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
Top 10 Money Moves for Today’s College Freshman
With average college tuition up 6.3 percent at private schools and 6.6 percent at public schools this past 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 his or her money.
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?
April, 2008
Are Immediate Annuities A Good Way To Preserve Your Retirement Savings?
One day, the market is up 400 points. The next day it’s 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.
April, 2008
A Long-term Care Insurance Primer
As millions of Baby Boomers head into their retirement years, it’s surprising how few actually know that Medicare 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.
April, 2008
How Not To Go Broke If Your Kids Move Back After Graduation
If your children need to move back in with you after graduation, develop a plan so that you can help them without endangering your own retirement.
March, 2008
Many People Aren’t Adequately Insured for Disability
Think your employer’s coverage is enough? Think again. You may have whatever sick leave you have coming, and then if an employer offers short-term disability coverage, it generally doesn’t last more than 12 weeks. There are employers that offer long-term disability coverage, but if you’ve never checked the terms of that coverage, you should.
February, 2008
What Are Exchange-traded Funds and How Do They Work?
Exchange-traded funds (ETFs) can be a cost- and tax-efficient way to invest in stocks and other types of securities.
January, 2008
It’s Time to Start Thinking About the Estate Tax Again
It makes sense to have an estate plan that’s sufficiently flexible to ride out changes in the estate tax system that are likely to arise in the next few years.
January, 2008
Pay Close Attention to So-Called “Default” Investments
Letting your investment savings flow unattended into your 401(k) plan’s default investment options may not be the best strategy for your situation.
December, 2007
Thinking About a New Career Direction in ’08? Here’s How to Prepare For Your Own Business
If you’ve ever fantasized about quitting your job and starting a business, you’re certainly not alone. But it’s definitely not something to do on a whim.
November, 2007
Will Your Kid’s Inheritance Make Her or Him a Monster? It Needn’t If You Plan Well
Inheritances, trust funds and other benefits from hard-earned family fortunes of any size can affect the children of wealthy individuals in incredibly positive and negative ways.
November, 2007
Here’s How to Protect Against Job Loss in your Financial Plan
Worried about your employer’s financial future? Start making plans to protect your own finances.
October, 2007
Thinking About Borrowing from Family or Friends? Do It The Right Way.
Often, there’s something very attractive about the idea of obtaining a loan from friends or family.
September, 2007
How Your Personality Affects Your Financial Decision-making
In order to be a successful long-term investor, you need to understand your own attitudes about money.
