If you're like many Americans right now, you're worried about your finances. Even if nothing has particularly changed for you in the past year - perhaps you still have the same job, same mortgage payment, same retirement accounts - you likely now have a gnawing sense of insecurity about what the … [Read more...]
Be skeptical: 5 claims to watch out for in long-term care insurance
Long-term care planning is an important aspect of a financial plan, especially for those 50+. And insurance is often a component of that plan. But it's important to know exactly what you're buying, to compare pricing and features with comparable companies, and to buy the insurance for the right … [Read more...]
Long Term Care is a Woman’s Issue
I just read a great article in the Journal of Financial Planning about the "Double Jeopardy" women face with long-term care. Written by Mary Quist-Newins with American College, she succinctly describes the increased risks women face as both caregivers and receivers in planning for … [Read more...]
Paying the Bills: Potential Sources of Retirement Income
Planning your retirement income is like putting together a puzzle with many different pieces. One of the first steps in the process is to identify all potential income sources and estimate how much you can expect each one to provide. Social Security According to the Social Security Administration … [Read more...]
2nd income analysis
If you're like many folks right now, you may be trying to determine if having a stay-at-home spouse go back to work would be beneficial to your financial situation. The answer is not always clear-cut, so you want to make sure you do the math. A second-income analysis involves an evaluation of … [Read more...]
Couples, Investing, and Risk
It's pretty common for spouses to be at different points on the risk tolerance spectrum. If you're one of these couples, you know that these differences can have varying effects on the relationship and your investing behavior. Sometimes, the more conservative spouse just completely delegates … [Read more...]
Early Retirees & Health Insurance
Thinking about retiring early? As part of the decision, you've got to calculate whether you'll have enough retirement income to meet your needs. While adding up the costs of customary living expenses, utilities, and an occasional vacation, don't forget to include another important retirement … [Read more...]
Do you need disability insurance?
Lack of long-term disability insurance is one of the most common issues I see in my practice. First, please note that I don't sell disability insurance. I'm a fee only financial planner, so I don't receive any commissions on insurance or other products I recommend. My interest is in helping my … [Read more...]
Roth 401(k) and 403(b)
One of my fellow Garrett Planning Network members, Jim Blankenship in New Berlin, Illinois, did a great summary article on Roth 401(k)s and 403(b)s yesterday. More and more companies are making the Roth 401(k) or 403(b) an option. Legislation was also recently signed allowing the Roth … [Read more...]
10 Tools to Build an Emergency Fund
So, you know you need an emergency fund. You've been trying to build one, but just can't seem to get there. If you’re one of the people in the paycheck-to-paycheck boat, you know how challenging it can feel to change the situation. If you’re determined to make this change, you have to do more … [Read more...]