Archive for August 2019

Using IRAs to Help Children in 5 Easy Steps

Can children have IRAs? There is no minimum age for having an IRA. Due to the power of compound interest, saving tax-free in an IRA from childhood can provide a significant head start on financial security. Saving $5,500 in an IRA annually from age 14 through 24 and earning 7% per year provides $1.06 million…

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What Would You Like Your Retirement to Look Like?

You’re on a beautiful golf course. It’s a sunny afternoon. Once you finish the 18th hole, you’re on your way to meet with friends for lunch at the new restaurant on the corner. Perhaps you prefer putting your life skills to work by volunteering at a charity or maybe working part-time at the local home…

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Your Emergency Fund: How Much is Enough?

Have you ever had one of those months? The water heater stops heating, the dishwasher stops washing and your family ends up on a first-name basis with the nurse at urgent care. Then, as you’re driving to work, giving yourself your best, “You can make it!” pep talk, you see smoke seeping out from under…

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Avoiding 60-Day Rollover Mistakes in 5 Easy Steps

What is a 60-day rollover? A 60-day rollover is the distribution of funds from a qualifying retirement account payable to the account owner who then has 60 days to redeposit the funds into another qualifying retirement account. Do trustee-to-trustee transfers instead. The best way to avoid making a 60-day rollover mistake is to avoid 60-day…

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Planning to Save for Higher Education

Roth IRA vs 529 Plan: Benefits of a Roth IRA Roth IRAs are NOT included as an asset on the FAFSA (Free Application for Student Aid) form. Most other assets, including the amount in 529 plans, are included when calculating your EFC (expected financial contribution). Roth IRAs are more flexible. You can earmark as much…

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Understanding Long-Term Care

Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 69% of people over age 65 can expect to need extended care services at some point in their lives. So, understanding…

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Trends in Charitable Giving

According to Giving USA 2018, Americans gave an estimated $410.02 billion to charity in 2017. That’s the first time that the amount has totaled more than $400 billion in the history of the report.[i] Americans give to charity for two main reasons: to support a cause or organization they care about or to leave a…

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