Financial Steps For Recent Widows
Losing a spouse can be one of the worst things that can happen in someone’s life. Along with the grief, and reality of a different way of life, the issue of losing a spouse also raises financial issues, which can add to the already overwhelming traumatic experience. More often than not, it is a woman who is taking them on.
Lunar New Year Financial Resolutions
In my last article, I wrote about ways to keep your New Year’s financial resolutions. But unfortunately, three weeks or so into the New Year, many of you have probably already broken them. Well, Happy Lunar New Year! Here is your second chance to make and stick with some new New Year’s Resolutions.
Here are my top 5 Financial Resolutions for the Lunar New Year:
Tips to keep your 2012 Financial New Year’s Resolutions.
Happy New Year! This is the time of New Year’s Eve parties, watching the ball drop, buying new 2012 wall calendars and of course New Year Resolutions. One of the most common resolutions to make is to go to the gym regularly. Of course most of us know how long that resolution lasts: about two weeks.
Ask the CFP Professional ™ – Tis the Season
The Christmas lights are lit, the Lexus red bow ads are all over television, and the Nutcracker is in town. Yes, it’s already December and another holiday season is upon us. However with the struggling economy and high unemployment, this is a time where consumers have to be careful with their holiday spending. According to [...]
Ask the CFP Professional® – Social Security PART 2: Withdrawal Strategies
The 79 million Baby Boomers in the United States have started to retire. Without that regular paycheck coming in every week, many boomers will hope to lessen that blow by applying for social security benefits. However knowing your options and withdrawal strategies regarding your benefits can have a major impact on your income during retirement. Here are some withdrawal strategies that may be right for you.
Ask the CFP Professional
The first of the 80 million baby boomers in the United States reached 65 years old this year which means they will start tapping into the Social Security system if they have not already. If you’re one of the baby boomers nearing retirement, do you know some of the ins and outs of social security? Are you aware of some of the strategies that can affect your benefits?
With this in mind I will dedicate my next two articles on the basics of Social Security and Part 2; Withdrawal Strategies.
Ask the CFP® Professional
My husband and I are in our 60’s and we have started to talk about Long Term Care Insurance. I’m worried that it may be out of our budget, your thoughts?
Anonymous, Boston, MA
IRA Roth Conversions: Is it right for you?
In 2010 the adjusted gross income limits for conversions to ROTH IRA’s was permanently repealed. So all taxpayers, regardless of income can now convert to Roth IRAs.
Ask the CFP® Professional
I recently got a new job with a decent salary and I will have some more discretionary income. However, I still have quite a bit of credit card debt. I need to decide whether or not to contribute to the company’s 401k plan or pay off the credit cards?
Kevin D, Boston, MA
ASK THE CFP® PROFESSIONAL
What percentage of a portfolio should be in bonds? -Janet T, Boston Janet, each person’s situation is different and there are many factors involved. These factors may include your age, risk tolerance, assets, income, cash flow etc. However a very general rule of thumb is whatever your age is, to have that number be the [...]
Teaching your teenagers about money
Sure, I know what you’re thinking: I can’t even talk to my teenagers, let alone teach them something. While it may seem like everything is going into one ear and out the other, having your teenagers learn about money and good money habits will give them a huge advantage in life. Here are some ways [...]
Teaching Little Kids About Money
The first time your child sees something they want in a store and immediately says, “Mommy/Daddy, I want that,” is the time that I think you should start teaching your children about money. Good money habits are usually formed early, so the sooner you can teach your child good money-saving habits, the better. Here are [...]
Massachusetts DREAMin’
Last month, Democratic Senators re-introduced the decade-old DREAM Act, a legislation that would offer legal status to eligible undocumented immigrants who were brought into the country as minors. The decade-old bill narrowly failed to overcome a filibuster last December, after passing the House of Representatives – the furthest the bill has ever reached. The political [...]
So, you’re thinking about retiring!
After many years in the workforce, you’re thinking about retiring. Congratulations! Most people think the only thing to consider before retiring is figuring out how much money they will need and how many assets and income they have to pay for it. However, there are a lot more things besides the finances to take into [...]
What is your need for Money?
Do you ever feel that your grip on your money and how it affects your life is slowly spinning out of control? Many people, whether they know it or not, are letting their lack of true understanding of their relationship with money and their need for money dictate who they are. Whether it’s a person [...]
We’re Getting Married!
So you’ve met that special someone in your life and now, you plan on getting married! Congratulations! While I’m sure that the two of you will live happily ever after, the reality is that over 50% of marriages end in divorce due to financial issues and other common problems. It is important to be open [...]
Where will my retirement income come from?
78 million baby boomers are heading for retirement and one of them may be you (those born between 1946 and 1964). As you begin to approach retirement you may be worrying about where your income will come from during retirement. Traditionally retirement experts have talked about the 3 legged stool for retirement. The three parts [...]
What to do with your old Retirement Accounts?
It used to be just working one job your whole career. But in today’s world, the average person can expect to change careers three to five times in his or her lifetime. Not only can it be a hassle dealing with the human resources of your old firm, but it’s also another 401k plan to [...]
Financial Considerations Before Buying Your First Home
Whether it because you’ve been renting for too long, your family is growing or its time to move out of your parent’s basement, buying your first house can be a very exciting time. However before you jump into that house of your dreams it’s important to make sure that you’re prepared financially for what’s in [...]
Quincy the new Tinsel Town?
When Quincy’s State Representative Tackey Chan [D-Second Norfolk] spoke at a community forum in Chinatown last month, one topic that surprisingly got his adrenaline pumping was the Kevin James film “Here Comes the Boom,” which is slated to shoot in Quincy this spring. Chan, a member of the Screen Writers Guild, believes that movies can [...]
Last minute tax tips
Yes, it is that dreaded time of year again, Tax Time! For those last minute procrastinators, there is some good news for you. This year, you will have a bit of a break as the deadline this year has been moved from April 15th to April 18th. This is because of a holiday observed in [...]
Following the herd. Part II
This is part II on our discussion of “herd mentality,” also known as following the herd. As we mentioned in the last article, herd mentality describes how people are influenced by the crowd’s emotional stampede. When it relates to investing, it usually leads to irrational buying or selling. This happened in 1999 near the end [...]
Following the herd
Have you heard of “Herd” behavior in animals? This is the phenomenon where animals of the same species will act together and react the same way without coordination. When an animal is threatened, he has more perceived safety and protection from the herd. When the predator attacks, the chances for any one individual animal to [...]
Busting college savings myths
Have you ever seen that cool show on TV that busts all different kinds of myths? Especially that episode where they find out if talking on a cell phone while pumping gas could actually cause an explosion? Or that other episode where they see if an elevator suddenly falls, could you save yourself in the [...]
