Financial Planning
Inflation: Costs and Benefits
For someone saving for the cost of future retirement, inflation erodes your future purchasing power. One of your investment objectives is likely to have a return greater than the drag of inflation.
Believe it or not, the government (specifically the IRS) will periodically increase certain thresholds for the impacts of inflation. For […]
How much does child care really cost?
Typical child-care fees vary widely by state, as do other living costs. But in all regions, the average annual cost of center-based care for one infant now exceeds the average amount of money families spend on food and transportation combined. Child-care costs for two children exceed the median cost of housing for homeowners with a […]
Four Reasons Your Parents Might Be in Financial Trouble
As your parents age, they will probably need more help from you. But it may be difficult to provide the help they need, especially if they’re experiencing financial trouble.
Money can be a sensitive subject to discuss, but you’ll need to talk to your parents about it in order to get to the root of their […]
Quiz: How Much Have You Thought About Health and Health-Care Costs in Retirement?
When planning for retirement, it’s important to consider a wide variety of factors. One of the most important is health and its associated costs. Thinking about your future health and the rising cost of health care can help you better plan for retirement in terms of both your finances and overall well-being. This quiz can […]
IRA Contributions During Retirement
Here are a couple of common questions those over 65 ask about IRA’s. Can I contribute to an IRA or a Roth IRA? When I start taking required minimum distributions (RMD) can I reinvest some or all of it back to IRA or Roth IRA?
If you have earned income you can contribute the lower […]
Is a vehicle subscription service in your future?
Automakers and start-up companies are betting that today’s generation of drivers will embrace a new model of temporary ownership called a vehicle subscription service.
A vehicle subscription service offers an alternative to buying or leasing. You don’t have to sign a long-term contract or commit to just one vehicle. Once you join, you typically pay an […]
How can you lower the costs of owning a vehicle?
Vehicle expenses can take a big bite out of your budget. According to a AAA report, the average annual total cost of owning and operating a new vehicle in 2018 was $8,849. Fortunately, you may be able to save money by reducing three costs.
Depreciation: The loss of a vehicle’s value over time was the largest […]
Reviewing Your Estate Plan
An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. Due to its importance and because circumstances change over time, you should periodically review your estate plan and update it as needed.
When should you review your estate plan?
Reviewing […]
Tax Scams to Watch Out For
While tax scams are especially prevalent during tax season, they can take place any time during the year. As a result, it’s in your best interest to always be vigilant so you don’t end up becoming the victim of a fraudulent tax scheme.
Here are some of the more common scams to watch out for.
Phishing
Phishing scams […]
Hidden Gem: HSAs in Retirement
When saving for retirement, you’re probably aware of the benefits of using tax-preferred accounts such as 401(k)s and IRAs. But you may not be aware of another type of tax-preferred account that may prove very useful, not only during your working years but also in retirement: the health savings account (HSA).
HSA in a nutshell
An HSA […]
