Latest news with #SeannMalloy
Yahoo
26-07-2025
- Business
- Yahoo
How To Make Sure You Are in the Financial Top 10% When You Retire
Retiring comfortably is one thing. Retiring in the top 10% of the financial spectrum is another goal, and it's more attainable than many people think. With the right mix of planning, strategy and consistency, you can build long-term wealth that places you well ahead of the curve. Whether you're decades away from retirement or playing catch-up, it's never too late to shift your financial trajectory. Learn More: For You: Here's how to make sure you are in the financial top 10% when you retire. Know the Net Worth Benchmarks for the Top 10% For anyone aiming to retire in the top 10% financially, it's essential to understand what that actually entails. Knowing how much wealth top earners typically have can provide a clear target to work toward. Some estimates suggest that retirees need between $970,900 least $1.9 million to join the top 10% financially by retirement. However, other experts said that the number should be even higher. 'You must have a net worth of about $2.63 million, including real estate, investments and retirement accounts, said Seann Malloy, founder and managing partner at Malloy Law Offices, LLC. Read Next: Start Early or Start Smart Building long-term wealth is easier when you start young, thanks to the power of compound interest. But even late starters can make up ground with focused, strategic financial moves. 'Getting a head start is a big advantage,' said Sean McSweeney, chief advisory officer at Voyant Health. 'If someone starts saving and investing regularly in their 20s or early 30s, they might end up near to or in the top tier by retirement merely by maxing out their retirement accounts with a small growth rate.' Many people don't begin saving seriously until their 40s or 50s. While it's not too late, they'll need a different strategy to catch up. 'That could entail saving a lot more money, cutting back on spending that isn't essential, using catch-up contributions, or even moving to a smaller home or cutting back on other fixed costs to put more money into investments,' McSweeney said. 'It's not about being perfect; it's about being bold and purposeful with the time you have left.' Max Out Tax-Advantaged Accounts One of the most effective ways to build retirement wealth is by taking full advantage of tax-advantaged accounts. These tools can help high earners grow their savings faster while reducing their taxable income. 'Retirees in the top 10% consistently max out retirement accounts, like $23,500 annually in 401(k) [plan]s ($30,500 with catch-up contributions for those over 50 in 2025),' Malloy said. Diversify Your Investments Beyond a 401(k) Plan Relying solely on a 401(k) may not be enough to reach top-tier wealth in retirement. To build real, long-term wealth, many top earners go beyond retirement accounts and diversify their savings into index funds, real estate and business ownership. 'For example, one client in her 40s put $100,000 into a rental property and now earns $15,000 a year in passive income,' Malloy said. 'They use trusts to reduce their taxes, which I have done for clients to the tune of $10,000 a year.' Avoid Common Pitfalls Even high earners can fall short of the top 10% wealth if they make a few key missteps. From delaying serious saving to overspending or going it alone without a plan, these habits can quietly sabotage long-term financial success. 'Without a doubt, the biggest error I see is people putting off getting serious for too long,' McSweeney said. 'They either retain too much cash on hand, put off investing until 'the right time,' or spend more every time they get a raise.' He added, 'Another common problem is trying to do it all by yourself without a proper plan or help from a professional. People that get to the top 10% are frequently those who got focused early on and weren't hesitant to seek help when they needed it.' Regularly Reassess Your Financial Plan Achieving top-tier wealth isn't just about setting a plan; it's about regularly revisiting it. The most successful retirees stay focused on the long game and make consistent adjustments as their life and financial goals evolve. 'One thing that all of them have in common is that they keep their eyes on the long game and look over their plans often instead of letting them sit for ten years,' McSweeney said. More From GOBankingRates 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives This article originally appeared on How To Make Sure You Are in the Financial Top 10% When You Retire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-07-2025
- Business
- Yahoo
How Much Will 4 Years of Tariffs Cost the Middle Class?
For middle-class families, the impact of President Donald Trump's tariffs is more than a policy debate. Read Next: Discover More: According to researchers at the University of Pennsylvania's Wharton School of Business, middle-class households face an average of $22,000 in lifetime losses due to tariffs. That's a significant blow to households already struggling with rising costs for food, housing, and essentials. In addition, experts also say that the real impact could affect everyday expenses, often in ways families don't immediately see. So, how much will four years of tariffs really cost the middle class? What Four Years of Tariffs Could Cost You The middle-class price tag for tariffs ranges from $3,800 to nearly $5,000 per household per year. Over four years, that could mean up to $20,000 in lost purchasing power, a steep cost for families already squeezed by inflation. Here are the receipts: A Yale Budget Lab model found that tariffs could bump grocery bills by up to $4,900 annually. That same model estimates a broader $3,800 annual loss per household from consumer price increases tied to all 2025 tariffs. A separate study from the Becker Friedman Institute at the University of Chicago found that tariffs imposed in 2018 resulted in a 12% price increase for washers and dryers, with ripple effects extending to other major appliances. 'I've seen grocery bills for clients increase by 10% due to tariffs on imported food,' said Seann Malloy, founder and managing partner at Malloy Law Offices, LLC. Where Price Increases Add Up Fast Tariffs don't just touch one product or category. They compound across the things families rely on most. The steepest price hikes are being seen in cars, clothes, electronics and even shipping, as import costs are quietly passed on to consumers. Malloy said items like clothes, cars and electronics tend to see the steepest price hikes since 80-95% of tariff costs are typically passed on to consumers. Based on his estimates, clothing prices have risen by 17%, cars by 8.4%, and electronics by 10-5%. 'For example, a $30,000 car could become $2,520 more expensive, and a $500 smartphone could gain $75,' Malloy said. 'Services like shipping, which is linked to imported fuel, would also rise by 5-7%.' How to Cushion the Financial Blow If tariffs persist at 2025 levels, the Yale Budget Lab estimates the average household will lose about $3,800 per year in purchasing power due to higher prices. Over four years that adds up to more than $15,000 in additional costs. 'That could require families to tap savings or take on debt, especially for those on fixed incomes,' Malloy said. 'Clients of mine have sliced out $2,000 a year of retirement contributions to pay for them. My suggestion for the average household is to build a $5,000 emergency fund now to buffer long-term tariff impacts and avoid high-interest credit card debt.' How to Defend Your Budget Against Tariffs While individuals can't control trade policy, they can take steps to minimize the impact of prolonged price increases. Financial experts said smart shopping, strategic borrowing and prioritizing savings over extras could help households stay afloat if tariffs remain in place. 'To preserve funds, buy groceries and electronics at discount warehouses such as Costco, where a $200 annual membership yields $1,000 savings annually,' Malloy said. 'Purchase produce at farmers' markets, if you can, though prices might go up with demand.' He added, 'My suggestion is to explore credit unions for low-interest loans to cover unexpected costs and consult a financial advisor to prioritize savings over discretionary spending.' More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on How Much Will 4 Years of Tariffs Cost the Middle Class? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-06-2025
- Business
- Yahoo
I'm an Estate Planner: 6 Things Every Retiree Should Have Prepared in 2025
Retirement is a major milestone, but it doesn't mean the planning stops. In fact, estate planners said 2025 is the perfect time to make sure your legal and financial documents are up-to-date. Read More: Find Out: From wills and power of attorney forms to digital account access and final wishes, these are the six things every retiree should have prepared in 2025. To avoid family disputes and ensure their wishes are honored, retirees should have five essential estate planning documents in place: a last will, a durable power of attorney, an advance healthcare directive, a HIPAA release form, and, if significant assets or property are involved, a revocable living trust. 'These legal documents are designed to minimize family conflict, avoid probate, and give you the power to make medical and financial decisions, should you become incapacitated,' said Seann Malloy, founder and managing partner at Malloy Law Offices. 'The U.S. Constitution protects due process as well as property rights, but your wishes may not be carried out without these documents.' Discover Next: Every retiree should have legal documents in place that authorize someone they trust to make medical and financial decisions if they're ever unable to do so themselves. Having powers of attorney prepared in advance ensures their wishes are respected during an emergency. 'Even if retirees aren't dealing with any medical issues or concerns presently, there is always a chance that something could happen suddenly that leaves them unable to make decisions for themselves,' said Ben Michael, attorney at Michael & Associates. 'Having these documents prepared ensure that in the case that something does happen, the people they want to make decisions for them will have that legal right.' A comprehensive estate plan should include a strategy for long-term care. This may involve purchasing long-term care insurance or establishing an asset protection trust, such as a Living Trust Plus or a Medicaid asset protection trust. 'The best estate plan becomes useless when someone is forced to go broke to pay for nursing home care or other long-term care and winds up with no estate to pass on,' said Evan Farr, principal attorney at Farr Law Firm PC. Farr said retirees can strengthen their estate plan this month by making sure it includes a long-term care strategy. This may involve purchasing long-term care insurance or establishing an asset protection trust, such as a Living Trust Plus. Every retiree should review and update the beneficiaries listed on their retirement accounts, life insurance policies, and bank accounts. These designations take legal precedence over a will, so failing to revise them after major life changes, such as a divorce, death, or new grandchild, can lead to assets being distributed in ways that don't reflect the retiree's true wishes. 'Finally, overlooking contingent (secondary) beneficiaries can leave accounts exposed to probate if the primary beneficiary has already died,' said Steve Lockshin, founder and financial advisor at Vanilla, the modern estate planning platform. As more aspects of our lives move online, experts said using a digital estate planning platform can simplify everything from document storage to updates and access. 'These tools not only help organize all your important documents and assets in one secure place, but they can also send reminders when something needs updating, like a beneficiary or legal form,' said Howard Enders, COO of The Estate Registry, a fintech platform for digital estate and asset management. Enders added, 'Most importantly, they make it easier for your loved ones to access what they need, when they need it, without digging through file cabinets or chasing paperwork.' In 2025, every retiree should have a centralized way to store and protect their digital passwords. A password manager, paired with a secure plan for sharing the master key, can prevent major headaches for the executor and heirs. 'A password manager keeps everything in one secure place, which can make a world of difference later on,' said Jennifer Zegel, an estate planning attorney and chief product officer at Eternal Me. Zegel explained, 'If you want to go one step further, store the master password to your password manager in a secure platform that uses distributed cold storage. This is the most secure way to store this information and ensures your executor and only your executor can access it when it's needed most.' More From GOBankingRates 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on I'm an Estate Planner: 6 Things Every Retiree Should Have Prepared in 2025
Yahoo
01-06-2025
- Business
- Yahoo
Don't Apply for Social Security on This Day of the Week
Timing can make a big difference when applying for Social Security benefits. While the application process is available year-round, certain days and times may lead to longer wait times, delayed processing and added frustration, especially if individuals need to speak with a representative. Check Out: Read More: Here's what experts say about the worst day to apply, the best times to reach out and how to prepare. Mondays are often the busiest day of the week for the Social Security Administration (SSA). After the weekend, phone lines and field offices face a surge in inquiries, resulting in longer wait times and slower application processing. 'Monday is the worst day to apply,' said Seann Malloy, founder and managing partner at Malloy Law Offices. 'Call volumes on Mondays can be up to 30% higher than in the middle of the week, straining the agency's staff and slowing processing.' Colin Ruggiero, co-founder of which helps people with disabilities navigate government benefits, tracks SSA activity closely. According to Ruggiero, the agency handles over 500,000 phone calls each month. 'If you plan to contact the SSA on a Monday or Friday between 6 and 7 p.m., that's the worst time to call,' Ruggiero said. 'Many people wait until the end of the day to reach out, often due to other priorities, but this overwhelms representatives just as the day is winding down.' Explore Next: Midweek, especially Tuesday through Thursday, is often the best time to apply for Social Security benefits. These days, there tends to be lighter traffic, meaning shorter wait times and quicker access to help if you need assistance with your application. 'The biggest issue is volume,' said Jake Falcon, CEO at Falcon Wealth Advisors. 'Whether you're calling, visiting an office or applying online, you're competing with a surge of other applicants. That can lead to system slowdowns, longer hold times and even errors if you're rushing through the process.' Falcon added, 'I've had clients get frustrated and abandon the process altogether, only to come back later and realize they missed something important.' That's why Falcon said he recommended that clients apply during midweek, specifically Tuesday through Thursday, in the mornings. 'SSA offices and systems are less overwhelmed, and staff are more available to help,' Falcon said. 'If you're applying online, aim for early in the day when traffic is lighter and you're less likely to hit a bottleneck.' Ruggiero said one of the main challenges applicants face is being on hold when calling the SSA. He said the average hold time could be as long as 2 hours and 15 minutes. 'Earlier in the day gives you the highest likelihood of waiting for a shorter period of time,' Ruggiero said. 'It appears that 8 a.m. to 10 a.m. Monday through Friday is the least busy with the shortest wait times to get through to a representative, ranging from 21 minutes to 1 hour of wait time. So, if you are going to apply by phone, you should try to do it as early as possible in the day.' Applicants can speed up the process by applying online through the SSA's official website, which typically avoids the long wait times associated with phone or in-person visits. Having all required documents ready in advance, such as a birth certificate, Social Security number and income history also helps reduce delays and ensures a smoother application. Malloy advised Social Security applicants to double and triple check forms and use the SSA's checklist to 'avoid the notorious delays' reported by AARP. More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on Don't Apply for Social Security on This Day of the Week
Yahoo
01-06-2025
- Business
- Yahoo
Don't Apply for Social Security on This Day of the Week
Timing can make a big difference when applying for Social Security benefits. While the application process is available year-round, certain days and times may lead to longer wait times, delayed processing and added frustration, especially if individuals need to speak with a representative. Check Out: Read More: Here's what experts say about the worst day to apply, the best times to reach out and how to prepare. Mondays are often the busiest day of the week for the Social Security Administration (SSA). After the weekend, phone lines and field offices face a surge in inquiries, resulting in longer wait times and slower application processing. 'Monday is the worst day to apply,' said Seann Malloy, founder and managing partner at Malloy Law Offices. 'Call volumes on Mondays can be up to 30% higher than in the middle of the week, straining the agency's staff and slowing processing.' Colin Ruggiero, co-founder of which helps people with disabilities navigate government benefits, tracks SSA activity closely. According to Ruggiero, the agency handles over 500,000 phone calls each month. 'If you plan to contact the SSA on a Monday or Friday between 6 and 7 p.m., that's the worst time to call,' Ruggiero said. 'Many people wait until the end of the day to reach out, often due to other priorities, but this overwhelms representatives just as the day is winding down.' Explore Next: Midweek, especially Tuesday through Thursday, is often the best time to apply for Social Security benefits. These days, there tends to be lighter traffic, meaning shorter wait times and quicker access to help if you need assistance with your application. 'The biggest issue is volume,' said Jake Falcon, CEO at Falcon Wealth Advisors. 'Whether you're calling, visiting an office or applying online, you're competing with a surge of other applicants. That can lead to system slowdowns, longer hold times and even errors if you're rushing through the process.' Falcon added, 'I've had clients get frustrated and abandon the process altogether, only to come back later and realize they missed something important.' That's why Falcon said he recommended that clients apply during midweek, specifically Tuesday through Thursday, in the mornings. 'SSA offices and systems are less overwhelmed, and staff are more available to help,' Falcon said. 'If you're applying online, aim for early in the day when traffic is lighter and you're less likely to hit a bottleneck.' Ruggiero said one of the main challenges applicants face is being on hold when calling the SSA. He said the average hold time could be as long as 2 hours and 15 minutes. 'Earlier in the day gives you the highest likelihood of waiting for a shorter period of time,' Ruggiero said. 'It appears that 8 a.m. to 10 a.m. Monday through Friday is the least busy with the shortest wait times to get through to a representative, ranging from 21 minutes to 1 hour of wait time. So, if you are going to apply by phone, you should try to do it as early as possible in the day.' Applicants can speed up the process by applying online through the SSA's official website, which typically avoids the long wait times associated with phone or in-person visits. Having all required documents ready in advance, such as a birth certificate, Social Security number and income history also helps reduce delays and ensures a smoother application. Malloy advised Social Security applicants to double and triple check forms and use the SSA's checklist to 'avoid the notorious delays' reported by AARP. More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on Don't Apply for Social Security on This Day of the Week Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
