When to Call Your Financial Advisor

If you’re experiencing a major life change of any kind, or facing a crucial financial decision, it’s a good idea to make an appointment with your financial advisor. Here are some examples of major life passages when you may need some good financial advice – and some action items to bring up: 1. Marriage. At a minimum, it’s critical to …

Why Even Single People Should Consider Life Insurance

Most singles, whether they are in their 20s or even 60s, do not carry life insurance. They reason that since they don’t have spouses or dependents, there is no reason to purchase life insurance as their death won’t leave anybody in a financial bind. But that reasoning is not always sound and there are a number of circumstances when a …

You Can Insure Against Outliving Your Assets in Retirement

Life expectancy continues to increase in the United States. While a male born today can expect to live about 75 years and a female nearly 80, once you reach the age of 65, statistics from the Social Security Administration say you’ll likely surpass those marks. A 65-year-old male can expect to live more than 16 additional years, and a female …

Beware Medicare Doesn’t Cover Everything

Many retirees get an unpleasant surprise after turning 65 and signing up for Medicare: It doesn’t provide complete coverage of health care costs. In fact, there are some very large gaps that can be financially devastating to ordinary Americans. A recent study from Fidelity estimated that the average 65-year-old married couple would need about $280,000 in savings to cover out-of-pocket …

Who Will Pay Your Mortgage in the Event of the Death of a Breadwinner?

Sadly, thousands of Americans lose their homes every year because they can no longer make the insurance and mortgage payments on their home following the unexpected death or disability of a family breadwinner. In many cases, this is unnecessary. Term life insurance in amounts more than sufficient to pay off a home or replace most of a breadwinner’s income is …

How to Invest for Guaranteed Income

Looking for guaranteed income? It’s not easy – and you’re not likely to get rich on guaranteed income generators alone. One of the fundamental rules of investment is that rewards over and above what investment theorists call the “risk free rate of return” are only available to those who take some risk with their money. That said, as you get …

Five Ways to Protect Your Retirement Against Inflation

After decades of tame inflation, it spiked sharply in April 2021, reaching 3.4% on an annualized basis. If sustained over a year, that would be more than twice the average inflation rate over the last decade and a half.   If you’re close to retirement age, that rate of inflation is enough cut your spending power in half during your lifetime. …

What to Do If You Don’t Have an Emergency Fund

Four in every 10 U.S. households can’t cover an unexpected expense of $400, according to the Federal Reserve’s recently released “Economic Well-Being of U.S. Households Report.” Most personal finance experts recommend having an emergency fund worth between three and six months’ worth of household expenses. For the median household, that translates to roughly $10,000 to $20,000 in liquid reserves to …

Five Smart Things You Can Do with Life Insurance Cash Value

If you have accumulated significant cash value within a permanent life insurance policy, congratulations. Your planning and decision to save within such a policy is likely paying off. Thanks to the tremendous tax advantages that Congress has given to provide for incentives for families to protect themselves with life insurance, and to the protection aspect itself, a life policy is …

Top 10 Social Security Tax Questions

There were several programs established by the Social Security Act to ensure individuals with disabilities and people who retire have supplemental income.  It also established a program for survivors to receive a death benefit. Supplemental income from Social Security keeps more than 40% of the elderly population out of poverty. With all of the changes and amendments made since 1935, …