News & Articles
Why women need Social Security
Did you know that the first person ever to receive ongoing Social Security benefits was a woman? Ever since Ida May Fuller received the first retirement benefit check in 1940, women have been counting on Social Security to provide much-needed retirement income. Social Security provides other important benefits too, including disability and survivor’s benefits, that can help women of all ages and their family members. Retirement benefits: a steady stream of lifetime income While Social Security retirement benefits are important for...
read morePay down debt or save and invest?
There are certainly a variety of strategies for paying off debt, many of which can reduce how long it will take to pay off the debt and the total interest paid. But should you pay off the debt? Or should you save and invest? To find out, compare what rate of return you can earn on your investments versus the interest rate on the debt. There may be other factors that you should consider as well. Rate of return on investments versus interest rate on debt Probably the most common factor used to decide whether to pay off debt or to make...
read moreFactoring healthcare costs into retirement
There are many factors to consider in determining how much you’ll need to save in order to enjoy a comfortable and financially secure retirement. One often overlooked retirement expense is the cost of health care. You may presume that when you reach age 65, Medicare will cover most health-care costs. However, Medicare currently only pays for a portion of the cost for most health-care services, leaving a potentially large amount of uninsured medical expenses. Without proper planning, health-care costs can sap retirement income in a hurry,...
read moreLong term care planning is important for women
The prospect of needing long-term care is an important, yet sometimes overlooked, part of financial and retirement planning. Yet it may be especially vital for women to consider as they often face the need for long-term care as both a caregiver and recipient. Women as caregivers While you may think most long-term care is received in a nursing home setting, the National Clearinghouse for Long-Term Care Information (National Clearinghouse) estimates that about 80% of care is provided at home by informal (unpaid) family caregivers. Of those...
read moreTax-advantaged college savings strategies
You’re ready to start saving for college, but where should you put your money? There are many college savings options, but you should generally opt for tax-advantaged strategies whenever possible. Why is it so important to consider strategies that offer tax benefits? Because taxes can eat away at any money you might earn. Following are some tax-advantaged savings options to consider. 529 plan A 529 plan, sometimes called a qualified tuition program, offers federal, and often state, tax advantages if used to save for college. There...
read moreSimplified Employee Pensions (SEPs)
If you’re a small business owner thinking about adopting a retirement plan, you should consider a SEP (simplified employee pension plan). A SEP allows you to make retirement contributions to traditional IRAs (SEP-IRAs) set up for yourself and each eligible employee. (If you don’t have employees, you can adopt a SEP for yourself alone.) Your contributions are deductible from your business’s income, and excluded from your employees’ income. Virtually any business owner can establish a SEP. What are some advantages of a...
read moreSeniors are often targets of scams
Anyone can fall victim to a financial scam, but seniors tend to be particularly popular targets. Frequently, fraud perpetrated against seniors is not reported until long after the scam has occurred, usually because victims don’t realize they have been scammed or know where to report the scam, or because victims are too embarrassed to admit that they have been taken. Nevertheless, it’s important for seniors and their family members to be aware of the signs that may point to a fraudulent scheme, and know what steps can be taken to...
read moreFour money mistakes you might be making
Three years after the economic crisis led many Americans to re-evaluate their financial picture, economic uncertainty is still the norm. While there’s little you can do about the shaky economy, you can help stabilize your own finances over the long term by evaluating what you’re doing right … and wrong. There’s no guarantee, but avoiding these four money mistakes may help you survive and ultimately thrive in any turbulent economy. Mistake 1: Jumping on the bandwagon Are you letting economic news–good or...
read moreInheriting an IRA: what you need to know
The rules governing inherited IRAs can be complicated. Here are the major issues to consider. Transferring inherited IRA assets If you inherit a traditional or Roth IRA from someone who isn’t your spouse, your options are fairly limited. You can’t roll the proceeds over to your own IRA, treat the IRA as your own, or make any additional contributions to the IRA. What you can do is transfer the assets to a different IRA provider, as long as the registration of the account continues to reflect that the IRA is an inherited IRA, and not...
read moreCompleting the FAFSA financial aid form
The federal government’s Free Application for Federal Student Aid, the FAFSA, should be filed as soon after January 1 as possible in the year your child will be attending college. The reason is that some federal aid programs operate on a first-come, first-served basis, so filing the application early ensures your child has the best chance of receiving the most favorable aid package. Here are some common questions and answers regarding the application process. What documents will I need to fill out the FAFSA? The FAFSA relies on financial...
read moreFollow me on the web!
