Articles
Not Asking Questions—This is very straightforward and to the point. Financial planners want you to feel comfortable about your finances. If you have a question, please ask.
Investing Without Saving—The returns produced by the stock market in the 1980s and 1990s have led many people to invest heavily. But most financial professionals advise individuals to keep a cash reserve of at least three to six months' worth of living expenses. With a reserve, you won't have to sell stocks in case an emergency arises and you need cash. [Read more …]
Husbands and wives may each have an IRA, even if one person in that marriage is not working. One person's annual contribution, whether made to just one or to multiple IRAs, is limited to the lesser of total taxable compensation or to the normal yearly amount shown in the following table. Persons age 50 or older may make an additional catch-up contribution in the amount indicated in the table below. [Read more …]
The IRS (Internal Revenue Service) announced on October 18th, 2006 the cost of living adjustments to pension and 401k retirement plans for the upcoming tax year of 2007. These adjustments are carried out by the Commisioner under Section 415 of the Internal Revenue Code. The 401k max contributions for the tax year 2007 and previous years is detailed below:
Note: The max 401k contribution for the year 2007 is $15,500 which is up $500 from the year 2006. [Read more …]
It's harder and harder to avoid the topic of long-term care these days. Almost everyone has a parent or relative who is receiving, or has received, long-term care. Almost everyone has a story to recite about the unexpected high cost of long-term care. And, although people are reluctant to broach this topic, many are concerned about their own long-term care. Will I need it? Will I be able to afford it? Will the cost of care wipe out my savings? Who will take care of me or my spouse? [Read more …]
Long-term care involves a wide variety of services for people with a prolonged physical illness, disability or cognitive disorder (such as Alzheimer's disease). Long-term care is not one service, but many different services aimed at helping people with chronic conditions compensate for limitations in their ability to function independently. Long-term care differs from traditional medical care as it is designed to assist a person to maintain his or her level of functioning, as opposed to care or services that are designed to rehabilitate or correct certain medical problems. Long-term care services may include, but are not limited to, help with daily activities at home, such as bathing and dressing respite care, home health care, adult day care, and care in a nursing home. [Read more …]
(A good portfolio) is a balanced whole, providing the investor with protections and opportunities with respect to a wide range of contingencies. - Harry Markowitz.
The U.S. stock market has made a nice rebound from the summer lows, boldly embracing the infamously gloomy months of September and October—as if to proclaim they have lost their authority over the markets. The question now is, “Will the stock market continue to rally from these levels, temporarily succumb to profit taking before resuming its uptrend or begin a decline that will mark the recent highs as the apex of the year?” This is a difficult question to answer without examining both the factors that have allowed the market to rise to these levels and those that may carry the market even higher. [Read more …]
Sweeping changes have been happening, and with the signing of the Pension Protection Act of 2006 a few months ago, there are some IMPORTANT things for you to know. Included in the new tax act are IRA and plan provisions that create new retirement planning opportunities for everyone concerned about saving for their retirement. [Read more …]
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