Monday, June 19, 2017 11:27 AM
A 401(k) plan is a great way to save for retirement, but sometimes, despite our best planning efforts life happens and you need access to your money. 401(k) plans are retirement savings vehicles and by design, you are discouraged from using this money for other purposes. Generally, you cannot withdraw money from your 401(k) prior to age 59-1/2. If you do so, you will be subject to a 10% penalty tax on your distribution in addition to any income taxes you may owe. In this post, I will show you two little known rules which can help you avoid the penalty tax.
Monday, June 19, 2017 11:22 AM
As the month of May concludes, it also marks the close of Disability Awareness month. Yes, I am aware that 99.99% of you had no idea that May was a Disability Income Insurance Awareness month and that only insurance geeks like me did. However, disability income is an important topic that everyone should discuss and have a set plan but very few do. Far too often when I have asked my clients if they have disability income insurance they reply that they don’t know or they think that they have some at work. In my world, those answers aren’t acceptable.
Friday, June 02, 2017 3:08 PM
“More than 70 percent of Americans over the age of 65 will need long-term care services at some point in their lives,” according to a study by the U.S. Department of Health and Human Services. There are multiple options for senior care but are you aware of them and their financial implications?
Watch this pre-recorded webinar as it sheds more light on:
- Senior care options
- Why do individuals not move into continuing care retirement communities
- Why some individuals do move into continuing care retirement communities
- Learn how to possibly turn senior living expenses into financial benefits
Tuesday, May 30, 2017 10:57 AM
I have been a financial advisor/planner for over 27 years and I have posed and heard that question many times myself. Financial planners have more experience and knowledge about investing money and ensuring that money you saved will last you through your whole retirement than an average person. When it comes to other professional advice, we rarely hesitate going to a doctor for a medical advice, or to a lawyer to help us with a legal issue. So why does hiring a professional to advise on our savings is still an issue? Here are the top reasons I have heard when I talk to people about why didn’t they already have a financial planner.
Tuesday, May 09, 2017 7:17 PM
Money problems are cited as one of the top reasons why couples get a divorce. As I wrote in my earlier blog, cultivating a solid financial relationship with a loved one is essential in living out the “for richer or poorer” part of the vows. Whether you are married or living with a significant other, you will find that the topic of money comes up more often than you’d like. Differences in approach to financial decisions play a significant role in relationship happiness. Thus an honest conversation and a holistic approach to financial awareness is essential to a well-balanced relationship. When counseling couples on financial planning, I often suggest to use the below checklist to begin forming a healthy financial union with your partner. Even if you already have been married for many years, you’ll find this list useful to re-assess your relationship’s financial health.
Saturday, April 08, 2017 5:12 PM
Have you recently changed jobs or retired from your current employer? You may be wondering what you should do with your old employer retirement plan.
Former employees typically have four options for their old 401(K) or other employer retirement plan when they leave their job. The options may vary slightly depending on the type of plan and your former employer.
Sunday, March 26, 2017 5:13 PM
Every year someone you know plays a prank on you on April 1st. If you look up April Fool’s Day it is unclear how it started or even what it is about. Some historians speculate that April Fools’ Day dates back to 1582, when France switched from the Julian calendar to the Gregorian calendar, as called for by the Council of Trent in 1563. People who failed to recognize the change, and continued to celebrate New Year during the last week of March through April 1st, became the butt of jokes and hoaxes which included having paper fish placed on their backs and being referred to as “ poisson d’avril ” (April fish), said to symbolize a young, easily caught fish and a gullible person.
Monday, March 20, 2017 12:33 PM
I am sad. As my two favorite F seasons both recently came to a conclusion. The NFL concluded its season in spectacular fashion with the NFL’s version of the “Evil Empire” winning yet another Super Bowl ring and Misters Brady and Belichick being considered amongst the greatest ever at their respective jobs. If that didn’t make me melancholy, the closing of the other F season certainly does, that’s right the Federal Employee Group Life Insurance (aka FEGLI) also recently closed. Maybe it takes an insurance guy to truly appreciate that open season, but I digress. So you may be wondering, what is the connection between Bill Belichick and the recent FEGLI open season closure. Well, hang on because it is about to get exciting (at least for the insurance world definition of exciting).
Friday, March 10, 2017 12:05 PM
2016 proved to be a year of significant, and at times surprising, events. Between the U.K.’s Brexit vote, Republican sweep of the U.S. election, U.S. equities reaching record levels, and the Fed’s decision to raise interest rates, it was a momentous year. In this recorded webinar, we reflect on these events, discuss specific investments' sectors and what can individual investors do to protect and maximize their investments.
Watch, as Ted Cox, Managing Director and Senior Investment Consultant at City National Rochdale shares the firm’s outlook and strategy, including the following:
- Sector-specific overviews: U.S. equities, high dividend and income equities, taxable and municipal IG bonds, high yield bonds, municipal high yield bonds
- What to anticipate from a Trump administration and GOP Congress
- How can you prepare for what's ahead?
Wednesday, March 08, 2017 9:29 PM
As the father of a nine year-old girl, I often find myself wondering about the mixed messages given to girls, and the impact they have. As an example, last weekend I was doing an internet search for fun science projects I could do with my daughter. In one of my searches, Google returned a science kit advertised as fun for a “boy’s birthday party” - apparently girls don’t enjoy science. Princesses are never happy until they get hitched to a prince and the Little Mermaid gave up her whole family for a boy she had never even met. I want my daughter (and all girls, for that matter) to grow up to be a strong, self-assured woman with an abundance of confidence. I don’t want her happiness to be dependent on anyone but herself. In my opinion, a key to this goal is to teach her to be financially smart. So what financial advice will I give her?