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June 20, 2017
How long should you keep financial papers and records? If you’re overwhelmed with stuff, it’s important to be organized and thoughtful, so you don’t throw out important papers that might one day help you prove you don’t owe taxes.
June 13, 2017
Many investors want to have a personal relationship with a financial adviser, a personal touch. But what IS good advice -- and how much should you pay for it?
June 6, 2017
The Department of Labor’s fiduciary rule is going into effect despite the efforts of financial firms to block it. In fact, Wall Street has found a way to profit from the new rules big time at the expense of vulnerable American investors.
May 30, 2017
I have long been a fan of reverse mortgages — if they are done in the right circumstances and for the right reasons. Regular readers of this column know I always put my money where my mouth is. And in the case of reverse mortgages, I want to give you a very personal example.
May 17, 2017
As the market reaches all-time highs again and again, the value of your stocks might have started to overwhelm your appropriate asset allocation — especially if you’re nearing retirement and soon will need to start making required annual withdrawals.
May 16, 2017
Planning your estate does not require you to have a lot of assets. But protecting your family’s future — your home equity and your family’s ability to maintain their lifestyle in your absence — requires you to take some simple steps now to avoid the long and costly court procedure called probate.
May 9, 2017
The decision you make about when to take Social Security benefits can have a huge impact on your retirement plans and your lifetime income.
May 2, 2017
Will we leave a giant puzzle for our loved ones and heirs to figure out? Will they be able, and legally empowered, to handle the assets we leave behind? How can we smooth the way to making this transition a bit less painful? If you’re willing to have that conversation now, you’ll make things much easier at a tough time in the future.
April 23, 2017
Millions of Americans are expecting to receive a pension from the city or state that employs them. Many will be in for a terrible surprise, according to the nonprofit organization Truth in Accounting.
April 17, 2017
Exchange-traded funds are far outpacing traditional mutual funds in gathering assets. Last year, more than $280 billion of new investor money flowed into ETFs, a record.
April 11, 2017
In the past few years, the costs and regulations around health insurance have become inextricably entwined with federal income taxes. Leaving all the political debate aside, the Affordable Care Act impacts the tax returns of millions of Americans.
March 29, 2017
If you aren’t careful about the timing of your Medicare enrollment, you could make a very costly mistake – one that will cost you for the rest of your life.
March 22, 2017
College acceptance letters are arriving now – and with them the financial aid offers that can make or break a college dream.
March 16, 2017
In the past few decades America has come to realize that we can’t pay for everything — even by going into debt. And it has taken us $20 trillion-plus in debt to reach that conclusion.
March 13, 2017
The investment industry is in the midst of a price war that will cut costs for everyone from individual investors to sophisticated hedge fund participants. That’s great news for investors.
March 6, 2017
You would think Americans had learned their lesson about borrowing, but debt levels are creeping up again. If — and when — the next recession occurs, the consequences could be even more devastating than the last go-round.
March 1, 2017
Americans now owe more on student loan debt than on credit card debt. And they’re getting smarter about dealing with that debt to save a fortune in interest over the life of the loan.
February 22, 2017
The Fiduciary Rule won't go into effect in April as scheduled. That opens the door for high-pressure salespeople to peddle inappropriate and cost-heavy products that could devastate your retirement account as you roll that hard-earned money from a company plan into an IRA.
February 15, 2017
If you think your finances are safer now that you use a chip card, think again. The latest Javelin Identity Fraud Study reports the number of identity fraud victims increased by 16 percent in 2016 to more than 15 million consumers.
February 11, 2017
If you consider your dog or cat to be a member of the family, you are not a pet owner. You are a “pet parent.” And that can expose you to some very expensive medical bills.
January 30, 2017
Football is a big-money game, and its highest-stakes event, the Super Bowl, is about to take center stage. The winning athletes will earn an extra fortune --but the "jock tax" means that NFL players typically must file returns in 10 to 12 taxing jurisdictions, including local cities. There are some tax lessons here for all of us.
January 24, 2017
If the very word “FinTech” makes you flinch, you may be a baby boomer who has sworn off most “modern” money technologies. You’re not alone.
January 17, 2017
Someone is going to get your money when you die. Do you know who that will be? What a shame if the money you worked so hard to accumulate over a lifetime were to go to the tax collector, or your ex-spouse, or a relative you haven’t spoken to in years.
January 10, 2017
While economists and stock gurus spend this month making forecasts, ordinary investors are faced with the challenge of figuring out how to allocate their 40l(k), IRA, and other retirement accounts. To do that well, you don’t need a crystal ball to forecast either economic growth or market results. What you do need is . . .
For millions of union workers, part of the attraction of paying union dues over a lifetime of work was the promise of a lifetime a pension. Now, as a result of years of mismanagement, bad investments, or bad assumptions on returns, some funds are running out of money to keep their pension promises to union workers.
December 27, 2016
Resolutions made at this time of year tend to have lofty goals: lose weight, stop smoking, get out of debt. And while these goals are certainly worthy, it’s an old Savage Truth that a goal without a plan is just a dream!
December 19, 2016
Making a budget is likely at the bottom of your “to do” list at this time of year, but when is a better time to do it? Now you can look back at all of your spending — and overspending. And it’s the perfect time to plan for the year ahead. Here are three easy ways to make that happen.
December 8, 2016
An entire generation has graduated into debt that may not be easy to repay. And if you graduated last Spring, now is the time you must start the repayment process.
A bank is granting free money to help you with a down payment on a house! It sounds too good to be true, but it actually is true. Here are the details.
There’s a little-known “quirk” in the Affordable Care Act that allows small businesses a chance to offer employees – even if as few as one employee enrolls – a job –based plan that is equivalent to the best deals offered by major insurers.
The best gift of all is a good education. So consider opening a 529 College Savings plan account for your children or grandchildren.
Every year at this time I give some suggestions for holiday presents that have real financial meaning for your children and grandchildren.
November 1, 2016
It's time to make choices about plans offered under the Affordable Care Act, known as ACA or Obamacare.
As the election draws near, many people are wondering about the impact on their investment portfolios.
It’s time for your annual drug test. And ignoring it could be very costly.
October 3, 2016
What would you do if you looked at your quarterly statement and the stocks in your account were gone — simply gone?
October 10, 2016
The silence about the economy in this political season is deafening.
September 20, 2016
Imagine being a senior citizen, living on Social Security and perhaps a small fixed pension, and trying to deal with the rising costs of living. Or imagine being a disabled person with no hope of earning additional money to make ends meet.
September 14, 2016
There’s a big change coming in FAFSA – the Free Application for Federal Student Aid. And if you miss out on the new, earlier deadline, you just might miss out on a lot of money!
August 23, 2016
Will you receive your Social Security check? It’s a question that’s about to divide generations and confront politicians.
September 12, 2016
The Federal Reserve Board has been threatening to raise interest rates for almost two years. And now it really seems poised to take the second rate hike step of the past 10 years.
Need help finding a trusted financial planner? Help knowing what questions to ask? And asking how much you’ll be paying? This website is the perfect place to start your search.
This new government website allows you to check the background of brokers, advisors, commodity advisors, and even insurance salespeople.
When your spouse needs “custodial” care, Medicaid may step in to pay — depending on your assets and income. But the “community spouse” does not have to give up the family home or all assets and income. Each state sets its own income and asset limits. Check this site to get details for your state.
Answered on June 18, 2017
Terry, I am trying to get a copy of the above form, but haven’t been able to sign up to receive a…
Answered on June 18, 2017
In May 2013, I gave Merrill Lynch an IRA worth $103,000. The VP/Senior Financial Advisor on the…
Answered on June 18, 2017
I’M 74 yrs. old,and was wondering if a reverse mort. is a good thing? My home is paid for and have…
Answered on June 6, 2017
Hello Terry, I am retired and would be interested in working from home. Internet business seems like…
Answered on June 5, 2017
I would like copy of personal financial organizer…
How much money could you get in a tax-free lump sum, or monthly payments? It depends on your age, location, value of your home, and any current mortgage balance. Use this calculator to figure it out. And learn more at ReverseMortgage.org.
How long will you live? Financial planning would be easier if you knew! This website created by the Society of Actuaries will help you figure it out and plan appropriately.
Answer six easy questions, and this calculator will tell you where you stand (and what you can do) to be ready for retirement!