- Ask an Advisor: ‘Am I Too Late?’ I’m 68, Have No Investments and Only Have $60K Saved
At 68, I do not have any investments of any kind. My $80,000 condo is paid off, and I have $60,000 saved. Am I too late? -Bernhard It’s never too late to start investing and managing your money. But I… read more…
- Ask an Advisor: I’m in the Highest Tax Bracket and ‘Plan to Be There Moving Forward.’ Should I Do a Roth Conversion?
What are your thoughts on Roth conversions if you are in the highest tax bracket and plan to be there moving forward? -Joel If you ask some financial professionals, the answer to this question might be a resounding no, and… read more…
- The Fed Has Raised Rates Again and Sparked Recession Fears– Here’s What That Means For You
On Wednesday, May 3, the Federal Reserve raised interest rates for the tenth time since March, 2022, this time hiking rates by 0.25% or “25 basis points.” This brings the benchmark federal funds rate to between 5% and 5.25%, the… read more…
- Ask an Advisor: My Retirement Savings Were Wiped Out. How Can I Recoup My Recent Investment Losses This ‘Late in the Game?’
My retirement savings were wiped out in market changes over the last couple of years. I am planning on working for about five more years. What investment suggestions do you have this late in the game? – Daniel Sorry to… read more…
- Will First Republic’s Failure Affect You?
First Republic has failed. Now what? Banks tend to fail a little bit like restaurants. The lights are on and all is well one day; then someone has arrived with a clipboard to auction off assets the next. That’s more… read more…
- 11 Financial Planning Tips for Young Adults
Getting your financial footing can be a challenge when you’re young, especially if you have student loan payments or a new mortgage make you feel penniless. However, it’s never too early to start financial planning. By creating a budget, improving… read more…
- Ask an Advisor: ‘I’m Strictly Into Bonds’ and Afraid of the Stock Market. Is This a Strategy I Should Stick With?
I’m afraid of the stock market. With my first investment, I lost 60% of my money. So I’m strictly into bonds. With interest rates low, what’s your advice? Should I stay or try something else? -Jerold It’s reasonable to be… read more…
- Should You Pay Off Student Loans or Invest?
Pay off student loans or invest? It’s an important question to consider as the answer can shape your financial future. On one hand, throwing all of your extra money at student loan debt can help you relieve that burden faster.… read more…
- Ask an Advisor: I Want to Roll Over My Money to a Roth IRA. How Do I Avoid Paying Taxes?
If I have a tax-deferred 401(k). Can I convert it to a Roth IRA without paying the deferred taxes when I roll it over? -Tommy Generally, the answer here is no. There’s typically no method to totally dodge taxes on… read more…
- Outrage Alert: Good Finances Could Hurt Your Mortgage Terms
On May 1, the federal government will change the fees that most borrowers pay as part of buying a new home. The changes will have a counter-intuitive result: many borrowers with lower credit scores paying less in fees when they… read more…
- Got a Tax refund? Avoid Making These Two Big Money Mistakes
Getting a tax refund feels like a welcome boon. At the very least, it seems like a nice cash reward for the estimated nine hours it takes the average individual taxpayer to wade through their W-2 and 1040 forms. And… read more…
- Can a Financial Advisor Help Make a Budget?
A financial advisor can assist with almost any aspect of a person’s financial life, including budgeting. Financial advisors provide an array of services, ranging from investment management to estate planning. Many people who work as financial advisors focus on specific… read more…
- How to Invest in CDs
While other investment and savings vehicles may get higher returns, few are as reliable as the certificate of deposit. CDs are traditionally safe, solid investments. Let’s take a look at common ways to invest in them and add them to… read more…
- Here’s What the Debt Ceiling Question Could Mean for You
As seems to happen every couple of years at this point, Capital Hill is abuzz with discussions of whether the U.S. will default on its debt. In fact, if the debt ceiling isn’t raised this summer — potentially as early… read more…
- Ask an Advisor: ‘Prove Me Wrong.’ I Think Investing in CDs Is a Better Deal Than Working With an Advisor
Why hire a financial advisor who will take around 1% percent of your assets per year when you can get a certificate of deposit (CD) at over 5% with no fee? That alone amounts to a 6% return on your… read more…
- Ask an Advisor: I Don’t Need Them ‘Dumped Into My Checking Account.’ What Can I Do With RMDs?
I am approaching the time when I’ll take required minimum distributions (RMDs) from my individual retirement account (IRA). I am in a quandary about what I can do with this anticipated largesse of cash. I do not necessarily need the… read more…
- This Just In: All Those Quiet Quitters Are Getting It Right
Remember the panic about “quiet quitting” in the fall of 2022? That’s when legions of fed-up, burned-out post-pandemic workers decided they weren’t going to leave their jobs but they also weren’t going above and beyond the prescribed duties of their… read more…
- Do Financial Advisors Need a License?
License requirements to work as a financial advisor vary widely. Generally, depending on your practice, you will most likely need to take either the Series 6 or Series 7 exams as well as the Series 63, Series 65 or Series 66… read more…
- Ask an Advisor: I Have $240K in Debt, and My Portfolio Is Down. Should I Tap My Retirement Accounts to Repay Credit Card Debt?
With stocks and bonds down, should I use retirement assets, such as a Simplified Employee Pension Plan (SEP) IRA, Roth or annuity, to pay down credit card debt? My stocks are down 15% to 20%, and my annuity is the… read more…
- 5 Financial Planning Tips for Millennials
Millennials — generally defined as adults born between 1981 and 1996 — face some unique challenges when it comes to financial planning. While the oldest millennials are entering midlife and potentially their peak earning years, the youngest may just be… read more…
- March Jobs Report Shows a Cooling Labor Market. Here’s What That Means for Inflation and You
After months of job growth and tight labor conditions, the latest employment data suggests the U.S. economy may finally be slowing down. The economy added just 236,000 new nonfarm payroll jobs in March, which is down from the previous six-month… read more…
- Tax Advisor vs. Financial Advisor
Taxes can be confusing and you might have questions about how to file or the best ways to minimize what you owe to the IRS. But who do you turn to for advice? A tax advisor may be an obvious… read more…
- Ask an Advisor: I’m 65 Years Old and Going to Retire Soon. How Should I Structure My Portfolio?
I’m a 65-year-old preparing for retirement within the next three to five years. I’m looking at different types of retirement funds. Would adding stocks that are dividend-structured along with gold and cryptocurrencies be a good mixture? -Earl Shifting from building… read more…
- What Is an Education IRA?
An education IRA is a tax-advantaged savings account that can be used to pay for education expenses. Funds in these accounts, which are also known as Coverdell education savings accounts (ESAs), can cover the costs of tuition, books and supplies… read more…
- Do I Need a Financial Advisor for My Pension?
If your job comes with a pension, your employer is responsible for funding the pension plan and making sure you will receive the projected income in retirement. However, even people with pensions have retirement-related financial decisions they will have to… read more…