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What If You Won the $1.6B Lottery?
Okay, I know three folks have already won this lottery, but it was pretty exciting while it lasted. If you had won, naturally you wouldn’t receive $1.6B. You’d have to split the prize with two other winners and pay federal taxes. (Fortunately for the winners, their states either have no income tax or no taxes […]
2016 Financial Resolutions
According to a 2015 University of Scranton survey, the third-most-common New Year’s resolutions are money-related. (Number 1 is self-improvement and number 2 is weight-related.) The specific kinds of financial resolutions vary quite a bit, but a few things appear on most people’s lists. In general terms, these can be grouped into two categories — spending […]
Changes to Social Security Claiming Options
On November 2, President Obama signed a two-year budget deal that was approved by congress on a bipartisan basis. It eliminates the possibility of a government shutdown, keeps the Social Security disability fund solvent and reduces premium hikes for Medicare Part B beneficiaries. These features caused it to earn the support of AARP and the […]
The Power of Goal Setting
Antoine de Saint-Exupéry, author of The Little Price, observed that “a goal without a plan is just a wish.” And yet many of us move through life without a plan or even a goal. When we do this, the outcome is unpredictable. Think of it like taking a road trip without a destination in mind […]
Variable Annuities – Beware!
Variable annuities are insurance products. These contracts are marketed by insurance companies as investments. However, due to fees, surrender charges, tax issues and limited investment choices, annuities should be avoided if possible. Generally, two versions are offered: immediate and deferred. With immediate annuities, you give the insurance company a lump sum of money and they promise […]
The Role of a Financial Advisor When a Spouse Dies
Hopefully you are reading this article prior to the death or incapacitation of your spouse. If your spouse has recently passed away, please accept our sincere condolences. Numerous organizations have offered helpful suggestions for coping with the loss of a loved one. One that is repeatedly mentioned is well summarized by CancerCare when they say, […]
Distribution Planning in Retirement
Retirement income involves thinking about the amount of money that you need for expenses and determining the source of these funds. The key difference between where you get your cash in retirement years versus working years is that you’ll no longer receive a paycheck in retirement, and you’ll need to replace that income from investments […]
UPS AND DOWNS ON THE PATH TO FINANCIAL INDEPENDENCE
It’s easy to succumb to the urge to sell if the market takes a header or buy if it’s headed upward. But sudden action is usually a mistake. In the late 1980s, Harvard psychologist Paul Andreassen made news with a research project that found that people who listened to market news actually made lower returns. Why? Because those who sold – or bought – during a market swing probably found a day later that the market was really running on hype, not fundamentals.
Fee-Only vs. Commission and Fee-Based Financial Advisors
There are many terms out there describing financial advisors and sometimes it’s hard to figure out what they all mean and why it matters. It does matter. Their “classification” can tell you a lot about how they are compensated, work with clients, and their fiduciary responsibility. Fee-Only financial planners are registered investment advisors (RIAs) with […]
Top Ten Tips for Your Financial Life
Unfortunately, most people’s general education didn’t include some important life skills such as how to manage your finances. Of course, we develop many skills as life goes on just because we need them. Still, there are a handful of proven financial basics that aren’t common knowledge. It’s our hope that these best practices will help […]