Managing your 401(k) plays a critical role in determining the success of your retirement plan. For about one-third of American workers (32%), retirement accounts are expected to be the primary source of retirement income, according to Transamerica Center for Retirement Studies. In other words, your 401(k) may be a meaningful part of your portfolio and […]
When it comes to college savings most people have heard about 529 plans, savings bonds, and custodial accounts. However, there is another player in the game that many overlook that provides a dual-purpose investment option. Custodial Roth accounts, known for their post-tax investment growth for retirement, can also have a place in the college savings […]
The title of this blog may lead you to believe this is only for people within a few years of retiring. However, the inverse is true: the younger you are, the more important this information is for you. So, first off – what is retirement planning, exactly? It can sound like an overwhelming and far-away […]
My dad loves to quote a life insurance salesman that once said to him “how do you know you don’t have a child?” As cringeworthy as the question is, it does address the purpose of insurance fairly well. Insuring against the unknown “what-ifs” that life holds. Life insurance takes the place of your income in […]
Have you ever wondered what it might be like to have dementia? Or maybe you have a family member who has been diagnosed with dementia and you are having a hard time understanding why your loved one behaves in certain ways? I was recently invited to a “Dementia Virtual Tour” at a local Senior Living […]
Ever since they were first established back in 1998, Roth IRAs have been a game-changer in the retirement world. After years and years of only pre-tax retirement vehicles, Roth IRAs provided another way for savers to put money aside for the future. That said, let’s dive into what a Roth IRA is, who can use […]
It has been said that it takes 21 days for a habit to be formed. For example, going to the gym for 21 consecutive days results in you not thinking twice about going to work out. Or taking a three week break from dessert after dinner each night will result in you saying “no, thank […]
Required minimum distributions have received a lot of attention over the past couple of years and you may be wondering what all the fuss is about. There are a lot of questions to ask yourself: Do I begin at 70 ½ or 72? How is it calculated? Why do I have to pay the dreaded […]
Do you ever get inspired by someone you meet who has a distinct goal or discipline? Someone who makes you think, “I can get behind that!” Recently I was speaking with a couple and they mentioned that each new year they kickstart their year by doing not only a dietary detox but a financial detox. […]
When I began my career about 35 years ago, a contractor friend of mine gave me some very good advice that I instituted early on in my office, and it was this: If you want to develop trust, start by being trustworthy in the small things. He used the example of the use of postage […]