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As age 73 nears, it is critical that you begin considering how you want to handle the required minimum distributions (RMDs) you are obligated to withdraw from your tax-advantaged retirement accounts, including 401(k)s, 403(b)s, 457s, and individual retirement accounts (IRAs). According to US New Money, 62% of Americans aren’t even aware that they have to take an RMD, and a fair share of those that do make mistakes they could have avoided. Here are a five common RMD mistakes that could prov

If you're a business owner, you are likely the Chief Everything Officer at work and have many responsibilities. A business owner's situation is unique since they are asset-rich and cash-poor since their wealth is in their business-literally.Regardless of the income a business generates, the ages of the owners, or how many employees it has, a business financial plan can help plan for future and unexpected events. A financial plan is a road map of what the business is trying to achieve in

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan ahead if you want to minimize your tax bill from the IRS.   Social Security Benefits Depending upon your total income and marital status, a portion of your Social Security benefits may be taxable.

Medicare policies are the health insurance benefits you have worked toward throughout your life, and having the proper policy is critical as you are likely to face more health problems as you age. While these policies can provide you with the coverage you need for your health conditions later in life, they may be confusing to navigate for some and can include a variety of pitfalls. Whether you are ready for a Medicare policy or planning ahead for the future, below are some costly missteps that y

As a business owner, putting all your profits back into the business may be tempting, especially during the lean years. However, when it comes to saving and investing as a business owner, there are other paths you could consider for the long run without so much emphasis on the short term. Maintain Liquid Assets Everyone needs to have savings. For small business owners, savings are critical. Liquid assets may help you weather challenging times and make you a more attractive candidate for a loan.

Kitty O’Neill Collings, an American politician and pioneer in the area of international diplomacy, civil liberties, and social justice, once quipped, “Aging seems to be the only available way to live a long life.” Along with aging comes the certainty that most of us will gradually begin to deteriorate over the years, both physically and mentally, and many of us potentially might require long-term care. Because of this reality, long-term care insurance (LTC) becomes an attractiv

Kitty O’Neill Collings, an American politician and pioneer in the area of international diplomacy, civil liberties, and social justice, once quipped, “Aging seems to be the only available way to live a long life.” Along with aging comes the certainty that most of us will gradually begin to deteriorate over the years, both physically and mentally, and many of us potentially might require long-term care. Because of this reality, long-term care insurance (LTC) becomes an attractiv

As we approach the last quarter of each year, it is a good time to plan for the next one. Year-end planning is especially important for existing retirees and those hoping to retire in the next few years. There are tax and income strategies you might consider regarding your financial assets. Here are three steps you may take when planning the end of the tax year and preparing for the next one.Consider Tax Loss HarvestingSuppose you hold equities, with unrealized losses, in an account subject to t

Many women have been a caregiver while raising children. Still, now many are caring for a loved one out of necessity as the older family member can no longer care for themselves. The Transamerica Center for Retirement Studies report, The Many Faces of Caregivers, indicates that 42% of Generation Xers and 42% of Baby Boomers care for a parent, and 57% of Individuals born before 1946 are currently caring for a spouse or loved one. Care recipients suffer from a wide range of conditions, with half h

Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will, and about 40% with investable assets of $1 million or more never discuss their estate plans with their children? The reality, however, is that the percentage of squandered inheritances is troubling. Studies indicate that 70% of inheritances are exhausted by the sec

The vast majority of Americans need long-term care. According to the U.S. Department of Health and Human Services, 70% of people over age 65 may need some long-term care during their lives.1 Unfortunately, planning for long-term care may be confusing. To safeguard your finances, try to avoid these expensive mistakes. 1. Don’t Assume You Don’t Need Long-term Care It's impossible to tell if you will be among most people needing long-term care. Family history and how you care for y

 You may have thought your digital identity was safe and not a likely target of a cybercriminal until one day, the bank calls wondering if purchases made at a store that you have never been to, 2,000 miles away, were made by you. Every day, similar scenarios play out for unsuspecting victims across the country and the world. Cyber scams and other cybercrimes have proven to be an escalating problem that requires people to be especially vigilant when using electronic devices. Senior citi

For some people, the thought of using financial services is a scary experience. It involves planning for a future where you may not know how the economy may be, how your health may be, or what your financial needs might be. One of the reasons that many people find planning out their finances intimidating is the number of myths surrounding the process. Still a little apprehensive about starting on your financial journey? Here are a few reasons why working with a financial professional may be less

September is self-improvement month and a great time to work on your financial health. When you think of self-improvement, you likely think of your health or career but may pay little attention to your finances. Getting your financial health in order may help alleviate stress and give you some breathing room to improve your life in other ways. Below are a few simple tips that may help improve your personal finances so that you may move on to other important areas of self-improvement.Trim Down Yo

529 plans can be used in every state to pay for education expenses at private K-12 and secondary education institutions such as in-state and out-of-state colleges, universities, and technical colleges. 529 plans are qualified tuition plans that allow state and federal tax-free withdrawals of earnings when used to pay for qualified education expenses. When it's time to withdraw funds from the 529 plan, you must follow the IRS rules to mitigate penalties. Here is everything you need to know ab

Obtaining a life insurance policy is part of being an adult. But it’s also something that you can easily neglect, especially if you obtained it earlier in adulthood. While you may have been diligent in securing your life insurance policy, failing to review or update the policy when you have significant life changes may result in too little or too much coverage. It is a good practice to review your policy every few years to see if it still suits your needs and your family’s needs. How

From unemployment to a sudden health crisis to a crippling accident, being financially prepared for life's many challenges may smooth the road ahead. Whether you are just starting out or have been working toward financial health for years, there are a few key steps you may take now to help construct your financial safety net. Make a Budget It is tough to assess your financial health if you do not know where your money is going. By tracking your income and spending—whether through an a

Question I made after-tax contributions to my 401(k). When I retire, can I roll that money into a Roth IRA tax-free? Answer Yes. After-tax funds can be segregated from other funds in the account and transferred directly to a Roth IRA. In fact, it would be a mistake not to. (Don't confuse after-tax contributions to a regular 401(k) with contributions to a Roth 401(k), which are also made with after-tax dollars but to which slightly different rules apply.) Suppose you're retiring and

In a 6 to 3 vote, the Supreme Court struck down the Biden administration’s student loan forgiveness plan denying a chance for at least 43 million eligible participants to eliminate up to $20,000 of their debt. Despite new actions announced by the White House in a continued fight to provide debt relief and support to as many student loan borrowers as possible, borrowers still must stay vigilant should they find themselves with debt to be repaid. When calculating a repayment plan,

Do you know the answer if your financial professional asks you what type of investor you are? While it may be challenging to classify yourself off the top of your head, knowing what type of investor you are might help you avoid making knee-jerk decisions that could cost you money.Suppose you are a passive investor primarily interested in large-cap companies, but find yourself pursuing an active investment strategy focused on small-caps. In that case, staying invested may be tough when things get

Financial education is constantly evolving. As investments, financial priorities, and the economy change, so do financial strategies and plans. To stay on top of your retirement and ensure that you are on your way toward your financial goals, it’s vital to keep up with your financial education and awareness so that you will be able to make appropriate decisions regarding your financial future. Whether you are preparing for your retirement, just starting your retirement journey, or are alre

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life and vice versa may help you improve your game in both arenas. Here are three tips that may help you work toward success on and off the golf course.Avoid HazardsGetting bogged down in a sand or water trap may cause frustration and add many strokes to your ultim

Though you won't be able to ride along in your child's suitcase, there are ways you can help him or her make the adjustment to college. You can start by talking with your child about certain subjects before he or she leaves for college and familiarizing yourself with the emotions that he or she will likely face in the first few weeks and months. Then, you can provide a comforting shoulder to lean on. In doing so, you'll need to walk a fine line between offering support and encouragem

Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will, and about 40% with investable assets of $1 million or more never discuss their estate plans with their children? The reality, however, is that the percentage of squandered inheritances is troubling. Studies indicate that 70% of inheritances are exhausted by the sec

When you think of your financial wellness, you are likely not considering how it may affect your social life or vice versa. While many factors may influence your financial situation, social influence is the component that is given the least attention. Both those who struggle with their finances and those with a more comfortable financial standing may experience changes to their financial wellness based on their social life, so it is crucial to understand the correlation. Loneliness May Affect Yo

About 61 million adults in the U.S. live with a disability. Many of these disabilities are serious enough to impact a person’s daily life.1 There may be financial benefits available to those whose disabilities leave them unable to hold down a job. However, these benefits may come with strict rules and regulations, such as limits on the assets a disabled person may own. Because of this, financial planning looks different for families with disabilities. Here are some options to consider. Spe

Many parents may feel it is unnecessary to inform their adult children about their personal, financial affairs. However, as your children grow older, it can work to your advantage—and that of your entire family— to share with them key financial, medical, and estate planning information. An awareness of important information, and knowing where to locate relevant documents, can help your grown children take appropriate and timely action if a sudden death or catastrophic illness were to

Planning for your future requires the help of multiple professionals. Two professionals you may find yourself working with to figure out your future are a financial advisor and an insurance agent. Financial professionals may also provide the services of an insurance agent. However, you may prefer two separate professionals providing different services. To determine which professionals you will need, it’s essential to learn what each one does and how they can help. Financial Professionals

The "Sandwich Generation", faces a lot of struggles. If you’re unfamiliar with this term, it describes a demographic where usually middle-aged individuals must support aging parents at the same time they're raising children. This situation can create an emotional and financial strain. In general, this generation spends over 1,000 hours on average taking care of aging parents and children, which costs an average of $10,000 per year.1 This situation may require

The "Sandwich Generation", faces a lot of struggles. If you’re unfamiliar with this term, it describes a demographic where usually middle-aged individuals must support aging parents at the same time they're raising children. This situation can create an emotional and financial strain. In general, this generation spends over 1,000 hours on average taking care of aging parents and children, which costs an average of $10,000 per year.1 This situation may require

For those who don't have a 401(k) option through their employer—which includes some small-business owners—how to save for retirement might be challenging. In a competitive employment market, offering retirement options to new hires and existing employees may help you remain competitive and attract top talent. Consider these retirement simplicity plans: The SIMPLE 401(k) and the SIMPLE individual retirement account (IRA). Here are some details about these types of retirement

If recent market volatility has you questioning your opportunities for financial freedom, you are not alone. Due to rising inflation, higher interest rates, a volatile stock market, and recession fears, many investors find themselves wondering how to proceed.Fortunately, history may help gain perspective on this market. Those who weather volatility might have more resilience. Here are some tips and tricks to help you deal with market volatility and assess the quality of your current investments.

A solid financial plan for small businesses is vital, and part of that financial plan should be insurance. Insurance is essential to preserve small businesses, cover their assets, and safeguard their employees. Here are some types of insurance coverage a small business should have and why this is critical to your financial plan.

Many couples blame their marriage problems on disagreements and an inability to see eye to eye. Marriage counseling is a great option for couples who need to learn how to better communicate, but it might not solve the problem that caused a disagreement in the first place, especially if the problem involves money. So because money is a leading cause of stress in relationships, couples may want to consider money counseling before heading to a marriage counselor. Nearly three-quarters of all Americ

Many public school workers in different positions devote their lives to furthering the education of young people. The ability to enjoy a secure retirement is an objective that many teachers and their colleagues pursue years before they leave their jobs. Eventually, each must consider life beyond their career and the benefits they may receive through and outside the public school retirement system.

For kids, teens, and college students, summer break often represents freedom from schedules, responsibilities, and all those other drains on your time. Retirement actually can provide a similar level of freedom, but only if you've adequately prepared, planned, and saved. Below, we discuss three ways that planning ahead for your retirement can be like scheduling your summer.

Life insurance buys financial protection against your premature death. Here’s the how-to on another insurance that can protect you from living too long: the annuity.Annuities often secure steady cash flow to you during your retirement years through growing invested funds. The payout process is known as annuitization.Over the years, annuities got a bad rap as insurance products – and rightfully so.

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life and vice versa may help you improve your game in both arenas. Here are three tips that may help you work toward success on and off the golf course.Avoid HazardsGetting bogged down in a sand or water trap may cause frustration and add many strokes to your ultim

Estate planning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estate planning does not have to be overly complicated. With the proper planning, you may find yourself resting a little easier knowing you have an estate plan in place. While an estate plan is personalized to the wants and needs of each person, here are a few tips to help anyone get started.

Those that choose to invest in the education of a family member, friend or acquaintance are investing not only in that individual’s future, but also the future of society. It is an act of generosity, forward-thinking, and love.

Responsible investing is widely understood as the integration of environmental, social and governance factors – hence the ESG acronym – into investment processes and decision-making. ESG factors cover a wide spectrum of issues that traditionally are not part of financial analysis, yet may have financial relevance for investors. ESG factors might include how corporations respond to climate change, how good they are with water management, how effective their health and safety policies

The start of the year has come and gone. You may find that the goals and resolutions you set at the start are no longer getting the attention they deserve. Whether you are feeling your motivation waning or feel like the goal is too far off, recommitting to these goals and resolutions may be just what you need to get yourself back on track. Ready to revive those resolutions? Below are a few tips to help you get started. Remember Your Whys Reconsider why you set those goals and resolutions. By re

Pension plans are still offered at many types of employers today. A pension plan is an employer-sponsored retirement savings plan the employer contributes toward to fund their employees' future retirement. There are two types of pension plans: Defined benefit plans that guarantee a monthly payment for life or a lump-sum amount when the employee retires.Defined contribution plans the employer contributes to in the form of an investment account for the employee available to them when they reti

With all of the attention the life insurance industry has been receiving lately, it's easy for policyholders to overlook two important factors: 1) few investments, if any, meet the safety of life insurance and, 2) few investments offer the advantages of tax-free accumulation of cash values and tax-free death benefits. Whether you own a traditional whole life insurance policy, or an interest- or investment-sensitive policy, it is important to have some familiarity with how your policy earning.

Money can be a confusing and unapproachable topic for adults, let alone for kids. The key is to teach children about money early so that they can develop a healthy relationship with it.Here are the best ways to give children a glimpse into the ins and outs of managing finances.Allowance Roughly two-thirds of American parents give their children an allowance. This tried-and-true method of money management works for several reasons, with children of any age.Make them earn it Mo

What to look for and what’s not important  

When market volatility takes investors on a wild ride, fear and panic are common responses to this stock market roller coaster. Acknowledging these emotions may be a good first step, but acting upon them could result in impulsive, irrational decisions. Many experts warn investors to never let emotions drive their investing decisions but that’s easier said than done.1 What can you do to stay calm while markets are volatile? Review and stick to your investing plan When you watch your accou

Most people know that once they approach retirement age, their reward for years of work comes from Social Security payments they put money towards during their employment. Deciding when to file for your Social Security payments is likely what you may focus on, but there are some other Social Security benefits you may be missing out on that are worth investigating. 1. Survivor BenefitsTens of thousands of people receive their Social Security benefits each year but fail to claim eligible surv

When people think of “myths,” they often think of such stories as Pandora’s Box (the woman who took the lid off of a jar releasing all of the world’s ills upon the world, were taxes one of them?), or the Tale of Prometheus (who stole fire from his fellow gods to give to humans and was punished by Zeus with eternal suffering). However, money myths have also been circulated with such frequency that many people unknowingly believe them. These myths also tend to restrict...

Credit card use can be beneficial to your finances if managed appropriately. Learning to balance credit card use with spending habits while also saving can positively impact your finances over time.

Most of us go to see professionals when were in trouble or during times of crisis. Think about it. We go to the doctor when we are sick. We go see a lawyer when we have a pending legal matter. We go see a counselor when we're feeling depressed.

As more and more consumers search for financial information on the Internet, they may inadvertently leave themselves open to being by certain companies and individuals. Visitors to financial websites have created a large mass of information that is, in some cases, hardly private. Many marketing companies routinely employ software programs designed to identify you and your habits on financial websites.

March 1st is Refired, Not Retired Day. It is a day for those retired or close to retirement to start thinking about their next stage in life. It is a day not to reinvent, rekindle, and refire your life, focusing on what is ahead instead of what is behind you. The day was founded by Phyllis May, who retired at age 55 after 34 years in the education field without a plan for the next stage of her life.

For many, spending more quality time with loved ones and friends is a New Year’s resolution or work-life balance goal. But for investors who are accustomed to keeping a close eye on their assets' performance, balancing one's "to do" list with one's "want to do" list may be tricky. Below, we discuss three time management tips investors may employ to free up some extra time for what matters most.

You may have envisioned retirement as a second childhood—a time to relax, enjoy yourself, and devote your time to your favorite hobbies. Unfortunately, worry-free retirement is not the reality for some. Challenges from stock market drops, home repair issues, or health complications may send you veering off course. What might seniors do to get back on track after their retirement plans have gone awry? Here are four steps that might help you respond to some retirement setbacks.

Looking for ways to save "I love you" on Valentine's Day? Then you may want to consider opening a spousal individual retirement account (IRA). This gift says, "Let's grow old together comfortably," and shows your partner that you care about their financial wellness. Beyond that, a spousal IRA offers the following advantages.

It is a dream of many people to be able to own and run their own business. You have the potential to make a living and support your family, and being an entrepreneur provides a certain amount of flexibility that an employee of a company would not necessarily have. This can be extremely attractive, and millions of people explore this opportunity in the United States.

With the signing of the Omnibus Appropriations package into law, both employees and employers can take advantage of more than 90 new provisions aimed at creating opportunities to create or modify workplace retirement plans and strategies. What to know about the Secure Act 2.0 that may impact you and your financial and retirement goals? Read below for a helpful overview of important information to know about the SECURE Act 2.0.