As the need for financial advice increases, here are 4 considerations for helping workers feel more prepared for retirement in the future.
Like annual physicals, a yearly financial checkup can help uncover hidden problems, inspire you to set new goals, provide information you need to improve your health, and make sure you’re on track for well-being. I specialize in thoughtful and objective investment guidance aimed at keeping your finances and goals in shape.
Brokerages have started alerting clients that they can choose a person to be contacted if their advisor suspects fraud is occurring or there is mental decline in the account owner.
This new option is part of securities regulators’ effort to prevent financial fraud against older Americans, who lose an estimated $36.5 billion to fraud.
The holiday season should be a happy time, but many people find the holidays less enjoyable and more stressful. Much of that stress is financial.
November is Long-Term Care (LTC) Awareness month. You have many options when it comes to resources and carriers for long-term care insurance. Who will care for you when you can’t care for yourself?
Did you know that cybercriminals commit financial fraud by tricking people into buying gift cards and sending them the gift card information? This popular scam is a preference for cybercriminals because gift cards are an easy substitute for cash, they are easy to purchase, and once the fraud is complete it’s difficult to track down the scammer.
Estate Planning is more than just having a will, it is about planning for a good end of life. GETTY
When I ask retirees if they have an updated estate plan in place, I get a mix of responses. Some people recognize their estate plan is lacking, as millions of Americans either don’t have one or have an outdated plan that doesn’t align with their life anymore. Other people believe they have an updated estate plan, but even this group is mistaken. Their “estate plans” are really just wills. Read More
TAKE CONTROL OF YOUR FINANCIAL FUTURE
The pace and complexity of managing modern finances may leave some people unprepared to achieve a successful financial future. If you’re feeling less than confident about your future, having a well-prepared financial plan can help put you in control. To manage your income and expenses effectively throughout your lifetime, consider partnering with your financial advisor, who has the experience to help you create a plan that strategically addresses your unique goals and needs.
Are you aware of the different options available to you when saving for your children’s (or grandchildren’s) college costs? Here is a glimpse at each option. Read More
Life insurance blah blah blah. Is that what you hear when someone mentions it as part of your new job’s employee benefits round-up or when you see something about it on TV or social media? Not to worry: we’ve got the low-down on what you need to know. And it’s really not as overwhelming (or underwhelming) as you might think.
COVID-19 has led families to cancel travel plans, get (semi!) comfortable with homeschooling kids and deal with all kinds of other inconveniences.
As if that weren’t enough, it’s also making many families take a closer look at their finances and make sometimes difficult financial decisions. Read More
We get it: No one wants to think about death—for us or the ones we love. And a lot of people equate life insurance with death. And while it IS there if the worst were to happen, it can also do so many other things, and doesn’t have to break your budget while doing it. Check out these great reasons to consider life insurance:
Financial advisors and academic researchers worry the Cares Act’s pandemic-hardship provisions are encouraging savers to view their 401(k) accounts as de-facto emergency accounts, an attitude that could result in significantly lower balances upon retirement. Read More
Getting ready for retirement requires consistent saving, prudent investing and successfully avoiding penalties and fees. You can build a nest egg faster if you take advantage of workplace retirement benefits and make optimum use of government programs, including Social Security and Medicare.
Here’s how to make a basic financial plan for retirement:
Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties. Remember to factor these important ages into your retirement plan.
It’s no time for investors to get complacent.
The S&P 500 may have erased its losses for the year earlier this week, but volatility returned with a vengeance on Thursday afternoon, with the Dow plunging more than 1,500 points. Uncertainty remains over how the coronavirus may play out in months to come -– and what that will mean for the market going forward. It’s a good time to make sure your portfolio is in order.
- The number of pension plans dropped to about 46,700 in 2017, from 103,000 in 1975.
- During the same time, defined-contribution plans such as the 401(k) grew to 662,800, from 207,700.
- If you’re leaning toward choosing guaranteed lifetime income by remaining in the plan instead of taking the lump-sum offer, be sure you have confidence in your employer’s long-term viability.
William Mark lost nearly all of the $800,000 he put into ETNs.© Aaron Vincent Elkaim for The Wall Street Journal
When William Mark decided to get back into investing after the 2008 financial crisis, he looked past stocks and bonds. Needing to play catch-up with his retirement portfolio, the piping engineer decided to bet on a complicated product he hoped would deliver double-digit annual returns. Read More
The COVID-19 crisis has complicated the employment situation for many Americans. Many companies are trimming their workforce, and some will offer early retirement packages or normal retirement to eligible retirees as part of their efforts. Read More
Snag deals and reroute extra funds to reduce your overall expenses during the COVID-19 outbreak.
Cooking at home and walking frequently can improve your well-being – and give your finances a boost. (GETTY IMAGES) Read More
- Retirees likely experience legitimate fears during extreme market volatility, so questions both emotional and practical must be acknowledged and addressed.
- It’s important for retirees to maintain a healthy allocation to stock exposure in order to ensure that their lifestyle keeps up with inflation.
- Retirees with a sound, goals-based investment strategy can rest easy; those without one should use this hysteria du jour as the catalyst for a substantive portfolio review.
As coronavirus anxiety grips the markets and knocks the S&P 500 index (^GSPC) as much as 18% off its February highs, it’s scary times for any investor, even one with long-term goals.
It has been a rough week on Wall Street, one of the roughest since 2008.
The S&P, the Dow and the NASDAQ are all way down, largely on coronavirus fears. And it’s not just Wall Street. Markets are down across the globe.
Stock markets around the globe were rocked on Monday as fears of the coronavirus spread. The outbreak has now spread to Europe while officials in South Korea raised its coronavirus level to the highest level following an increase in confirmed cases in the country.
Social Security benefits are designed to replace around 40% of your pre-retirement income. Unless you have a pension, any additional money you need has to come from savings. Read More
For most of your life, saving for retirement probably wasn’t a high priority. But as the years count down on your career, nerves set in and rhetorical questions start flooding your head: Have I saved enough? Did I invest too aggressively? Do I have the right kind of insurance?
The Secure Act, a federal law attached to broader spending legislation, now allows 529 plans to use funds to repay student debt.
If your employer offers a 401(k) plan, taking advantage of the potential savings this retirement account offers can have lasting benefits. These plans provide a chance to set aside funds that can be deducted from your taxes each year and build earnings over time.
The so-called three-legged stool of retirement income — Social Security, pensions and savings — is becoming less accessible for many Americans.
Instead, many individuals ages 60 and up are increasingly relying on just one source — Social Security — for money in retirement.
Americans are living longer, so those retiring today and in the future must plan for a longer period of spending than previous generations.Read More