Your Business: Family History or Continuing Legacy?
If you’re a business owner, you’ve most likely worked hard to build and manage a company that provides for you and your family. As a result, the income and wealth derived from your business success has become a significant portion of your estate. However, the business that provides for your family during your lifetime may…
How to Divide an Inheritance Equally
Nothing ignites family arguments like trying to divide an inheritance. If you plan to leave money to more than a few beneficiaries, for the sake of peace and your own emotional legacy, know how to divide the proceeds fairly.
Leaving a Legacy
For millions of Americans, “charity begins at home.” Many have decided to make a difference by leaving a legacy to local religious, educational, social, or cultural organizations. In addition to the immense satisfaction that comes from giving to others, charitable giving can provide tax benefits for the donor and his or her heirs when done…
Maximizing Health Insurance Tax Deductions
Individuals and business owners alike are concerned about the already high, and continually rising, cost of health insurance. But whether you are an employee, an employer, or a self-employed individual, there is a range of Federal tax deductions available, including breaks provided by health savings accounts (HSAs) and similar tax-advantaged accounts.
The Triple Tax Benefits of Health Savings Accounts
When planning for retirement, most Americans think mainly about using tax-advantaged savings vehicles like 401(k) or individual retirement accounts, while failing to consider the triple tax benefits of health savings accounts, or HSAs.
Understanding the Advantages of an HSA
A health savings account (HSA) can be a good alternative to traditional health care, especially for those who are young and healthy. With an HSA, you put money away in a tax-advantaged account but to be eligible, you must already be in a health plan that has a high deductible. Anyone can open an HSA,…
Mutual Fund Fees and Your Market Basket
Many fund companies display their performance figures prominently, but they may take a low-key approach when it comes to mutual fund fees. Generally, when funds are doing well and returns are strong, investors tend to overlook the fees charged by mutual funds. However, regardless of the performance of your investments, you should understand what fees…
Keep Fees and Taxes from Nibbling Your Nest Egg
Many investors are paying more in fees than they realize, some don’t even know they’re paying fees at all. Here are some things you can do to help manage your fees and taxes:
Decoding Investment Fund Fact Sheets
Investment fund fact sheets are essential documents that provide key information about a particular investment fund. Understanding how to interpret and analyze these fact sheets is crucial for making informed investment decisions. In this article, we will delve into the components of investment fund fact sheets and provide guidance on how to navigate them effectively.
Older Americans Growing Targets of Financial Fraud
America’s older generations grew up in a different world where it was customary to be courteous and trusting. Unfortunately, these exemplary standards of conduct could get some individuals into trouble. Con artists bank on the willingness of older Americans to trust in a variety of too-good-to-be-true investment “deals,” making them growing targets of financial fraud.…
What You Need to Know about Financial Fraud
Many of us grew up in a world where it was customary to be friendly, courteous, and trusting. Unfortunately, assumptions concerning these standards of conduct can sometimes get us into trouble. Con artists offering a variety of too-good-to-be-true investment “deals” are banking on the willingness of trusting individuals. Unfortunately, many people experience financial difficulties, thus…
Preventing Financial Fraud in Your 20s
As you enter your 20s, you embark on a phase of life filled with exciting opportunities and financial independence. However, this newfound freedom comes with its fair share of risks, particularly when it comes to financial fraud. Fraudsters are becoming increasingly sophisticated in their methods, targeting young adults who may be less experienced in managing…
Keep Control of Your Credit
Are you one of the many American consumers currently asking yourself, “How can I better control my use of credit?” Consumer debt in the United States totals billions. Much of this debt belongs to consumers who use credit wisely, but a considerable amount is owed by people whose credit obligations have gotten out of hand.…
Best Practices for Managing Your Credit
When you are applying for a mortgage, car loan, home-equity line, insurance, home rental, or job, be aware that your credit score may impact your application. Few other numbers help or hurt your life so deeply. Learn more about managing your credit to improve this key indicator in your financial life.
Keep on Top of Your Credit Rating
The use of credit in today’s world is pervasive. People charge meals in restaurants and purchases in boutique shops, pay for appliances on the installment plan and obtain loans to buy homes and automobiles, take vacations, and pay for schooling. These are just a few examples of how we use credit on a day-to-day basis.…
Preparing for Retirement with a Recession Looming
Preparing for retirement can be a daunting task at the best of times, but when a recession is looming, it can be even more challenging. The global pandemic has caused significant economic disruption, and many people nearing retirement age may be feeling particularly vulnerable. However, there are steps you can take to prepare for a…
Lessons from the Great Recession of 2007 – 2009
After the Great Recession from 2007 to 2009 hit, far too many Americans found themselves without any savings to get through the hardships of unemployment, falling house prices, dwindling 401(k)s, and increased financial anxieties. Don’t let this happen to you.
Negative Superlatives and Market Drops
Almost any global happening can spur you to sell investment positions or put off investing new dollars. But remember: the headlines are just to sell newspapers (or digital ads). You must keep a level head when the market goes up and when it goes down. Because it’s going to do both. The latest news is…
The Fed, Interest Rates, and Investing
As an investor, you undoubtedly ask when, or if, the Federal Reserve Bank (the Fed) raises interest rates, how will that affect consumers and businesses? What about the consequences for certain segments of the economy?
Is it Time to Refinance Your Mortgage?
Over time, mortgage rates fluctuate. Depending on where rates currently stand, now may or may not be a good time for homeowners to consider refinancing their mortgage. How can you determine whether it makes sense at any given point to refinance your mortgage?
Understanding Interest Rates and Your Financial Situation
When discussing bank accounts, investments, loans, and mortgages, it is important to understand the concept of interest rates. Interest is the price you pay for the temporary use of someone else’s funds; an interest rate is the percentage of a borrowed amount that is attributable to interest. Whether you are a lender, a borrower, or…
Retirement Strategies for Millennials
Retirement seems far away, and it feels like you have decades to prepare. But to enjoy a long, financially secure retirement, you’ll need to start thinking about saving today. And while a common misconception is that millennials are bad with money, 54% report they have a budget2. Seven in ten consider themselves to be savers,…
Five Questions to Ask as You Consider Retiring
As you consider retiring, how do you know when you are really ready for it, mentally and financially? For decades, the normal retirement age was 65. This was when you became eligible for Social Security and Medicare. But things are different today. Answer these five questions to find out how, when, and if you should…
How to Plan for Financial Pressures Facing Retirees
Retirement is a time for pursuing your passions, reaping the fruits of your life’s work, and making the most out of life. But there are many financial pressures facing those planning to retire in the coming months and years.
Retirement strategies for millennials
Retirement seems far away, and it feels like you have decades to prepare. But to enjoy a long, financially secure retirement, you’ll need to start thinking about saving… today.
Understanding what financial planning is – and isn’t
Finances are complicated. Gone are the days of one checking account, one savings account, and a pension for the future. People today are bombarded with advice, decisions, and complex financial products that can make planning for the future with confidence seem daunting.
Five Things You Gain From Financial Guidance
Do-it-yourself is a great approach for some things, yet most people aren’t equipped to be their own doctor, lawyer or mechanic. And when it comes to planning out your financial life today and in the future, you can gain a lot from an experienced guide.
Careful planning can help manage competing financial priorities
Does this sound familiar? You keep meaning to increase your retirement plan contribution, but there just seem to be too many other financial priorities that get in the way. Fortunately, with a little planning, you can develop a strategy to cover those expenses and help stay on track for retirement.
So You Want to Retire Early? What You Can Do Now to Prepare
You’ve done your time. You’ve had a long (and hopefully rewarding) career and are ready to ease into retirement. There’s one problem. You’re not quite officially retirement age yet. You have a few years (maybe more) until you reach age 62 and can start receiving Social Security. And a few more years still until you…
Thinking beyond the 401(k): Distribution planning and investments to consider
Saving and investing for retirement is an absolute must for most Americans, and investing in your future through 401(k)s, IRAs, and other retirement-specific investment vehicles should be a top priority when planning for long-term financial wellness.
Saving vs. Investing: What to keep in mind
It was a problem we all had as kids when we found a dollar: Does it go into the piggy bank or get spent on something to enjoy into the future? The options change as we get older, but the same kinds of calculations and questions arise. As adults, we are told saving is good,…
Pros and cons of health reimbursement accounts
A health reimbursement arrangement (HRA) is a tax-advantaged benefit that allows both employees and employers to save on the cost of healthcare.
Are flexible spending accounts worth it?
A flexible spending account (FSA) is a voluntary, employer-sponsored program for employees to save a portion of their income, pre-tax, to be used to pay for qualified medical or dependent care expenses incurred during their benefit plan year. You may also have the option of a limited-purpose FSA, which can be used in conjunction with…
Health Savings Accounts for a Healthier Financial Future
Health insurance is so complicated that many people and businesses would rather stick with what is familiar, even if they don’t like it or fully understand it, than try something new. However, it may be worth taking a second look at Health Savings Accounts (HSAs), a flexible tool that could revolutionize the health insurance system…
10 Strategies That Balance Family and Financial Security
The strategies below can help you make time for enriching activities that balance family and financial security:
Saving for kids’ college? Consider these 2 things.
If you’re like most parents, you’ve spent more than a few sleepless nights worrying about your child’s future. After general happiness and wellness, one major concern often tops our minds: How will we pay for college?
Covering your mortgage with insurance
If you, your spouse or life partner would pass away or if you become disabled and are unable to work, your family could potentially lose your home.
Is your family prepared for the unexpected?
It’s not a topic that most of us like to think about, but the truth is we should. That topic is an unexpected loss of income because of death or disability, and a sizable portion of us are likely to experience this unfortunate reality at some point during our working lives. Consider this: according to…
The biggest financial pressures facing retirees, and how to plan for them
Retirement is a time for pursuing your passions, reaping the fruits of your life’s work, and making the most out of life. But there are many financial pressures facing those planning to retire in the coming months and years.
Rethinking retirement: Will you have the income to support the retirement you desire?
Chances are, your retirement will look very different than your parents’ or grandparents’ retirements. First of all, many of us are living longer and can potentially expect a retirement that stretches 30 years or more. Second, gone are the days when the typical retiree whiled away the hours in a rocking chair. Many retirees today…
Millennials and retirement: How do you stack up?
No matter the age, many people look forward to retirement—a time when they’ll stop working and have the freedom to travel, take up a hobby, and spend time with family and friends. With today’s life expectancies, you might have a retirement of 20+ years, you’ll need a financial plan to fund your dreams.
Estate Planning for Lifetime Partners
There have been some distinct changes in the American cultural and sociological landscape in recent decades. Among them is the increasing number of unmarried couples living together as lifetime partners. This trend has created estate planning challenges for the individuals involved. Here are a few of the more common estate planning issues that may affect…
Five Tips to Help Couples Talk About Money
Money discussions can affect your relationship, especially if you put those talks off too long. You and your partner need to get on the same page and talk honestly—and regularly —about finances.
New Economic Realities for Today’s Young Couples
For today’s young couples, the road to the future may look far different than it did for their parents. Their incomes may be less certain compared to those of previous generations, and the demands on their financial resources may be greater. In addition, rapidly evolving technology may require multiple career changes or transitions. Moreover, many…
In the middle of everything:
Tips for those caring for both kids and parents
It’s called the “sandwich generation” – mid-career people who are caring for kids still in the house and taking on more care for their aging parents as well.
Help your family have a healthy relationship with money
It’s surprising how little families talk about financial matters. While no one would claim that money is more important than family, financial issues are a top cause of stress and dissent that can strain family bonds.
Getting married? 3 tips for avoiding financial arguments
Choosing to spend the rest of your life with someone is one of life’s most significant milestones. You and your partner have likely spent hours discussing wedding logistics, dreaming of honeymoon destinations and planning your new life together but you might be missing out on one of the most important discussions for a long-term relationship…
When Stock Markets Peak, Check Your Emotions
Emotions often drive investors to make poor decisions and underperform. Successful investing and overall fitness both often come down to discipline (and planning). Why aren’t you reaping the investment returns you read about in the financial press? Why aren’t you reaping the benefits of going to the gym? One obvious answer that you might not…
Understanding What the Markets Are Telling Us
No financial firm of integrity will tell you to try to predict the markets from day to day, or make a big shift in your investments based on headlines. But that doesn’t mean that you should ignore market news. Each piece of information is a part of a puzzle, and when you know what to…
Managing Your Credit Rating
Credit ratings are an important measure of a person’s financial wellness. Think of them as a report card for your finances. Lenders review credit ratings to determine the risk associated with the requested loan. The higher your credit score is, the more likely it is you will repay your loan. As a result, individuals with…
Student Debt Is Deeper Than You Think
Every generation bemoans the fact that things today are far more expensive than they were 20 years ago. In 1940, the median home value in the U.S. was just under $3,000. Sixty years later, the median home price was just under $120,000.1 But most of the increase has nothing to do with inflation. In fact,…
Debt Management – Getting a “Leg Up” on the Future
Having a strategy in place to manage debt, whether credit cards, a mortgage, student or car loans, may help improve your financial well-being and get you on track to saving for your future.
Understanding What the Markets Are Telling Us
No financial firm of integrity will tell you to try to predict the markets from day to day, or make a big shift in your investments based on headlines. But that doesn’t mean that you should ignore market news. Each piece of information is a part of a puzzle, and when you know what to…
Retirement Investing – Market Volatility
Market volatility is an inevitable part of investing. These bouts of volatility can be unnerving, but they are a normal feature of long-term investing. Retirement investors should expect to see market declines periodically throughout their investing careers.
Investing Made Easy – Dollar Cost Averaging
What if your retirement contributions weren’t automatically deducted and invested in your plan? What if you had to remember to write a check or transfer funds? Would you do it? Every payday?
Private Foundations – Beyond Traditional Charitable Giving
For many affluent individuals, occasional gifts to a favorite charity may satisfy their charitable inclinations. The added incentive of an often substantial tax deduction, coupled with various estate planning benefits, can be the driving force behind such charitable gifts. However, for some individuals, philanthropy is a far more serious endeavor, often involving a succession of…
Do You Really Have Enough Health Insurance?
Insurance should be part of everyone’s financial planning
Maximizing Health Insurance Tax Deductions
Individuals and business owners alike are concerned about the already high, and continually rising, cost of health insurance. But whether you are an employee, an employer, or a self-employed individual, there are a range of Federal tax deductions available to you, including breaks provided by Health Savings Accounts (HSAs) and similar tax-advantaged accounts.
Health Insurance: How’s your coverage?
Health care always seems to be a hot topic in political circles. Because resolution of important health care issues may take time, you may be left with the immediate task of evaluating your own health coverage situation.
What is an HSA and what are the benefits?
Think of a health savings account as a kind of personal savings account or investment account* that employers can offer to employees who are covered by high-deductible health plans, or HDHPs, in order to help them save money on dozens of types of medical expenses, from doctor visits and physicals to surgery and psychiatric care.
Preparing for Retirement
“Retirement once seemed a long way off, but it just keeps getting closer every day.”
3 Reasons to Wait Until 70 to Claim Social Security Benefits
In a rush to file for Social Security benefits at age 62? Many people are – but slow down and do the math first.
The Future of Social Security
Social security probably won’t do it. The future of the Social Security system is unclear. But one thing is fairly certain. Your future Social Security retirement benefit will probably be much less than the amount of income you’ll need. The question is, how much less?
About Social Security – Knowledge is Your Retirement Power
Social Security is intended to provide only a minimum level of retirement income to go toward covering the basic necessities: food, shelter, and clothing. It was never intended to be your only source of retirement income. The rest will be up to you! The age which the Social Security Administration considers full retirement age has…
How to Make Cosigning a Student Loan a Breeze
Use the loan application process as a learning experience.
What Rising Interest Rates Mean For You
You’ve probably seen news about the Federal Reserve raising the prime rate, which trickles down to the interest rates charged and paid by banks, credit card companies and others. But what does this really mean for you or for your business?
Understanding Plan Loans
Challenging economic times spur many retirement plan participants to consider borrowing from their retirement plan. Before you do, research the pros and cons, some of which may surprise you.
Consider the “Why” When Gifting Assets
When it comes to gifting assets and passing down an inheritance, too often we fixate on the “how,” but don’t consider the “why”. In other words, although the mechanics of making gifts and transferring assets are important, such setting up irrevocable trusts or net gifts and bargain sales, so too is identifying the greater purpose…
Why You Should Regularly Review Beneficiaries and the Titling of Assets
Imagine this. Your ex-spouse is enjoying a fabulous cruise around the world thanks to your generosity following your untimely death.
What is a 529 Plan, and Why Should I Open One?
You don’t need a Ph.D. to know the costs of education have risen dramatically in recent decades. Many parents worry about how they will pay for their kids’ schooling from they day they are born.
Understanding Fund Fact Sheets
One of the more confusing parts of participating in an employer-sponsored retirement plan is choosing how to allocate your funds. Fund fact sheets provide information on a fund’s objectives, holdings, fees, and past performance and can be used to compare funds within the same category, learn more about a single fund, or contrast funds in…
Understanding Mutual Funds
One way to cushion investment risk is to have a well-diversified portfolio; but without a sizable sum of money to invest, you may not be able to hold a large enough mix of stocks, bonds, and cash to give your portfolio the variety it needs. That’s where mutual funds enter the picture.
Understanding Roth
Your plan provides the option of making either traditional or Roth contributions. Here are some common questions and answers regarding Roth contributions to give you an overview of the feature.
When should you use your emergency fund?
You’ve managed to save the recommended three to six months of finances for an emergency fund. Now, when is it ok to use it?
Emergency Savings: A neglected part of financial wellness
You’ve heard the rule of thumb: Have an “emergency savings” set aside for unexpected costs. It’s a simple enough idea, but most Americans put it at the back of their financial priority list. In fact, more than 50% of Americans say they couldn’t come up with $500 at a moment’s notice.
Do You Need An Emergency Fund? Six Reasons You Do
An emergency fund is like building cardio in your exercise routine. It strengthens your daily financial wellness (like your heart and lungs), increases your long-term financial health (similar to your metabolism) and can lead to a longer, more financially fit life.
Beyond Medicare – How to Fund Health Care Costs in Retirement
As retirement draws closer, many of us cling to a false sense of security that Medicare will cover all of our health care costs. Once we hit 65, it’s all taken care of and we don’t have anything to worry about, right?
The Power of Budgeting at Any Life Stage
Budgets get a bad rap. In reality, they give people power over their finances, and when managed well, can put a person in a position to decide if they want to seize an opportunity or not – while those who have not managed their money purposefully often have no such option.
Understanding and Managing Good Debt vs. Bad Debt
You may have been taught that debt is a bad thing to have in personal or business finance. The truth is a little more nuanced. Sometimes one kind of debt is better than another, and sometimes the same loan with the same interest rate and terms can be either “good” and “bad” depending how you’re…
Are you over the age of 50? Learn about employee catch-up contributions.
Saving enough money for a comfortable retirement is probably one of your primary financial goals. But, with so many other demands on your money, it’s easy to get off track. If you are age 50 or older and want to make up for lost time, the tax law allows you to catch up on your…
How much should I contribute to a retirement plan?
Have you ever wondered if you’re saving enough for retirement? Is there a specific percentage or dollar amount you should be contributing? To answer that question, you need to ask a few others:
Why contribute to a retirement plan?
Experts generally agree that most people will need between 70 percent and 85 percent of their current income in retirement. Social Security will only provide a portion of that amount. You’ll need to have other savings and investments to have a successful retirement.
Emotions and finances: Tips for managing both when times are tough
It’s OK. You may be feeling overwhelmed, anxious, fearful, or worried about the future. It’s only natural considering the current pandemic and resulting financial crisis. It’s normal to feel scared and uncertain at a time like this.
Surviving Market Volatility During COVID-19 Virus Uncertainty
During this time, it may be comforting to remember that you are not alone. Everyone is wondering what the future holds for the Coronavirus (COVID-19). Everyone has the same fears and anxiety that you may be feeling right now. When it comes to your investments, all you can really control is how you react. Sticking…
What do you know about mutual funds?
One way to cushion investment risk is to have a well-diversified portfolio; but without a sizable sum of money to invest, you may not be able to hold a large enough mix of stocks, bonds, and cash to give your portfolio the variety it needs. That’s where mutual funds enter the picture.
Six Timeless Tips
Whether we’re experiencing a so-called flash crash or a raging bull, the markets can be turbulent. No matter what’s happening in the financial world, these enduring tips can help you achieve investment success.
Social Security Probably Won’t Do It
The future of the Social Security system is unclear. But one thing is fairly certain. Your future Social Security retirement benefit will probably be much less than the amount of income you’ll need. The question is, how much less? Face the Facts The average monthly Social Security benefit for retired workers receiving benefits in 2011…
Help Your Family Have a Healthy Relationship with Money
It’s surprising how little families talk about financial matters. While no one would claim that money is more important than family, financial issues are a top cause of stress and dissent that can strain family bonds. On the positive side, a shared perspective on money matters – along with transparency – allows families to use…