What can we reason but from what we know? -Alexander Pope
What can we reason but from what we know? -Alexander Pope
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You may spend many decades contributing to your IRA and 401(k), but eventually you will likely need to take the money out — in fact, you must take the money out or face penalties. What should you know about these mandatory withdrawals? Here are some of the basics: • What are they called? Mandatory withdrawals are technically called required minimum distributions, or RMDs. • When must I take RMDs? If you were born before 1951, you’ve probably already begun taking RMDs. If you were born between 19...
As we enter the holiday season, your life may well become busier. Still, you might want to take the time to consider some financial moves before we turn the calendar to 2025. Here are a few suggestions: • Review your investment portfolio. As you look at your portfolio, ask these questions: Has its performance met my expectations this year? Does it still reflect my goals, risk tolerance and time horizon? Do I need to rebalance? You might find that working with a financial professional can help y...
At different times, inflation may be high or low, but, except in those rare periods of deflation, it’s always with us. During your working years, when you may receive boosts in your salary, you at least have the potential to keep up with inflation — but what happens when you retire? As a retiree, what can you do to cope with the rising cost of living? Here are a few suggestions: • Keep some growth potential in your investment portfolio. During your retirement years, you may want to move your...
We all hope to enjoy long, healthy lives, retaining the ability to think clearly and make our own decisions. But life doesn’t always work out that way — which is why you need to prepare for a potential incapacity that could affect your independence and possibly create financial problems for your family. So, in thinking about incapacity planning, you may want to consider the following arrangements: • Health care power of attorney – When you establish a health care power of attorney, you name so...
We all hope to enjoy long, healthy lives, retaining the ability to think clearly and make our own decisions. But life doesn’t always work out that way — which is why you need to prepare for a potential incapacity that could affect your independence and possibly create financial problems for your family. So, in thinking about incapacity planning, you may want to consider the following arrangements: • Health care power of attorney – When you establish a health care power of attorney, you name so...
Like most of us, you may someday want to enjoy a comfortable retirement. Your ability to achieve this goal will depend on how much you save — but it also matters how much you spend. And saving and spending are certainly related: The more you can reduce your spending, the more money you could have available to save for retirement through your IRA and your 401(k) or other employer-sponsored retirement plan. Over many years, even relatively small amounts diverted from spending to saving and i...
In the popular imagination, receiving an inheritance always sounds like a good thing — after all, who doesn’t want a financial windfall? And inheritances can certainly be life-altering events. But they can cause challenges, so you’ll want to help your heirs be prepared. To assist in this preparation, try to address some key questions affecting your heirs: • Do they know what’s in your estate plans? Your family and other heirs will be much better prepared to deal with an inheritance if they know...
If you’re a parent, you want to do everything you can to help your children succeed in life. Therefore, you might think that one of the best things you can do is to save for your children’s college education. And this is certainly admirable, but could it conflict with your ability to prepare for another key goal — your own retirement? Of course, this would not be a problem if you had unlimited means, but most of us don’t fall into that category. So, given the financial resources and income...
With the presidential election just a few weeks away, the public is naturally interested in not just the outcome but what the results will mean for issues of national importance. As a citizen, you likely share these concerns - but how about as an investor? After the votes are counted - or even before - should you make some moves in anticipation of possible changes in policy? Let's look at the big picture first, through the lens of history. The financial markets have performed well - and at...
If you work for a midsize or large company, you may soon be able to review your employee benefits package, as we are entering the open enrollment season. So, consider your options carefully, with an eye toward making changes appropriate for your needs. Here are some of the key areas to look at: • Retirement plan – Depending on your employer, you could change your 401(k) or similar retirement plan at any time of the year, but you might want to use the open enrollment season to review your con...
If you’re planning to retire in a few years, are you looking forward to it? Or are you somewhat apprehensive? Are you asking yourself: “What sort of retirement can I afford?” It’s a good question — because the answer can make a big difference in your ability to enjoy life as a retiree. And retirement can indeed be enjoyable, exciting and fun. Consider this from a recent survey by Edward Jones and AgeWave: A majority of respondents said retirement should be looked at as a whole new chapter o...
Investing involves risk — and so does not investing. You should know how both these types of risk can affect your ability to reach your financial goals. Let’s start with the risks associated with investing. There’s not a single investment risk because different types of investments carry different types of risk. Here’s a look at three investment categories and some of the risks connected with them: • Stocks – When you invest in stocks or stock-based mutual funds, you will incur the risk that t...
During your working years, you know where your income is coming from because you’re working. But once you retire, you’ll have to identify your income sources, know how much you can expect from them and know how to manage them to help support a retirement that could last two or three decades. So, where will your retirement income come from? And what decisions will you need to make about these income sources? Consider the following: • Retirement accounts – If you’ve regularly contributed to an IRA...
As we transition from summer to autumn, change is all around us — leaves are taking on new colors, temperatures are dropping and the days are getting shorter. But you can also experience different seasons in various aspects of your life — including when you invest. What are the seasons of an investor’s life? And how should you respond to them? The first such season may happen when you are in your 20s and just starting out in the working world. At this stage in your life, it’s especially importa...
16 plan can help ease college “sticker shock” The school year will soon be here. And if you have young children, you’re one year closer to the day when they may be headed off to college. When that day arrives, will you be financially prepared? College isn’t cheap. For the 2023–24 academic year, the average cost — including tuition, fees, housing, food, books, transportation and other expenses — was nearly $29,000 for in-state students at four-year public colleges and universities and about $60...
During your working years, you know where your income is coming from because you’re working. But once you retire, you’ll have to identify your income sources, know how much you can expect from them and know how to manage them to help support a retirement that could last two or three decades. So, where will your retirement income come from? And what decisions will you need to make about these income sources? Consider the following: • Retirement accounts – If you’ve regularly contribut...
When drawing up your estate plans, you might find it useful to create a revocable or irrevocable trust, either of which can help your estate avoid probate court and give you significant control over how and when your assets are distributed. But who should oversee your trust? As the person who established the trust — known as the “grantor” or “settlor” — you can also name yourself as trustee. However, this may not be the best move, particularly if the trust is irrevocable. An irrevocable trust pr...
By the time you reach retirement age, you may have accumulated a 401(k), IRA and other investment accounts, along with insurance policies and physical properties. You’ll use some of these assets to support your retirement, but the rest may end up in your estate — which is why an estate plan is so important. So, to leave a legacy for your family and those philanthropic groups you support, you need a comprehensive estate plan — and you need to avoid making mistakes. Here are some of the most...
We all hope to remain healthy and independent throughout our lives – but life can be unpredictable. If you were ever to need some type of long-term care, would you be financially prepared? Long-term care encompasses everything from the services of a home health aide to a stay in an assisted living facility to a long residence in a nursing home. You may never need any of these kinds of care, but the odds aren’t necessarily in your favor: Someone turning age 65 today has almost a 70 percent cha...
Spring is almost here, which means it’s time for some spring cleaning. This year, in addition to tidying your home and surroundings, you might want to consider sprucing up your financial environment, as well. Here are some suggestions for doing just that: • Improve your vision. Once the days are warmer and longer, you may want to get outside and clean all the winter grime and smudges from your windows, allowing you to see the world more clearly. And you may want to bring more focus to your fin...
If you have student loans, you likely received a “payment vacation” over the past few years, due to legislation related to COVID-19. But if you’re like millions of other borrowers, you may have recently been required to resume your payments. How will this affect your overall financial situation? Of course, the first thing that comes to mind is the effect on your monthly cash flow. But the amount of pressure you feel will depend on your income and the size of the required payments. If these...
If you’re a business owner, you always have a lot to do and a lot to think about. But have you put much thought into how you’ll eventually leave it all behind? Even if you’re a few years away from that day, it’s a good idea to create an exit strategy. If you’re like most other owners, most of your net worth may well be tied up in your business — so how you exit that business can have a big impact on your finances and your retirement. As you begin the exit strategy process, you’ll need to exami...
When you plan to retire at a certain age, you can follow a strategy that incorporates your investment moves, your health insurance and other factors. But what happens if you’re forced to retire earlier than you anticipated? Unfortunately, this situation is not that uncommon.å About 40 percent of Americans say they have been forced into retirement, according to a recent survey from Edward Jones and Morning Consult, a research firm. If this were to happen to you because of a layoff, company do...
If you want to make a big purchase, such as a new car or a piece of property or you were faced with a large, unexpected expense, such as a major home or auto repair, would you have the funds readily available? If not, you might look at what may be your biggest pool of money — your 401(k) or IRA. But should you tap into these accounts well before you retire? Maybe not — and here’s why: • Less money in retirement – The more money you invest in your retirement accounts and the longer you keep it in...
Once again, it’s the season of generosity. In addition to considering gifts for your loved ones, you might want to think about charitable gifts as well. But what should you know before making gifts to charities? And what impact might these gifts have on your financial and tax situation? First, you may want to create a gift budget by deciding just how much you will give to charitable organizations over the rest of the year. Next, look closely at the groups to whom you wish to contribute. You can...
