Category Archives: Financial

How to know if you’ve hired a good financial advisor

A good financial advisor may mean the difference between a good retirement and something…less. Here are some tips for deciding whether the financial advisor you’ve picked is a good choice. He or she talks equally well with both spouses.  Women control the majority of American household income, but the cultural expectation is that investment choices…

401(k) contribution limits raised by $500

AARP ran an article this morning about how next year’s contribution limits for 401(k)s has gone up $500. If you are already over 50, you’re entitled to make extra contributions.  Those catch-up contributions will go up to $6000 a year for 401(k) plans beginning next year.  The annual contributions for IRAs will remain the same…

Planning for retirement when you’re single

You’d think that those of us who are single would be in a better place for retirement than those who are married—even more so if we are childless. After all we haven’t had to feed two or more mouths on our single paycheck and there’s less laundry and fewer money hassles.  But the fact is…

More Americans are choosing not to retire

Increasingly my conversations with my contemporaries are around retirement, specifically the lack of desire to retire. Some people might consider believing we won’t retire or at least that we won’t retire for years after any official retirement age as pessimistic but at least part of the lack of desire to retire has something to do…

Are you saving too much for retirement?

Elder Law Attorney Rajiv Nagaich tells clients that he’s not worrying about them dying broke. Go ahead and die broke.  That’s not a problem.  The problem is living broke.  I once wrote that one of our Preferred Partners who works in finance spoke to a group of us about retirement planning.  At the time he…

Will you live too long?

You might have missed it. The government released new findings this month that the life expectancy of Americans at birth has reached a record high.  As we hit age 65, we now have a time horizon of 20 more years for women and 18 more years for men.  The report found that healthier lifestyles and…

The multiple faces of planning for retirement

Retirement is one of the most important things you’ll ever do. Because many of the decisions you make for retirement will affect you for decades, it’s a good idea to approach it with checklist in hand.  Here is a list of things you should do before retiring. Check to make sure retiring is really what…

Not purchasing health coverage can cost you

The average silver level health care plan costs between $200 and $300. At $2,400 to $3,600 for annual premiums, those numbers far exceed the penalty portion of the Affordable Care Act.  So, many Americans chose not to purchase health insurance this year.  Under the Act, people who do not purchase insurance will be on the…

Should you choose an IRA or a Roth IRA if you are over 50?

The Wall Street Journal ran an article last week comparing Roth IRAs to traditional retirement accounts or 401(k) plans.  According to the author of the article, after age 50, the benefits of a Roth IRA may only be minor or in some cases may not exist at all.  With traditional IRAs, you get a tax…

Recognizing the out-of-pocket costs of caregiving

Are you prepared for caregiving costs? The cost of providing care for yourself can be quite staggering but what many people don’t include in their financial planning is the cost of providing care for family members other than a spouse.  A survey by Caring.com found that almost half of all caregivers shell out $5,000 a…