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How are Baby Boomers Reworking Their Retirement (Financial Independence)?

Written by Summit Wealth on .

I just read an article by Mark Miller that seems to confirm some thoughts we’ve been having about how Baby Boomers are rethinking retirement / financial independence.  Here are some of the high points of that article:

They are leaving the U.S.:  21% of boomers polled say they are interested in retiring abroad where they can reduce lifestyle needs and enjoy warmer climates.

They are starting new companies:  21% of new U.S. businesses started in 2011 were launched by entrepreneurs age 55 to 64 (up 14% from 2007).  Entrepreneurs age 45 to 54 accounted for another 28% of the 2011 startups.  Add them together and boomers started almost 50% of all new businesses in 2011.

They are borrowing more:  40% of homeowners over age 65 had mortgage debt in 2010, compared with only 18% in 1992.  One of the reasons is the extremely low interest rates available.  No sense paying down / off a 3% mortgage if you can earn 6% to 9% in a broadly diversified, balanced investment portfolio over time.

They are outliving their expectations:  Life expectancy for men has jumped an average of almost 2 years in each of the last 5 decades to 75.7 years in 2010.  For women, life expectancy has risen by 1.5 years on average to 80.8 years.  For a couple with above- average health, there’s a 60% chance one of them will live to age 90.

They are providing financial support:  58% of boomers are providing financial assistance to aging parents while 93% of those polled say they have given their children financial assistance as well.

They aren’t running to Florida:  Boomers aren’t embracing the Florida / Arizona retirement homes as they once were.  The reason they’re not relocating?  The pull of being near their children & grandchildren.

How are you rethinking your eventual financial independence?  We will have more discussion on this topic in our next blog.


Why Do I Need Estate Planning?

Written by Summit Wealth on .

For most couples, the federal estate tax is a thing of the past.  The “fiscal cliff” legislation raised the federal estate exemption to $10.5 million per couple and made the exemption portable between spouses.  Given this big win at the federal level, you may be asking if estate planning is still critical for your family.  We say it is for the following reasons:


Should “retirement” be retired?

Written by Summit Wealth on .

Fact #1:  Our life expectancies are increasing and we’re living longer as a society.

Fact #2:  Fact #1 means we likely need to accumulate more to achieve our goals.

A trend we are seeing among baby boomers (as well as the generation after them) is that they are no longer planning for retirement (in the traditional sense of the word) but more for their transition to the next phase in life.  That new phase may mean a more flexible work schedule, less hours worked and less stress, more enjoyment in the work performed, and more time to do other things like fish, hunt, golf, travel, volunteer, etc.


Are You Getting Everything You Want?

Written by Summit Wealth on .

The deVere Group, which claims to be the world’s largest independent financial advisory organization, recently asked a sample of its clients with investable assets of at least $1 million about their top financial regret.

The top regret of 57% of the people interviewed was not designing and installing a financial game plan earlier in life.  It’s clear that those folks highly value the benefits and opportunities that a long-term financial game plan can offer their families.  They also commented that they can see the value of periodically reviewing and adjusting that game plan to ensure they remain on course to achieve their financial goals.


Are You Monitoring Your Credit Report?

Written by Summit Wealth on .

According to a recent Federal Trade Commission study, 5% of consumers have errors on their credit reports.  These errors could cause credit issues or increase the cost to borrow money for those consumers.

If you find a mistake, file a dispute with the credit bureau immediately to investigate the issue.  If, after the issue is investigated, the issue remains on your report, add a statement to your credit report (you are allowed to include up to 100 words), explaining the circumstances about the error.

Remember that you are entitled to a free credit report every 12 months, from each of the credit bureaus.  Visit www.annualcreditreport.com to request your free credit report.

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