As the new year gets underway amid fears of a looming recession and stock market gyrations, now is a good time to take steps to bolster your savings and financial plans. Pundits expect continued volatility as the Fed weighs more interest rate hikes to tame inflation, which have been roiling the stock market. Inflation has ebbed, the housing market has …

Bear markets and economic downturns are nerve-wracking. And in some cases, they’re downright painful. But economic cycles should be expected. If the financial news has you reaching for the blood pressure meds, here’s what to keep in mind. 1. Don’t panic People tend to make their worst investment decisions when things look like they’re going very, very poorly, and when …

Retirement is a major life transition. If you’re reaching retirement age within the next few years, it’s time to start making some important financial decisions.  Here are several of the most critical issues you should be addressing in the coming months: Reduce risk. Now is the time to begin reducing your stock market exposure. While stocks have been a great …

Having a solid estate plan in place is the only way to make sure your assets are distributed as you wish, and funeral plans are covered. If you pass away and do not have an estate plan, there will be no direction for how your assets will be distributed. Without that, your family may have to deal with probate court, …

People who use financial advisors are more than twice as likely to feel confident in their retirement preparedness than people who don’t. That’s the conclusion of a recent report from the LIMRA Secure Retirement Institute. It helps to have a plan  The survey also found that having a formal, written retirement plan is a big plus when it comes to …

Pharmaceutical giant AstraZeneca Pharmaceuticals LP announced in February 2022 that it will pull the plug on its $1.3 billion pension plan later in the year. Although the company closed the plan to new hires in 2000, and has frozen benefit accruals since 2017, the plan closure will still affect nearly 7,000 current workers and retirees. The news underscores the importance …

Long-term care costs can be devastating. According to the “Genworth 2017 Cost of Care” study, the average cost of a semi-private room in a skilled nursing facility is $7,148 per month. But many people have not bought long-term care protection, even though they medically qualify, because they don’t want to pay premiums for a plan they may never use, or …

One of the big concerns that many of us have entering retirement is whether we have set aside enough funds in our 401(k) plan to keep us funded until we pass. It’s hard to plan just how much money you will need because you don’t know when you will die. You’re saving money for a time without knowing how long …

How long has it been since you last reviewed your life insurance coverage? If you are like most people, chances are you long ago filed your policy away and haven’t thought about it since. But life is not static, and circumstances change. Major life changes can shape how much financial protection you and your family need. But more than major …

If you’re quickly approaching retirement, you’re probably asking yourself an all-too-common question: should I invest in a bank CD or an annuity? You’re not alone. Consumers across the nation are struggling with the same dilemma. The first step in making this important decision is to understand the differences between these two products. Annuities and CDs (short for bank certificates of …