worth individuals, families, and institutions, helping them advance their wealth management goals. She began her career as a financial advisor in 1987 at Bear Stearns. She spent 10 years with Deutsche Bank Alex Brown and 13 years with Morgan Stanley Private Wealth Management (formerly Smith Barney) before joining Merrill Lynch. As a Managing Director at Merrill Private Wealth Management, Rebecca focuses on wealth management, tax minimization, and estate planning strategies for affluent clients. She also works with corporate officers, devising liquidity and diversification strategies for concentrated positions. Rebecca has garnered a number of national honors as a financial advisor. Barron’s magazine named her one of the “Top 100 Financial Advisors in America” from 2007 successively through 2012. Barron’s also named Rebecca one of the “Top 100 Women Financial Advisors in America” from the inception of the list in 2006 successively through 2012, profiling her in the 2012 issue. In 2017, Rebecca was recognized by the national publication Forbes, which named her one of “America’s Top Wealth Advisors.” In 2018, 2019, 2020, and 2021 Rebecca was again recognized by Forbes, which named her the #1 of “Top Women Wealth Advisors.” Rebecca is very active in the community. She is the Chairman of the Board and Founder of Teen Cancer America (a global charity founded by Roger Daltrey and Pete Townshend). She is also a co-Chair of the Childhood Autism Board at UCLA, which helps children who have been diagnosed with autism, developmental disabilities, and behavior disorders, and she is a board member of the UCLA Health System. In her free time, Rebecca enjoys cooking, sailing, and participating in a number of charitable efforts. She has four sons and splits her time between Incline Village, Nevada and Beverly Hills, California, with her husband Ron.

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