| We hope you find this information useful.
Browse By Topic
Recent Additions
Ways to Afford Your Retirement Account Catch-Up Contributions
Turning 50 might not be everyone’s idea of excitement, but when it comes to saving for retirement, 50 is when things start getting a lot more interesting. (more-->)
Stepping In Financially For An Older Relative at a Time of Need
No one wants to give up control of their lives. That’s true for someone who’s 20 or 80. But if you sense an older relative is slowing down, or if a serious illness is threatening the finances of any loved one, it’s time to fashion a battle plan. (more-->)
When Doing Your Own Taxes Makes Sense…And When It Doesn’t
Tax deadline is April 15, so if you haven’t begun gathering your annual tax records it’s time to do so. Every year, however, people’s lives change – they buy and sell houses and move, they take new jobs, have kids, buy and sell stock. Those and dozens more reasons might give you cause to hire a tax preparer.
It’s worth going over the primary reasons why some people should get help with their taxes and others can continue going it alone. (more-->)
New Careers After Age 50 – Where The Jobs Are and How to Spruce Up Your Skills
During the recent recession, many have found themselves back in the job market after age 50 due to layoffs or changing demands at their employers. Yet as life expectancies lengthen, a late career change isn’t always a negative. It may be a welcome chance to renew, re-educate and restart a full life. (more-->)
Love and Money: Is a Postnuptial Agreement Right for You and Your Spouse?
Valentine’s Day might not be the best time to focus on money, but some married couples are taking the unusual step of re-setting the clock on money issues both good and bad with a legal document called a postnuptial agreement. (more-->)
Helping Older Relatives Articulate Their Long-Term Care Wishes
In the best of all situations, helping an older relative or a parent plan for long-term care and other end-of-life issues happens when they’re healthy and various options can be considered with adequate time to do so. Unfortunately, events can sometimes intervene and make an elder’s need for assistance an emergency. (more-->)
Should You Be a Borrower or Lender? The Return of the Personal Loan
As lending requirements stay relatively tight for most consumers, the chance of borrowing outside the banking system from family or friends can be attractive. After all, it’s rare to see a parent or sibling demand a credit check or other lengthy documentation. (more-->)
Downsizing Isn’t All About Stuff: It Can Be a Smart Financial Move, Too
As people move into their 50s and 60s, priorities change. The hours spent on home improvements and the sheer time necessary to maintain a full-sized home seem to be a little more of a burden. As kids move on, there’s all that unneeded space. (more-->)
10 Ways to Help Your Kid Build a Lifetime Emergency Fund
One of the most effective financial tools you can give a child is an appreciation for an emergency fund and the advice on how to build it themselves. (more-->)
10 Money Steps to Take When Someone in the
Family is Facing a Serious Health Crisis
A June 2009 article in the American Journal of Medicine reported that medical bills are behind more than 60 percent of U.S. personal bankruptcies, adding that more than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts. (more-->)
How to Get 2010 Off to a Great Financial Start
Plenty of people make resolutions to lose weight, get a new job or make other things happen in their personal life, but relatively few make solid resolutions about money. Make 2010 the year you’ll live a better life financially. Here are a few resolutions to think about: (more-->)
The Federal Death Tax Might Be Taking a Holiday, But...
With the 24/7 rush to get health care reform legislation through the U.S. Senate in the waning days of 2009, Congress let the federal estate tax die for 2010 as planned by the Bush Administration back in 2001. That’s not expected to stay the case for long – many experts anticipate that Congress will re-apply exemption levels with retroactive legislation sometime this year to help tame rising deficits. (more-->)
The Importance of Having Separate Disability Coverage
Disability insurance protects your ability to earn an income. It provides money to pay your rent, mortgage and basic living expenses if you are injured or sick for an extended period. It is called disability insurance or disability income protection but think of it as income replacement when you are sick or hurt and cannot work. At any age, you are about six times more likely to become disabled for some period of time than to die. (more-->)
How Your Personality Affects Your Financial Decision-Making
All investors are not created equal. That’s why financial planners start their first client meetings with a discussion of money attitudes, goals and risk tolerance – the driver at the root of all investment decisions. Some planners do this by general conversation, others by detailed surveys they ask their clients to fill out. (more-->)
The Balancing Act: Retirement vs. College Savings
Even as the economy begins its slow crawl back, college costs are continuing to rise – that means parents are continuing to fight a tough battle between funding college and funding their own retirements. (more-->)
While Real Estate is Struggling, Now’s a Good Time to Consider That Kiddie Condo
For parents with investment dollars to spare in deflated college-area real estate markets, there’s never been a better time to invest in condos or single-family homes to house a student during their undergraduate or graduate years while providing tax breaks and potential investment appreciation for the folks. (more-->)
How Late-Life Marriages and Remarriages Require Unique Financial Planning
As the holidays approach, plenty of couples think about marriage. That includes older couples with kids, accumulated assets and debts and previous marriages behind them. That’s why marriages for older individuals require a specific sort of planning. (more-->)
If You're Considering Entrepreneurship at Any Age, Business Planning is a Necessity
The Ewing Marion Kauffman Foundation released a study in June entitled “The Coming Entrepreneurship Boom” that credits entrepreneurship as a major force that will bring the current troubled economy back to health. The twist, however, is that Baby Boomers – ranging in age from 45 to 63 – are expected to be in the vanguard of this movement. (more-->)
10 Things You Can Do Immediately To Slash Debt and Spending
Any financial planning process begins with a change in financial behavior and expectations. The degree of change varies based on financial priorities, but in the end, it’s about adopting new habits and abandoning others. (more-->)
A Primer on Medicare and Medigap Coverage
Despite all the public discussion about health care, very few people under the age of 65 understand the basics of Medicare, the federal health program for seniors and certain disabled individuals, or Medigap, the supplemental private coverage many buy to cover treatment that shortfalls what the federal program doesn’t pay. (more-->)
Even in Tough Times, Grandparents Can Still Help Their Grandkids Get a Good Financial StartThough grandparents are among the millions who have taken a big hit to their portfolios in recent years, careful planning can ensure a healthy contribution to the education and financial future of their grandchildren. (more-->)
Preserving the Family Vacation – Top Tips to Keep Spending in Check
As the economy continues its climb out of recession, many families might be thinking twice about what they spend on the annual summer vacation. But there are ways to preserve the tradition by being smart about spending. Some ideas: (more-->)
Planning a Cost-Effective Job Search
Whether you’ve already cleaned out your desk or are expecting your department to be next at work for cuts, in this economy, it definitely makes sense to plan a job search before you actually have to do one. Call it a response plan. (more-->)
Big Windfalls and Structured Settlements – What They Are, and How to Handle Them
If you’ve received this windfall, it might sound like you’re fixed for life. The reality is that your financial life has changed drastically, and you need to plan for it. (more-->)
Affording a Pet – Ways To Save and Plan
Some of the most heartbreaking news reports out of the latest recession involved the number of pets being left at animal shelters by owners who could no longer afford to keep them. If you’ve considered giving a rescue or a pedigree a home, think first about whether you can really afford to give them proper care. (more-->)
Reverse Mortgages: What Should You and Your Parents Know?
The number of reverse mortgages backed by the government jumped nearly 20 percent in March and April alone from the same period in 2008. At a time when seniors have seen their retirement assets depleted by market losses, tapping home equity has been a safety net. But it can be a risky one. (more-->)
Understanding Actively Managed Exchange Traded Funds
With so many investors and their advisors questioning traditional market thinking about index-based investing, exchange traded funds (ETFs) are starting to move beyond their traditional passive, index territory into more active management. (more-->)
Taking A Fresh Look at Your 401(k) Allocations
A May survey by Hewitt Associates noted that despite record losses in their 401(k) savings in 2008, individuals stuck with their 401(k) plans. However, more people dealt with their worry about investment conditions by shifting money into more conservative investments. In addition, a significant number of companies either eliminated or cut back significantly on matching employee 401(k) contributions. (more-->)
Should You Bother with Target Date Funds Anymore?
The recent market shock should remind all investors that there’s no such thing as a single solution investment product that works for everyone. One particular category of investments that became a target of scorn is target date funds, which are mutual funds with investments tailored to the particular retirement date of the account holder. (more-->)
Taking Steps to Safer Investment Decisions in 2009
It’s tough to tell how much one investor can do alone to preserve their assets in 2009, particularly with unprecedented government intervention in world markets. But there are some general ideas to employ as markets and economies hopefully stabilize in the New Year: (more-->)
Bank-Owned Real Estate May Be Plentiful, But Learn the Ropes Before You Invest
Last month, RealtyTrac, a leading online market for foreclosure properties, reported that over 3.16 million foreclosure filings were made in 2008, up 81 percent from 2007 and up 225 percent from 2006. There was one more stunning fact – that one in 54 U.S. housing units received at least one of the following -- a default notice, auction sale notice and/or full-scale bank repossession – during the last year. (more-->)
Foreclosure Investing May be On the Upswing, But it isn’t for the Squeamish
There’s that old saying that one person’s misfortune is another person’s happiness. But in these troubled times for the mortgage industry, those who consider investing in foreclosure properties should not only understand foreclosure and the importance of cash in the process, but the emotional element unique to this kind of investment. After all, each foreclosure represents someone who has lost a home. (more -->)
An All-Weather Strategy to Real Estate Investing
Despite some positive stirrings in real estate in various parts of the country, it’s wise to take cautious steps when strolling back into the investment property market that was so overheated just a couple of years ago. (more -->)
Pay Close Attention to So-Called “Default” Investments
One of the provisions of the Pension Protection Act of 2006 was to allow companies to automatically enroll their employees in their companies’ 401(k) plans, but it wasn’t until last October that companies got guidance on the categories of investments they had to choose for their workers’ contributions. (more -->)
Kids & College Planning (top)
Why Every College Freshman Shouls Start A Roth IRA
At no time since the Great Depression have college students worried more about money. Tuition continues to rise, financing sources continue to contract. So why should a student worry about finding money for, of all things, retirement? (more-->)
Is Your Child Headed To College Next Fall? It’s Time for Both of You to Take a Crash Course on Borrowing and Spending
Even if you’ve planned relatively well for your future college student’s expenses, the credit crunch and downturn in investment income for colleges have changed the game for financial aid at many schools. That means both parents and students need to approach the college financial aid scene with unprecedented caution. (more-->)
Having Trouble Coming Up With Your Grandkid’s Graduation Gift? Try the Gift of Tax-Advantaged Savings
It’s a few short weeks until cap and gown season begins, and for grandparents hoping to do something nice for their grandkids and something sensible for their estate, there are several options to explore. (more-->)
Top 10 Money Decisions for Today’s Incoming College Freshman
The National Center for Public Policy and Higher Education reported last December that college tuition and fees increased 439 percent from 1982 to 2007 while median family income rose 147 percent. The report also noted that student borrowing has almost doubled since 1998. (more-->)
Be Careful When Rebalancing Your Kid’s 529 Plan Allocation
Market extremes tend to make uninformed people invest at extremes. As the market has suffered over the past nine months, families putting their college savings into 529 college savings plans have watched their stock-based holdings shrink with the market and many have run for cover. (more-->)
Helping Your Kids Recover after a Major Money Mistake
The average college graduate is $20,000 in debt, and today’s young adults are clearly exposed to more opportunities for self-directed financial disaster than any group in history. (more-->)
How Not To Go Broke If Your Kids Move Back After Graduation
The after-college reality is much different from a generation ago. Two thirds of college graduates owe significant money after graduation. According to the Project on Student Debt, debt levels for graduating seniors with student loans from 1997 to 2007 more than doubled from $9,250 to $19,200 – a 108 percent increase. (more -->)
Top 10 Money Moves for Today’s College Freshman
With average college tuition up 6.3 percent at private schools and up 6.6 percent at public schools this past school year, money management is a bigger issue than ever on college campuses. That’s why it’s good to send your freshman off to school with a 10-point plan on how to best manage their money. (more-->)
Blended Families Should Plan Early for Their Kids’ College Financial Aid
Finances for blended families – one of the fastest-growing demographics in the United States – can be complicated. The needs of stepchildren may fall into direct conflict with one’s own, and aside from the many financial entanglements that result from previous marriages or partnerships, college planning is a particular area where couples should seek help. (more-->)
Financial Planning For Newly Single Parents
After a divorce or the sudden death of a spouse, single parents have the twin challenges of adjusting to a new life and getting their child adjusted to it as well. The third challenge – getting money issues in order – can be a threat to both. (more -->)
Preparing Your Finances for a New Baby
Your parents might have mentioned at least a couple of times while you were growing up how wonderful and expensive you were. The bottom line? Bringing a child up is a tremendous financial responsibility, and it’s better to plan in advance than deal with a surprise down the line. (more-->)
Always Have a Plan for Leftover 529 Plan Money
With the high cost of education, it’s hard to envision that there might be money left over, but it does happen. Kids get scholarships; they might finish early; sometimes they quit school never to return.
(more-->)
Retirement (top)
Too Rich for a Roth? In 2010, That’s Going to Change
Next year, individuals with a modified adjusted gross income of more than $100,000 will be eligible to convert a traditional IRA to a Roth IRA. The IRS is offering taxpayers a three-year window in 2010 to pay taxes due on a conversion as part of removing the income limits. (more-->)
Don’t Let Economic Troubles Threaten Your Retirement Plans
As the economy has worsened, not only have retirement funds dropped in value with the market, but also many people have been tempted to tap savings as a way to cut debt or otherwise shore up their finances after a job loss. Still more have found that employers have dropped matching contributions to shore up their own finances. (more-->)
What if Your Employer Wants You to Retire Slowly or Come Back From Retirement? Be Ready with a Plan
Roughly 25 percent of the U.S. workforce is nearing retirement age, according to a recent survey by Hewitt Associates. This has important ramifications for the retirement many Americans will have in the future. (more-->)
To Retire or Un-retire? Ways to Consider the Question
An April, 2006 study by Zogby International and the MetLife Mature Market Institute found that a significant number of older Americans are revising their ideas about their post-career years. (more -->)
Are Immediate Annuities A Good Way To Preserve Your Retirement Savings?
One day, the market is up 400 points. The next day, down 300. Stocks in 2008 haven’t won any points for stability. In periods of market uncertainty, you’ll hear a lot about safe harbor investments that will supposedly guarantee income for life. One of these alternatives is an immediate annuity. (more -->)
What’s the Correct Amount to Withdraw from Your Retirement Funds Each Year?
Rules of thumb and guidelines abound in every investment arena – you’ll always hear about specific percentages you should save, spend or invest based on where you are in life. They’re made to draw attention to specific investment needs everyone has, and for that reason, it’s good to have them. (more-->)
Try and Avoid These Stupid IRA Mistakes
Fortunately, Dec. 31 is not the final decision date for what we do with our individual retirement accounts – the final 2007 IRA contribution deadline comes on April 15 next year – but it’s a good time to review the do’s and don’ts of successful IRA management. (more -->)
Reverse Mortgages Require a Close Look
For many seniors, home equity is roughly 30-40 percent of their net worth. If you and your spouse are both at least 62 years of age and have significant equity in your home, a reverse mortgage can turn that equity into tax-free cash without forcing you to move or make a monthly payment. (more -->)
------------------------------------------------------------------------------------------------------
As Worker Shortage Increases, So Will Incentives to Keep Boomers on the Job
For several years now, various agencies and academics have predicted a systemic labor shortage that will create a labor shortage over the next 25-30 years as the gap between Baby Boomers and entrants of college-educated workers widens due to the Boomers’ mass retirements. (more-->)
Heading Back to School? Make a Plan First
A July/August 2006 story in AARP Magazine by noted workplace and career expert Rosabeth Moss Kanter pointed out that retirement-phobic mid- or late-career types might retreat to college campuses instead of the golf course to prepare for the next phase of their life. Why? They want to train for completely new careers in all-new professional fields or public service. (more -->)
Family Dynamics (top)
How to Takeover an Aging Parent’s Finances
Like many difficult situations with people we love, planning to take over an older relative’s finances is best done in happier times, when both sides are healthy and various options can be considered. Unfortunately, events can sometimes intervene – death, illness or natural disasters can make an elder’s need for assistance a critical matter. (more-->)
Divorce May End a Marriage, but Unchecked Credit Issues Just Might Last Forever
One of the most important aspects of planning for a post-divorce life is planning for your post-divorce credit history. (more-->)
Estate Planning (top)
Prep Steps to Getting Your Estate in Order
The best estate planning begins early and is usually sparked or adjusted by major transitions in life – when a marriage is beginning or breaking up, when a baby’s on the way, or when a major career change or inheritance increases an individual’s assets or the assets of an entire family. (more-->)
Prepare Now for Moves on the Estate Tax
The nonstop discussion this year of health care reform and the economy crowded out discussion on the estate tax, which was scheduled to expire December 31. But as of this writing it appears that the estate tax will be continued at 2009 levels through 2010, which means that the 2010 top rate will likely be 45 percent and the exemption will be $3.5 million per person. (more-->)
A To-Do List for Settling an Estate
The adjustment to the loss of a loved one is hard enough without the inevitable workload of settling their affairs. Even if they don’t have much in the way of assets, the process takes time – typically up to a year. (more-->)
Estate Planning for the Worst Possible Scenario –The Death of Both Spouses While the Kids Are Young
The reason why some parents hesitate to make an estate plan is understandable. It calls into consideration your worst fears – the possibility of your death or your kids facing life without one or the other parent. (more -->)
The Death Tax Is Likely To Live On, So High-Net Worth Individuals Might Consider a Qualified Personal Residence Trust
The Obama Administration has indicated its plans to block the estate tax from disappearing in 2010, though to offer a bit of relief, it might freeze it at the rate and exemption levels that took place this year. (more-->)
Dementia Is Not Only a Family Matter; It’s Also a Financial Matter
When a close relative or friend starts to display signs of dementia or related neurological ailments, it is a family tragedy requiring speedy action and medical care. But in many cases, the disease comes on gradually, and it becomes evident with inconsistencies in behavior and sometimes, problems with money. (more-->)
Ways to Save Money on Health Care and Health Insurance in Troubled Times
Whether you buy your healthcare coverage through your employer or independently, you need to look at your coverage the same way cost-cutting entrepreneurs do. Buying coverage in the future won’t stop at finding the best price – what you pay increasingly will involve how well you personally manage your health. (more-->)
Most People Don’t Have Enough Disability Insurance ? Don’t Make That Mistake
Disability insurance protects your ability to earn an income. It provides money to pay your rent, mortgage and all your basic living expenses if you are injured or sick for an extended period. It is called disability Insurance or disability income protection but think of it as income replacement when you are sick or hurt and cannot work. At any age, you are about six times more likely to be disabled for some period of time than to die. (more -->)
How to Buy Life Insurance
Life insurance is primarily a product for families. If you have a spouse and children who depend on your income and you don’t have extensive resources, then life insurance is a useful tool to help them pay expenses. Single people without dependents typically don’t need the same amount of life insurance because they don’t have as many responsibilities that will outlive them. (more-->)
A Long-term Care Insurance Primer
As millions of Baby Boomers head into their retirement years, it’s surprising how few actually know that the government provides little more than a few weeks of financial support for home-based or nursing home care when the average person needs it for at least a year. (more -->)
Open Enrollment on the Way:
Should You Take Advantage of Your Company’s Health Savings Account Option?
Fall is approaching, which means for many workers that open enrollment is coming. Open enrollment is a specified time period during which companies let their employees sign up for various health and retirement savings benefits as well as smaller benefit options that may be unique to a company. (more-->)
Considering an Annuity?
Insurers have long been part of the effort to help retirees spend down their nest eggs through annuity products. Now, the mutual fund industry is jumping in with a competing offering for individuals who may or may not be so keen on annuities. (more-->)
Insuring Your Vacation? Make Sure You’re Actually Covered
High energy costs, a tough economy, you name it; there’s still plenty of travel delays and headaches in the skies and on the ground. Those delays can potentially cost a lot of money, which is why it’s a good idea to carry travel insurance on expensive trips to cover missed connections that can delay your arrival for a day or more. The same goes for lost baggage or sudden medical expenses in different regions of the U.S. or other parts of the world. (more -->)
Tax Planning (top)
Get A Head Start On Tax Planning For 2008
It’s still a month until most of us will file our 2007 tax returns, but it’s a good idea to keep in mind key tax changes that will affect our 2008 returns. Here are some of the highlights: (more -->)
Before the Holidays, Get Those Charitable Donations Lined Up
There’s a special sinking feeling as you approach Dec. 31 and realize you’ve done no tax planning whatsoever. That includes big issues like end-of-the-year investment decisions, and the smaller ones – like that stuff you no longer use piling up in the basement. (more-->)
As Medical Expenses Rise, Don’t Miss Key Deductions
There are plenty of horror stories about uncovered medical expenses these days, and the truly horrifying part is that many of them belong to people who actually have health insurance. But anytime you or a family member is facing a health crisis or an unusual medical-related expense, it’s best to check to see if you might get a break from Uncle Sam. (more-->)
Financial Planning (top)
How Does the Stimulus Plan Affect You? It’s Good to Get Some Advice Now
The biggest benefit from the $787.2 billion federal stimulus package will hopefully be a noticeable improvement in the nation’s economy. But on an individual level, it’s wise to check if you might be eligible for benefits in health care, education, various tax credits and housing. (more-->)
Thinking Ahead About Inflation? Here Are A Few Ways to Protect Yourself
While the struggling economy has put a vice on inflation, many experts don’t expect things to stay that way for much longer. Why? Many economic experts fear the current level of federal spending will inevitably lead to printing more money, and that’s regarded as an inflationary solution. (more-->)
Getting Your Finances Ready For the Next Rainy Day
It was Benjamin Franklin who once said, “The man who achieves makes many mistakes, but he never makes the biggest mistake of all - doing nothing.” (more-->)
Maintaining Your Credit Score
It’s always a good idea to be vigilant about your credit score, but even if borrowing loosens up a bit in 2009, you still need to do everything necessary to keep your credit score high. (more-->)
It’s Summertime – Not a Bad Time for a Midyear Financial Checkup
The weather’s great, so staying inside with your finances probably doesn’t sound like a very entertaining option. But a midyear review of your tax situation, retirement and spending issues can be far more valuable than the rushed attempt most people make at the end of the year—or when it’s too late at tax time. (more-->)
After a Turbulent 2008, Make Some New Year’s Resolutions for a Financially Healthy 2009
Money worries are the most common cause of holiday stress, according to Mental Health America. The 2006 study showed that parents are more stressed than all other demographic groups by finances and females are more likely than men to feel stressed by finances. (more-->)
How to Prepare For Your First Planner Visit
If you’ve never met with a financial planner before or if it’s been years since you’ve visited one, you need to find a planner then prepare for your visit. (more-->)
Giving the Gift of a Financial Planner
The holiday season should be about giving, but at the end of the season, most people can’t help but think it’s all about spending and money out the door. What would happen if you and other family members considered a different gift this holiday season – the chance to build your financial awareness with a trained expert? (more-->)
When Recession Fears Surface, Check Your Plan – Or Make One
It’s been a wild week on Wall Street. When trading reopened on Tuesday after the Martin Luther King holiday, the Federal Reserve Board responded to world pressure and swooped in with a rate cut to put a floor on Dow losses that were approaching 20 percent since last October. By today, things seemed to be stabilizing. (more -->)
How New College Grads Can Get a Jump on Financial Planning For a Lifetime
The average college graduate with a four-year degree now takes about five years to put on a cap and gown, and her average debt is growing too. According to 2006 figures from the Project on Student Debt, the average college I.O.U. was approaching $21,000. (more -->)
A Family Mission Statement Can Keep Family Goals First and Money Squabbles at Bay
When rich families squabble over the family legacy, it becomes headline news. Witness the recent battle over the ownership of the Wall Street Journal between members of the Bancroft family. When approached by media titan Rupert Murdoch, various family members fought over whether to preserve the family legacy at the legendary daily business paper or take the money and run. Money eventually won. (more -->)
How Your Personality Affects Your Financial Decision Making
The recent volatility in the stock market has everyone a little jumpy – even folks who have worked with a trusted financial planner for years. But if you’ve never worked with a planner before, one of the first things he or she will do is make you fill out a risk analysis questionnaire. (more -->)
|
