Financial Planning Bay Area Resources

Financial Planning Bay Area

Retirement Reality

  • The average age for retirement in America is 66
  • According to Social Security Administration, a healthy 65 years old woman has a high probability of living until the age of 86.
  • A healthy 65 years old man has a good chance of living until age 84.
  • The majority of Americans aren't ready for retirement.
Financial Planning Bay Area

America Financial Reality

  • 40% of Americans have less than $300 in savings.
  • 50% of Americans have less than $600 in savings
  • 57.4% of Americans have less than $1000 in savings
  • In the $0-$300 savings range, 45% of people are females while 29% are males.

* Based on GoBankingRates survey

Financial Planning Bay Area

Long Term Care (LTC) Statistics

  • 70% of retirees will need some form of (LTC) in their lifetime.
  • The median costs for LTC ranged from $53,768 to $105,850 per year in 2020 based on a survey by Genworth.
  • Most long-term care costs will come from your savings or from Medicaid if you have no money available.

F.A.Q. – Financial Planning Bay Area

How do I build an income stream for my retirement?

Your income in retirement is likely to come from a number of different sources and there a number of strategies to consider.

What will work for you will depend on your current situation, and through understanding what you need in order to retire.

It is important that you speak to the right financial professionals to get a proper financial check up.  Based on the information collected, we can help you develop a plan to protect yourself, your family, and for retirement.

Do I need to reduce my debt before I can plan for the future?

It is important to understand your current debt situation.  By understanding your debt situation, we can help you understand the impact of debt on your financial position now and in the future. 

We will bring in other aligned professionals to help you restructure your debt.  There is no one-size-fits-all commodity, and everyone has different financial goals requiring unique financial strategies. 

It is always a good idea to review your financial strategies regularly with financial professionals in order to make changes based on the current situation and needs.

How much do I put in an emergency fund?

The answer is it depends on how much your life costs since everyone is different.  As a good rule of thumb, you should have at least 6 to 9 months of your total living expenses (rent/mortgage payment, food, transportation, recurring monthing bills etc.) tucked away for emergencies.  This way, if you suddenly lose your job or fall on hard times, you can still maintan your current lifesyle without racking up major debt.

It is important to have an emergency fund established before you fund things like a vacation.

Do I need to have a budget?

A budget gives you a clear understanding of how much money you are spending versus how much money you are making.

You should definitely have a budget since it will help you understand where you are financially.

Budgeting tends to help people feel more in control of their financial situation and money.  If you feel you need control over your financial situation, then you need to have a budget.

When should I start tax saving planning?

It’s never too early to start tax-saving planning! The best time to begin tax-saving strategies is at the beginning of each financial year. By starting early, you can take advantage of various tax-saving options and make well-informed decisions to optimize your tax liability. Whether you’re an individual or a business owner, tax planning allows you to identify eligible deductions, exemptions, and credits, ultimately reducing the amount of tax you owe to the government. Early tax planning also provides you with ample time to research and choose the most suitable investment options that align with your financial goals. Don’t wait until the last minute – start your tax-saving planning now and secure a financially sound future. Consulting with a qualified tax advisor can help you navigate the complexities of tax-saving strategies and ensure you make the most of available opportunities. Remember, proactive tax planning can lead to significant savings and financial benefits in the long run.

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