February, 2010
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. Men and women tend to turn on the gas in the last 15-20 years of their working lives to make sure their retirement savings will be adequate to their needs. That’s why the idea of downsizing is a good one to start early. It’s also a good time for a financial check-up.
January, 2010
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. An emergency fund should contain 3-6 months worth of money to cover living expenses – its main focus should cover all loss of income, not just a car payment or a refrigerator repair. With parents losing jobs and college expenses continuing to grow, the younger you can get a person started, the better.
January, 2010
10 Money Steps to Take When a Family Member 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.
January, 2010
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 lives, 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:
November, 2009
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.
November, 2009
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.
November, 2009
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.
November, 2009
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.
October, 2009
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 old ones.
October, 2009
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.
October, 2009
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.
October, 2009
Even In Tough Times, Grandparents Can Still Help Their Grandkids Get A Good Financial Start
Though 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.
September, 2009
Thinking Ahead About Inflation? Here Are A Few Ways To Protect Yourself
While the struggling economy has put a vise 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.
September, 2009
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.
September, 2009
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.
August, 2009
Reverse Mortgages – What Should You And Your Parents Know Before Applying?
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.
August, 2009
Getting Your Finances Ready For The Next Rainy Day – Or Decade
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.”
August, 2009
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.
July, 2009
Re-setting the Business Exit Plan in a Tough Economy
The unpredictability of the markets and the economy has reset plenty of retirement plans, and that’s been especially true for business owners.
July, 2009
What if Your Employer Doesn’t Want You to Retire? Planning for a Second Act
The mass Baby Boomer retirement anticipated over the next 20-30 years is expected to create an overall U.S. labor shortage of 35 million workers. That’s potentially good news for future retirees who either want to work or need to work due to the recent investment downturn.
July, 2009
Even When a Spouse Dies, Debt Lives On
The death of a loved one is a paralyzing event. Many survivors find it difficult, if not impossible to start dealing with the financial afterlife of a spouse even if they’ve planned extraordinarily well.
July, 2009
Dealing With Companywide Pay and Benefits Cuts
Even as the economy shows a few glimmers of improvement, most economists expect some continuation of job, pay and benefits cuts to continue throughout the year. What can you do about these moves, even if they’re still in the rumor stage?
June, 2009
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. It makes sense to get advice from tax, estate and financial planning experts in the preparation of an estate plan. A Certified Financial Planner™ professional in estate matters is a good choice to start the process.
June, 2009
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.
June, 2009
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.
