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Filling in Your Coverage Gaps: An Overview of Supplemental Life Insurance
An essential part of a comprehensive financial plan is putting in place proactive measures for the unexpected. One crucial component of this is life insurance, which provides financial support for your loved ones in case you...
Read MoreFiling Final Tax Returns for the Deceased
When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes. Unfortunately, even the deceased can't escape taxation. If the departed family...
Read MoreFour Really Good Reasons to Invest
Forty-two percent of Americans do not own any stocks or stock-related investments, according to a recent Gallup poll.1 Individuals may cite different reasons for not investing, but with important long-term financial goals, such as...
Read MoreSocial Security: Maximizing Benefits
Most understand that waiting to claim Social Security benefits can result in higher monthly payments. However, many don't know that there are other ways to maximize their benefits, some of which depend on their marital status....
Read MoreKeep Your Umbrella Handy
In 2021, the U.S. had a record 24.5 million millionaires, up from 202 million in the previous year. An increase in personal wealth may bring greater financial flexibility; it may also bring greater liability. Individuals with high net...
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Red Flags for Tax Auditors
No one wants to see an Internal Revenue Service (IRS) auditor show up at their door. The IRS can’t audit every American’s tax return, so it relies on guidelines to select the ones most deserving of its attention.Here are...
Read MoreWhat Is a 1035 Exchange?
According to the most recent information available, Americans have individual life insurance with a total face value of $12.8 trillion.1Due to a variety of factors, these individuals may find themselves in circumstances where the...
Read More3 Estate Challenges for Blended Families
Preparing your estate can be complicated, and if you’re a part of a blended family, estate decisions can be even more complex and nuanced. Blended families take on many forms, but typically consist of couples with children from...
Read MoreThe Sequence of Returns
What exactly is the "sequence of returns"? The phrase describes the yearly variation in an investment portfolio's rate of return. But what kind of impact do these deviations from the average return have on a portfolio's final...
Read MoreVolunteering in Retirement
This generation got no destination to hold... We are volunteers of America” “Volunteers” by Jefferson AirplaneThose of a certain age will recall these Jefferson Airplane lyrics as a call to action, though...
Read MoreWhat's So Great About a Rollover?
Changing jobs can be a tumultuous experience. Even under the best of circumstances, making a career move requires a series of tough decisions, not the least of which is what to do with the funds in your old employer-sponsored...
Read MoreWhen Should You Take Social Security
The Social Security program allows you to start receiving benefits as soon as you reach age 62. The question is, should you?Monthly payments differ substantially depending on when you start receiving benefits. The longer you wait (up...
Read MoreWhy Medicare Should Be Part of Your Retirement Strategy
Medicare takes a little time to understand.As you approach age 65, familiarize yourself with its coverage options, costs, and limitations.Certain features of Medicare can affect health care costs and coverage.Some retirees may do okay...
Read MoreWhy Regular Rebalancing Makes Sense
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,...
Read MoreWomen and Financial Strategies
Women who share money management duties with their partners tend to take on a lion’s share of the responsibility for the household finances. Yet only 18% of women feel very confident in their ability to fully retire with a...
Read MoreWhat Is a Roth 401(k)?
While many people are familiar with the benefits of traditional 401(k) plans, others are not as acquainted with Roth 401(k)s.Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans. And some have...
Read MoreSplit Annuity Strategy
When financial markets turn volatile, some investors show their frustration by fleeing the markets in search of alternatives that are designed to offer stability.For example, in the first quarter of 2020, the S&P 500 lost nearly 20% of...
Read MoreFind That Lost Retirement Account
Find That Lost Retirement AccountDo you have a long-lost retirement account left with a former employer? Maybe it’s been so long that you can’t even remember. With over 24 million “forgotten” 401(k) accounts...
Read MoreNew Retirement Contribution Limits for 2023
The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached...
Read MoreA Bucket Plan to Go with Your Bucket List
John and Mary are nearing retirement and they have a lot of items on their bucket list. Longer life expectancies mean John and Mary may need to prepare for two or even three decades of retirement. How should they position their...
Read MoreA Look at Whole Life Insurance
In exchange for fixed premiums, an insurance company promises to pay a set benefit when the policyholder dies, but also offers additional benefits as well. Whole life insurance policies can build up cash value — effectively a...
Read MoreA Penny Saved is Two Pennies Earned
The famous saying from Poor Richard’s Almanack is frequently misquoted. It was published by founder Benjamin Franklin in 1737: “A penny saved is two pence clear.” Finding ways to manage expenses is one of...
Read MoreThe Value of Insuring Against Life’s Risks
Did you know that...Sixty-one percent of American workers have no private short-term disability insurance.1,2Sixty-seven percent of working people in the U.S. lack private long-term disability coverage.1,2Forty-eight percent of...
Read MoreBuilding a Solid Financial Foundation
When you read about money matters, you may see the phrase, “getting your financial house in order.” What exactly does that mean?To some, when your financial “house is in order,” it means it is built on a solid...
Read MoreA Living Trust Primer
A living trust is a popular consideration in many estate strategy conversations, but its appropriateness will depend upon your individual needs and objectives.What is a Living Trust?A living trust is created while you are alive and...
Read MoreRetiring Wild: National Parks and You
For many older adults, finding time to experience nature can be one of the greatest pleasures in retirement. And what better place to take in America's splendor than one of our over 400 National Park Service sites? For over a century,...
Read MoreStop Wasting Money
Benjamin Franklin once said, “a penny saved is a penny earned.” One way to find the money to meet your spending or saving needs is to examine your current spending habits and consider eliminating money wasters.Top Money...
Read MoreInvesting with Your Heart
Some individuals believe that return on investment shouldn’t be the only criterion for how they invest their money. For them, the social impact of investing is just as important – perhaps more important.The history of...
Read MoreChoices for Your 401(k) at a Former Employer
One of the common threads of a mobile workforce is that many individuals who leave their job are faced with a decision about what to do with their 401(k) account.¹Individuals have four choices with the 401(k) account they accrued...
Read MorePlanning for Women’s Retirement
According to our statistics, women's retirement looks slightly different than retirement for men. This could be due to a number of reasons from unequal pay to the higher likeliness of women staying home as caregivers. Although these...
Read MoreRetirement Ready
Are you ready for retirement? It can be hard to imagine a life without work, but for many people, retirement is looming on the horizon. If you're ready to give up your day job, here are a few things you need to know: First and foremost,...
Read MoreThe Impact of Inflation on Retirement and Investment Planning
Many people are concerned about inflation, as prices for goods and services continue to rise. For those nearing retirement, this can be a major concern because the cost of living may increase more than their income does. However, if...
Read MoreA Home Insurance Claim: To File Or Not To File
Insurance is meant to protect you against financial loss. But is it really meant to protect you from any and all financial loss? When it comes to filing a loss claim on your home insurance, there may be times when not filing may be the...
Read MoreAssess Life Insurance Needs
If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances.In fact, according...
Read MoreRetirement Seen Through Your Eyes
How do you picture your future? Some see retirement as a time to start a new career. Others see it as a time to travel. Still others plan to spend more time with family and friends. With that in mind, here are some things...
Read MoreA Checklist for When a Spouse or Parent Passes
When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is...
Read MoreA Cheat Sheet for Sending Your Kid to College
College marks a great milestone in a child’s life. It may be the first time he or she will live away from home. Dropping off your child at college may be an experience loaded with emotions, so here are a few tips for a smoother transition.
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Eight Mistakes That Can Upend Your Retirement
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...
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Avoiding Cognitive Decline
Of those aged 65 and older, 15 to 20 percent have mild cognitive impairment. People living with mild cognitive impairment are more likely to develop Alzheimers, and almost two-thirds of people currently living with Alzheimers are women...
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Breaking Down the Parts of Medicare
Generally, the different parts of Medicare help cover specific services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the...
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Certain Uncertainties in Retirement
The uncertainties we face in retirement can erode our sense of confidence, potentially undermining our outlook during those years. Indeed, according to the 2017 Retirement Confidence Survey by the Employee Benefits Research Institute,...
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How Retirement Spending Changes With Time
New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate. Some households "live it up" and spend more than they anticipate...
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Prescription Drug Benefits Under Medicare (Part D)
Medicare’s prescription drug benefit (Part D) is the part of Medicare that provides outpatient drug coverage. Part D is provided only through private insurance companies that have contracts with the federal government—it is...
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Revising Estate Strategy Assumptions
When the rules of the game change, tactics should follow in response to the new landscape. While estate tax exemptions have ridden an uncertain roller coaster in recent years, the rules appear to be stabilizing with the passing of the...
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Five Most Overlooked Tax Deductions
Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five...
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Systematic Withdrawals in Retirement
Many of us grew up with the concept that making regular, periodic contributions to our retirement account was a sound investment strategy. The idea was that, in a fluctuating market, regularly investing a set amount would enable an...
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Tax Efficiency in Retirement
Will you pay higher taxes in retirement? It’s possible. But that will largely depend on how you generate income. Will it be from working? Will it be from retirement plans? And if it does come from retirement plans, it’s...
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Spotting Credit Trouble
American households with credit card balances carry an average debt of $8,602.1 The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There...
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Caring for Aging Parents
Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 60 is growing. The United Nations estimates that by 2050 the number of people aged 60 and older will have more than doubled.¹ As...
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Critical Estate Documents
Financial Documents Joint Ownership Durable Power of Attorney Living Trust What does it do? Enables you to own property jointly with another person Authorizes someone to handle legal and financial decisions if you become incapacitated...
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What to Look for in an Extended-Care Policy
Extended-care coverage can be complex. Here’s a list of questions to ask that may help you better understand the costs and benefits of these policies. What types of facilities are covered? Extended-care policies can cover nursing...
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Estate Management Checklist
Do you have a will? A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children. Do you have healthcare documents in place? Healthcare...
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IRA Withdrawals that Escape the 10% Tax Penalty
The reason withdrawals from an Traditional Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything...
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Please Leave Home Without It
Concerns over identity theft continue to grow, especially with the news of data breaches at major companies and financial institutions. Unfortunately, you have little control over when a company is hacked, but you do have control over...
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The Investment Risk No One’s Ever Heard Of
Knowledgeable investors are aware that investing in the capital markets presents any number of risks, including interest rate risk, company risk, and market risk. Risk is an inseparable companion to the potential for long-term growth....
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To Catch a Thief
Many Americans have taken steps in recent years to protect their identity. According to one report, published in 2020, total dollars lost due to identity theft was $16.9 billion. If you haven’t taken measures to protect yourself,...
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Will Power
Only 45 percent of adults have a will or other estate documents in place, which may not be entirely surprising.1 No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once...
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And the Executor Is
U.S. Supreme Court Justice Warren Burger is famous for more than just his time on the bench. When he died in 1995, he left a 176-word will that gave no specific power to his executors.1 As a result, he reportedly cost his estate tens...
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Healthcare Costs in Retirement
In a 2021 survey, 32% of all workers reported they were either “not too” or “not at all” confident that they would have enough money to pay for their medical expenses in retirement. Regardless of your confidence...
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How Will Working Affect Social Security Benefits?
In a recent survey, 68% of current workers stated they plan to work for pay after retiring.1 And that possibility raises an interesting question: how will working affect Social Security benefits? The answer to that question requires an...
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Important Birthdays Over 50
Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last. When you are older, “and-a-half”...
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Medicare vs. Medicaid
Medicare and Medicaid are two separate, government-run programs. They are operated and funded by different parts of the government and primarily serve different groups. Medicare is a federal program that provides health coverage if you...
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Mortgages in Retirement
Anyone who has gone through the process of mapping out their retirement knows there can be a lot to keep in mind. Saving, investing, anticipating medical costs, and making sure you have enough tucked away for years to come is just the...
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Put It in a Letter
American actor Lee Marvin once said, “As soon as people see my face on a movie screen, they knew two things: first, I'm not going to get the girl, and second, I'll get a cheap funeral before the picture is over.”1 Most...
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Revising Estate Strategy Assumptions
When the rules of the game change, tactics should follow in response to the new landscape. While estate tax exemptions have ridden an uncertain roller coaster in recent years, the rules appear to be stabilizing with the passing of the...
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Social Security Benefits: How Much Will I Receive
Next to “When should I claim Social Security benefits?”, one of the more common questions people have is “How much will I receive?” Calculating your potential Social Security benefit is a three-step process:1....
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Social Security: Five Facts You Need to Know
Social Security can be complicated, and as a result many individuals don’t have a full understanding of the choices they may have. Here are five facts about Social Security that are important to keep in mind. 1. Social Security...
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Social Security: The Elephant in the Room
For most Americans, Social Security has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of “FICA” and “OASDI” (Federal Insurance Contributions Act and Old...
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Thinking of Retiring Abroad?
According to a 2017 report from International Living Magazine, Mexico tops the list of places to retire abroad. Panama ranks second, followed by Ecuador, Costa Rica, and Colombia.¹ Many retirees consider moving out of the country...
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Understanding Extended Care
Addressing the potential risks of extended 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 70%...
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What's New for Social Security?
Whether you’re applying for Social Security in the future or currently receiving benefits, there are some important changes to earnings limits, Medicare premiums, and other differences to keep in mind. Ready to learn more? Read...
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Where Will Your Retirement Money Come From?
For many people, retirement income may come from a variety of sources. Here’s a quick review of the six main sources: Social Security Social Security is the government-administered retirement income program. Workers become...
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