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Everyone loves a winner. If an investment is successful, most people naturally want to stick with it. But is that the best approach? It may sound counterintuitive, but it may be possible to have too much of a good thing. Over time, the...

The baby boomers redefined everything they touched, from music to marriage to parenting and even what “old” means – 60 is the new 50! Longer, healthier living, however, can put greater stress on the sustainability of...

With the children now out of the house, financial priorities become more focused on preparing for retirement. At this stage, you may very likely be at the height of your earning power and fast approaching peak savings as you lay the...

When you convert funds to a Roth IRA, your pre-tax funds will be included in your income in the year of the conversion. This will increase your income for the year of the conversion, which may impact deductions, credits, exemptions,...

The A, B, C & D of MedicareBreaking down the basics & what each part covers Whether your 65th birthday is on the horizon or decades away, you should understand the parts of Medicare — what they cover and where they come from...

Many Americans have taken steps in recent years to protect their personal information, but savvy cybercrooks have overcome some of those defenses. A 2018 Javelin Research report found identity theft hit an all-time high in 2017,...

What is an RMD (required minimum distribution)? An RMD is the minimum amount that must be withdrawn from a retirement account each year. When are you subject to RMDs? Traditional IRA owners are subject to RMDs beginning in the year in...

During your accumulation years, you may have categorized your risk as “conservative,” “moderate,” or “aggressive,” and that guided how your portfolio was built. Maybe you concerned yourself with...

Leaving a Legacy3 Differences Between Life Insurance and Roth IRAs Life insurance and Roth IRAs have a basic structure in common: they are both wealth transfer tools that help facilitate an efficient transfer of assets from one...

No one wants to see an Internal Revenue Service (IRS) auditor show up at their door. But in 2018, the IRS budget is roughly $1 billion less than it was 8 years ago, down from $12.1 billion in 2010 to $11.2 billion. And even though the...

What is a 60-day rollover? A 60-day rollover is the distribution of funds from a qualifying retirement account payable to the account owner who then has 60 days to redeposit the funds into another qualifying retirement account. Do...

Social Security may be a critical component of your financial strategy in retirement, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement...

Can children have IRAs? There is no minimum age for having an IRA. Due to the power of compound interest, saving tax-free in an IRA from childhood can provide a significant head start on financial security. Saving $5,500 in an IRA...

You’re on a beautiful golf course. It’s a sunny afternoon. Once you finish the 18th hole, you’re on your way to meet with friends for lunch at the new restaurant on the corner. Perhaps you prefer putting your life...

Have you ever had one of those months? The water heater stops heating, the dishwasher stops washing and your family ends up on a first-name basis with the nurse at urgent care. Then, as you’re driving to work, giving yourself...

Roth IRA vs 529 Plan: Benefits of a Roth IRA Roth IRAs are NOT included as an asset on the FAFSA (Free Application for Student Aid) form. Most other assets, including the amount in 529 plans, are included when calculating your EFC...

Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 69% of...

According to Giving USA 2018, Americans gave an estimated $410.02 billion to charity in 2017. That’s the first time that the amount has totaled more than $400 billion in the history of the report.[i] Americans give to charity for...

Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. No Strategy. Yes, the biggest mistake is having no strategy at...

Paying for health care in retirement is not an easy task. Despite rising costs and increasingly complex coverage requirements, you can take steps today to help ensure you’re not struggling tomorrow. As you explore your own...

A Health Savings Account is a tax-advantaged medical savings account that helps people pay for qualified out-of-pocket medical expenses. What are the withdrawal rules for HSAs? Are there special considerations that must be taken into...

Losing a spouse is never easy and a difficult topic for many to even imagine. But when you become a widow or widower, moving beyond the grief to address important financial items in your life is essential. Whether you recently lost...

Why do you need a financial advisor? Today’s financial landscape is as complicated as ever. A good financial advisor can help you navigate this complexity so that you can make educated, informed decisions on what is best for you...

Life insurance policies and annuities can be helpful in providing extra protection and income for you and your family. But you can also increase the value of these benefits with certain tax advantages that each investment provides....

What is an HSA? An HSA is a tax-advantaged medical savings account that can be used tax-free for qualified health expenses. HSAs are designed to be used in conjunction with a High Deductible Health Plan (HDHP). HSAs offer triple tax...

Financial lives are inherently complex and require thoughtful perspectives and strategies for you and your loved ones. Multigenerational households pose additional challenges to heads of households. A multigenerational household has...

Before you retired, you may have spent time developing strategies to help you reach your retirement goals. You might have invested for the income you would need, minimized your debt, or protected yourself with long-term-care insurance....

Enjoying a comfortable retirement depends on how well you prepared ahead of time to support your desired lifestyle, and how well you keep a pulse on your financial well-being after you retire. You may need to check periodically to...

When preparing for retirement, imagining the new lifestyle that awaits you can be exciting. From travel to family time to relaxation, a fulfilling retirement looks different to each individual. Preparing for the quality of life you...

For most of your adult life, you may have had the protection of life insurance to help safeguard you and your family. But as your life changed, so did your family’s needs and financial goals. With every transition and milestone,...

Life insurance and annuities can bring protection and retirement income that help people meet their financial needs and goals. When you buy these items, you get the opportunity to name beneficiaries who will receive distributions after...

High net worth investors face investment challenges that some would consider unique to their financial status. The fundamental tenets of investing apply just as equally to them as any other investor, but these investors need to be...

How can I avoid making costly mistakes when I inherit an IRA from a person who was not my spouse? Inheriting an IRA can be a financial windfall, but it’s important to understand the complex, specific rules that apply to...

What is considered investment income? Investment Income: Interest, dividends, capital gains (long and short), annuities (not those in IRAs or company plans), royalty income, passive rental income, other passive activity income. NOT...

Communication is the process through which we transfer information to each other. Although modern forms of communication have increased (emails, texts, letters, social media), connecting with each other is still at the foundation of...

Divorcing later in life is becoming more commonplace among people 50 and over. Divorce among older couples has more than doubled since the 1990s. In 2015, 10 of 1,000 married people filed for divorce. Five of 1,000 married filed for...

When you decide to get life insurance, you’re essentially looking beyond yourself. You understand that life insurance is necessary to protect your family after you’re gone. Sometimes, however, circumstances change, and you...

Financial fraud is, unfortunately, a common practice in America that costs individuals and businesses billions of dollars each year. Research shows that people often underreport financial fraud, which is difficult to investigate and...

Can IRAs be used to benefit a charity? IRAs can be a great source of funds to provide a benefit for a favorite charity, but using these funds can create a number of traps that must be avoided in order to maximize benefits to both the...

They were the largest generation in American history. Their impact on American society still reverberates today. They were the forerunners of a cultural revolution that helped transform the nation and Western civilization. They are...

Developing a sound retirement strategy requires periodic reviews and analyses of projected income levels in order to maintain the lifestyle you envision. Annuities can serve as useful investments for retirees looking to generate...

Experts labeled the birth of more than 76 million babies between 1946 and 1964 the “baby boom.”[i] It was America’s largest generation, although Millennials are on the verge of overtaking boomers.[ii] More than 65...

As retirement approaches, many couples start thinking about moving. Nearly two-thirds say they plan to move or will move when they retire. Retirees consider moving for several reasons, including the financial benefits (smaller house)...

What is a Roth IRA conversion? A Roth IRA conversion is the process of moving IRA or employer plan assets to a Roth IRA. 1. When will you need the money? If you have an immediate need for the funds or need them to continue your current...

What is the 10% penalty? A 10% early distribution penalty applies to taxable distributions made before age 59 ½. Distributions made after age 59 ½ are not subject to the 10% early distribution penalty. Exceptions:...

Can children have IRAs? There is no minimum age for having an IRA. Due to the power of compound interest, saving tax-free in an IRA from childhood can provide a huge head start on financial security. Saving $5,500 in an IRA annually...

Saving for retirement to sustain your standard of living is a continual effort to prevent your quality of life from declining in later years. Unfortunately, for many retirees, this goal can be difficult to achieve. Even with planning,...