February, 2009
Big Windfalls and Structured Settlements – What They Are, and How to Handle Them
If you’ve received a 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.
February, 2009
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.
February, 2009
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.
January, 2009
One Good Thing about a Tough Market— It’s a Good Environment for Roth IRA Conversions
Most of us will not start the New Year happy about our investments. But if you are looking for a bright spot, it’s not a particularly bad time to consider converting a traditional IRA to a Roth IRA.
January, 2009
Taking Steps to Safer Investment Decisions in 2009
It’s tough to tell how much one investor can do to preserve assets in 2009, particularly with unprecedented government intervention in world markets. But here are some general ideas to employ as markets and economies hopefully stabilize in the New Year.
January, 2009
Whether You Call It a Budget or a Spending Plan, It’s a Good Way to Start 2009
Granted, the New Year is a time for best intentions. People vow to stick to a diet, knuckle down at work, spend more quality time with people they care about, start scratching off that long list of key chores around the house, and of course, keep a closer watch on their pocketbook.
December, 2008
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. Money isn’t everyone’s Number One worry, but if it’s yours, why not consider the following New Year’s resolutions to improve your financial life?
November, 2008
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.
November, 2008
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.
November, 2008
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.
October, 2008
Short-term Long-term Care Insurance? Make Sure it’s a Good Idea for You
As the long-term care (LTC) insurance market has matured over the past 20 years, features have been added to the costly policies to make them more attractive. Even the IRS has even come on board, making a portion of the premiums tax-deductible. Yet with the tougher economy, insurers are looking for ways to get more consumers in the door – so they’re adjusting features to give people a break on cost.
October, 2008
Nervous? Time to Reassess – or Make – A Financial Plan
We're in a financial crises the likes of which most of us have never seen. It is marked by the biggest bank failure in American history, Dow swings of nearly 800 points to the downside and upside swings of more than 600, a dry-up in the nation’s consumer and business credit markets, and world governments still trying to calm the waters. How are you handling this? Are you sitting dumbfounded in front of the TV? Do you strap on the iPod and vow not to turn it off until the crisis passes? Or do you check your financial plan to make sure you are well-positioned for clearing after the storm?
October, 2008
Be Careful About Picking Beneficiaries for Your IRAs and 401(k)s
Inheriting IRA or 401(k) proceeds from a friend or relative can be a potentially huge windfall, but it can also be a sizable tax headache. For both the giver and the recipient, it’s worth getting some advice.
September, 2008
Is A Health Savings Account Right For You?
Fall is approaching; for many workers that means 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. One of those options might be a health savings account, also known as an HSA. Health savings accounts were created as part of the Medicare Modernization Act of 2003. Anyone under age 65 who buys a qualified high-deductible health plan (HDHP) can open an HSA. However, you can still own an HSA and be covered under other types of insurance policies that cover liability, dental, vision and long-term care needs.
September, 2008
Preparing Your Finances for a New Baby
Bringing a child up is a tremendous financial responsibility, and it's better to plan in advance than to deal with a surprise down the line. The U.S. Department of Agriculture compiles an annual survey on what it costs to raise a child from birth through age 17. In 2007, expenses ranged from a total of $7,830 to $8,830 for a two-child, husband-wife household in the lowest income group to $15,980 - $17,500 for families in the highest income group. Once again, those are the latest annual figures. If you held spending unrealistically static for the next 17 years, the cost of raising a child in the lowest income group would range from $133,110 to $150,110 adjusted for inflation. In the highest income group, the range would be between $271,660 to $297,500.
September, 2008
Blended Families Should Plan Early for 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.
August, 2008
Don’t Make These Retirement Planning Mistakes
It really doesn’t take much to derail a retirement plan. Most of the errors in planning for retirement are those of neglect, omission or panic. If you don’t know exactly where your retirement plan stands, get some advice – a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional is a good start – to review your overall retirement options and give you some ideas where to start.
July, 2008
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. But these guidelines are generic - they don't really help individuals know what is appropriate for their situations.
July, 2008
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.
July, 2008
Insuring Your Vacation? Make Sure You’re Actually Covered
High energy costs, a tough economy, you-name-it; there are still plenty of travel delays and headaches in the skies and on the ground. Those delays can 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.
June, 2008
Traveling Smart During the Hot, Pricey Summer of ‘08
Summer is when we hope to get time off to relax. But with regular gasoline prices above $4 a gallon and energy prices pushing tourism expenses higher for everything from plane fare to eating out, paying for this year’s summer vacation might be a significant source of financial stress. Consider some of these tips to keep your travel costs from breaking your budget.
June, 2008
To Retire or Not to Retire? Ways to Consider the Question
The meaning of “retirement†is changing as boomers depart from the older pattern of stopping work entirely in retirement. What should you consider as you start to plan for your retirement years?
June, 2008
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. According to Kanter, “Traditional volunteering is not what leading-edge boomers have in mind. They want to be leaders and to help improve the world.†Education will be a part of that movement.
May, 2008
Why Going Green in a Blue Economy Can Be a Smart Investment
While the real estate market is slow and high energy prices are challenging everything from the way we heat our homes to the way we get around, it might make sense to bring a "green" approach to a tough economic environment.
May, 2008
Why a Business Owner’s Exit Plan Is So Important
There are plenty of days when we want to "take that job and shove it." But what happens when we're tired of a job we've created for ourselves in a business that we've founded?