Retiring without the worry of running out of money is a major goal for many of us. But what is the best way to ensure that you never run out of money in retirement?
It used to be that many retirees lived off of a pension, interest income, Social Security, or all three. This made
Financial Planning
For eight years in my 20’s, I was working 80-90 hours a week, fixated on chasing the all-powerful dollar. I barely saw my wife and first-born child, and I was miserable. I made a lot of money, but had no balance. At 30, when we found out my wife was pregnant with our second child,
What sort of structure makes the most sense for your small business – a corporate structure or a sole proprietorship? If neither structure fits you well, perhaps the best choice for you is a Limited Liability Company (LLC) – a structure that represents a middle ground between a regulated corporate structure and a simplified sole
Do you consider yourself a financial risk-taker? If so, what is the standard that you use to analyze risk? If you don’t fully understand risk, you may be looking at the wrong criteria to make the best financial decisions for you and your family.
A recent survey by AMG Funds suggests that very few investors
What are your personal goals for 2018? How will your financial planning support you in achieving them? While you have your New Year’s cap on, take this chance to make the personal financial resolutions that will get you closer to the life you want.
Define your Objectives – The SMART model is an effective guide
Who would dare to make economic predictions for 2018 in the age of Trump? We can try, with the help of economists and other experts in the financial field. Here are our predictions for five major economic metrics in 2018.
1. Economic Growth – Current predictions for 2018 US economic growth are around 2.5%. The
For many people, the end of the year represents a hectic time, and the last thing anyone wants to do is add to an already full plate. However, building the following financial moves into your fourth- quarter routine can really pay off over the long run and give you greater peace of mind for the
Do daily finances give you daily heartburn? You aren’t alone. According to a new survey by the Consumer Financial Protection Bureau (CFPB), 43% of Americans have trouble making ends meet. One-third of survey respondents reached the level of financial or material hardship during the past year, such as running out of food or being unable
If the recent ups and downs of the stock market have you tossing and turning at night, it’s not because you need to get out of the market – it’s because you need to get a real financial plan.
You can pinch pennies or throw money into a retirement account or make any other financial
With summer ending, the end of the year will be around before you have time to figure out whether it is better to finally take down the Christmas lights or, at this point, just leave them up. That makes it a good time to look ahead on your taxes, as well as a few other
Have you ever seen ads for “Get Rich Quick” books? We suspect the only person getting rich quickly is the author selling his book! Perhaps the first page of the book reads, “The secret to quick riches is to publish and sell a book on getting rich quick.”
At MoneyTips, all of our eBooks filled
When it comes to saving for retirement, low-income families can have difficulty finding a suitable program that meets their needs – but it’s especially important that they do find one. Everyday bills and unexpected emergencies can easily push lower-income Americans into difficult financial positions without having a regimented savings program to help with budgeting and
Consider the stereotype of stodgy old codgers, set in their ways. Unable or unwilling to accept changes and handle risk, these overly cautious folks allow opportunities to pass them by. Could this stereotype fit baby boomers in their approach to retirement? Perhaps, given that a new survey from Legg Mason suggests that boomers are falling
Welcome to your 50s! You have reached a milestone – one that seemed far away not that long ago. Where did the time go? Now that you have finally extinguished the flames from your birthday cake, you may want to think one stage ahead and review your retirement plans. Age 50 may have arrived quickly,
We all have heard the cliché that men never ask for directions. That may or may not be true on the road, but a new survey refutes the stereotype with respect to finances.
A recent survey by Country Financial finds that in a wide range of basic financial topics, men are more likely to ask
Most people say they plan for retirement, but they are really planning for financial independence. The day you achieve financial independence is a great day – you have accumulated enough wealth to not have to work again, and will be able to retire whenever you choose. (We use the word “day” symbolically; as a practical
April is National Financial Literacy Month. Why do we dedicate this calendar page to highlighting financial skills and education? The tax deadline? Sound financial decisions are important all year long, but most Americans never learned how to manage money or save for goals, so financial security is a bigger challenge than it needs to be.
You have just received an inheritance. What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options.
“Death taxes” are somewhat misunderstood, as people can find the two types of death taxes confusing. Estate
Getting out of debt can be challenging, especially if you have little experience in managing your finances and need support. Using a counseling agency can be a great way to get debt relief. The agency can possibly negotiate reduced interest rates for you to pay back all your unsecured debt. You then make a single
A report issued by the Pew Charitable Trusts in July 2015, stated that 80 percent of consumers in the U.S. have some type of debt. With auto loans and student loans both topping $1 trillion and credit card holders dealing with an average of more than $7,500 in debt, many are looking for ways to
Individual Development Accounts (IDAs) may be the best resource for low-income Americans that you have never heard of. They are matching savings accounts that are targeted to promote savings in lower-income families and help them to achieve a savings goal that might otherwise be beyond their reach. Typical goals are buying a home, starting a
Are lottery tickets a component of your retirement program? Then you sound like an extreme risk-taker when it comes to investing. Do you throw up every time you hear that the stock market dropped? Then odds are you are a conservative investor.
All kidding aside, it is wise to take time to seriously assess your
Many Americans assume that their financial advisor is legally obligated to act in the best interest of the consumer and disclose any conflicts of interest. However, that is only true for those who are held to a fiduciary standard, such as Certified Financial Planners (CFPs) or Registered Investment Advisors (RIAs). Brokers and other agents may
You can finally see retirement in the horizon – lounging on the beach, jetting around the world, or puttering around in your backyard. Whatever your goals are, you will soon be realizing them, assuming you have saved and invested wisely. How should your investments be rebalanced as you approach your retirement goals? The answer to
Ever since you were a child, you were told to save your money. But as an adult, you are told that saving money, as opposed to investing it, isn’t always the best strategy. What’s the real story?
You should, of course, maintain a liquid safety net and manage your debts wisely. But sitting on a
The 80% rule is one of the classic rules of thumb for retirement advice. Financial planners often advise that in order to maintain your current lifestyle in retirement, you should aim to replace 80% of your working income from your retirement resources such as Social Security, investment dividends, and IRA withdrawals. From that point, you
Disaster planning is a critical exercise for most businesses. The idea is to devise contingency plans for the continued ongoing operation of the company in the event of a major storm, fire, terrorist attack or other natural or man-made disaster.
In the same way, individuals should do some financial disaster planning so they can be
Financial professionals have a greater understanding of the value of social media and are seeing dividends from increased use of social media. That is the essence of the findings from the annual Financial Professionals Social Media Adoption Study from American Century Investments.
The vast majority of financial professionals have at least some experience with social
Asset allocation models usually refer to the mix of three asset classes in your investment portfolio: stocks, bonds and cash – although cash is sometimes unwisely lumped in with bonds.
The three major issues in picking an asset allocation model are:
Goal – What is your investing goal? As the saying goes, if you don’t
A growing number of American couples are feeling the financial squeeze from all sides — their children, their parents and each other. They have been dubbed the “sandwich generation” because they face a wide range of different kinds of financial pressures from both the prior and next generation.
For starters, there’s the pressure many couples