Forget the myths about Medicare being broke. Here's the truth. There are several popular misconceptions about the financial condition of Medicare, which virtually all American senior citizens rely on to cover health care expenses in retirement. Many people believe that...
Qualified retirement plans are designed to be used solely for retirement income. Taxable withdrawals from these plans before age 59.5 are generally assessed an additional 10% “early distribution tax” by the IRS. (The additional tax for SIMPLE IRA plans is...
Owning a small business isn't like owning stock in a publicly traded company. With stocks, you can always calculate the market value of the entire business just by multiplying the market price of the stock by the number of outstanding...
For many of us, retirement can seem like a problem for later. I need money now; why should I bother saving money for when I’m 70? I’ve got rent due and groceries to buy this week, not this week plus...
As Courtney Minor began a master's program in vocal performance, she made sure to heed some well-known advice: Stick to federal government student loans. In completing the two-year program at Longy School of Music of Bard College in Boston in 2009, Minor racked...
A million dollars is a lot of money, isn't it? Not when you're looking to finance your entire retirement. If you've got $1 million tucked away in your retirement savings by the time you're ready to retire, you won't starve,...
Many people turn to a professional for financial advice when they have a big problem to solve: How much do I need to save for my children’s college? Can I afford the bigger house? Will I run out of money in retirement? The answers...
After completing your investment questionnaire, your financial advisor or brokerage might recommend that you invest a small portion of your portfolio in bonds. This investment option can be an easy way to add diversification and earn a small yet stable income at...
Big home-price gains make a 20 percent down payment ever harder. Private mortgage insurance can be a better deal than an FHA-insured mortgage. In high-cost areas, a piggyback mortgage deal can be the ticket to buying. Coming up with the...
First comes love, then comes paying for the wedding. Weddings cost an average of $35,329 nationally — excluding the honeymoon — according to The Knot’s 2016 Real Weddings Study. That’s the highest reported average cost since the survey began in 2006. But...
I’ve been offering financial advice professionally for nearly 40 years. I’m also a millionaire several times over. During my decades in the trenches, I’ve heard every conceivable piece of financial advice, acted on many and offered some of my own....
President Trump released his proposed budget for 2018 on Tuesday that includes a $3.6 trillion cut in government spending over the next decade. Proposed changes to current education programs could impact financial aid and access to loans and repayment options for millions...
Holding onto stock shares for fear of a big tax bill? Think again. If you can manage your income right, you may not have to pay any taxes at all when you sell. Could your capital gains bill be lower...
There are some steps even first-time job seekers know to take ahead of formally seeking out new employment opportunities: Brush up your resume. Update your references. Flesh out your LinkedIn profile. Clean up your other social media accounts. Network. It’s...
One of the key pieces to retirement planning is understanding when and how much you can withdraw from your account. Your individual retirement account comes with rules about when you can withdraw money and how much you must withdraw each year. Understanding...
