Let’s start with a little reminder. You have until April 18 to get your 2016 qualified plan contributions in (IRA and ROTH IRA, etc.). Why miss the opportunity to put away $5,500 toward your future and let it grow through the coming years toward your retirement? If you are age 50 or older you can add $1,000 catch up for a total of $6,500. While you are at it, think about doing your 2017 contribution as well.Read More
With the demise of the pension plan (some unions still have them) for most of us, we have to fund our retirement ourselves. One way is to contribute to your company’s 401k plan. One of the reasons a company starts a qualified plan is to retain key employees. Basically, you can participate in your company’s 401k (there are also 403b and 457 plans which are very similar) after a certain time on the job – usually 6-12 months until you are eligible.Read More
Setting realistic expectations is a great start toward a satisfying retirement.
To get started, you must have a road map of what you are spending for all aspects of your life, both for everyday expenses and for the outside activities. The best way to get going in the right direction is to create a budget and balance sheet. How much you are spending vs. how much you are earning.Read More
This week we will stay with the IRA theme and another important part of taking distributions.
We are getting close to the deadline for contributions to your 2016 IRA or ROTH. Why not consider doing your 2017 contribution now rather than waiting 15 months until April 2018. Get your money to work for you tax deferred.Read More
This is a very serious issue and if you get it wrong it will cost you big time. Please pay attention because every one of us with a qualified plan with our employer will have this possible situation down the road.
We are about to start another new year and along with that we make all kinds of resolutions that this year you are positively, definitely and absolutely going to jump on and stay with it. Yeah, right. How about this year do something different: Get back on track, or just get on track. It is your life and your future retirement. You are the only one who can control the end result. Are you ready to get serious?Read More
As 2016 winds down, it is time for us to start planning for 2017. Let’s forget about that New Year’s diet or health plan. How about a health plan for your financial future? I know it is a fleeting thought each year that happily goes away quickly, but not so fast!Read More
As a child you may have dreamed about finding buried treasure, but you probably realized at an early age that it was unlikely you would discover a chest full of pirate booty. However, the possibility that you have unclaimed funds or other assets waiting for you is not a fantasy.Read More
You are about to receive a distribution from your 401(k) plan, and you’re considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble free, there are some pitfalls you’ll want to avoid and with good guidance you can.Read More
The first step in cash management is to assess your current situation. Effective cash management is really just getting a realistic view of how much of your money is available to spend. Without adequate information, you could get yourself into trouble. Be careful when you use tomorrow’s dollars to pay for today’s needs.Read More
Which is better for the consumer? Commissions or fees? The quality of a financial planner’s work is independent of the method of compensation used. Basically, competence and compensation are independent of each other.Read More
“You get what you pay for” – especially when it comes to paying for professional advice. If you want good, sound professional advice, you’ll probably have to pay for it. How you pay for it will vary, according to the compensation method used by your Certified Financial Planner (CFP). Be sure the compensation method is suited to your particular needs and situation.Read More
Having a baby is one of the most exciting things we can do. It can be, and most likely will be, stressful for, among other things, the added financial burden. Along with the added financial needs there is another commodity you will find in short supply: Time.Read More
In an ideal world, your retirement would be timed perfectly. You would be ready to leave the workforce, your debt would be paid off. And your nest egg would be large enough to provide a comfortable retirement – with some left over to leave a legacy for your heirs.Read More
This is not a pleasant topic, but with over 50 percent of marriages ending in divorce, I think it is something to address. By the way, the statistics for second marriages is a divorce rate of over 75 percent so this is a topic to make yourself fully aware of and knowledgeable about.Read More
During your working years you took home a regular paycheck (weekly, bi-monthly or monthly), and you paid for everything with its proceeds, rent, mortgage, auto, food, utilities, clothes, vacation, entertainment, the kids and inverted for your retirement. Now, you are retiring and your paychecks will stop. You will switch from receiving a steady income to paying your ongoing bills.Read More