In a recent survey of more than 2,000 U.S. adults, just 31% said $1 million is not enough to live off of in retirement. But it’s that small group who’s probably right, experts say. Indeed, Kimberly Foss, President and Founder of Empyrion Wealth Management, says that for most Americans $1 million won’t be enough: When you factor in inflation, Americans’ average age and salary and assume people will retire at 65, she says that $2 million is a better number for many of us to aim for.
Kimberly Foss, President and Founder of Empyrion Wealth Management, shares why investors should not be basing their long-term investments on shifting political winds, like President Trump's trade spat with China. "Timing the market is really a loser's game," she says, especially since the market has already priced in the outlook on tariffs and trade.
How can you financially safeguard your spouse in the event of your death? Kimberly Foss discusses key estate planning tips individuals should consider in order to ease the burden on their loved ones.
“Having a million dollars in the bank may seem like plenty of cushion, but when treatment for a single catastrophic illness or an extended nursing home stay can absorb funds in chunks of $250,000, that nest egg looks a little less secure,” says Kimberly Foss.
Kimberly Foss, the president and founder of Empyrion Wealth Management and author of Wealthy by Design, notes that while prioritizing debt over discretionary spending should be your priority, “in real life, sometimes we need the emotional lift of a little ‘retail therapy.’” If that’s the case, “use this selectively and ideally as a reward for reaching a debt-reduction or savings goal.
Moms and dads spend twice as much on their adult children as they do on contributing to their own retirement accounts. This is a financial decision that parents should avoid at all cost.
“The first step in helping your children make a solid decision on which college to attend is achieving good communication with them about their life goals, professional aspirations and motivations,” Foss said.
Men and women have different financial needs and approaches to money, says Kimberly Foss, the founder and president of Empyrion Wealth Management in Roseville, California.
Want to retire in San Francisco? Kimberly Foss, President of Empyrion Wealth Management, discusses long-term considerations and average assets needed to spend your golden days in the city by the bay.