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Discussing financial matters with your parents can be difficult. You don't want to seem concerned about how much money they may eventually leave you, while they may fear you are interfering in their lives. Yet, without discussing these matters beforehand, you may have trouble finding financial records or determining their wishes if you need to take over their finances.
Continue reading "Assisting Your Parent With their Finances" »
At a time when baby boomer couples should be saving for their own retirements, many feel squeezed by competing financial needs. Having started families later than past generations, their children may just now be entering college or still living at home. At the same time, aging parents may need financial assistance. It is a dilemma that is likely to become more common.
Continue reading "The Competing Needs of Children and Aging Parents" »
Health savings accounts (HSAs) provide a way to help save on medical costs. To qualify, you must be covered by a health insurance policy with a minimum deductible of $1,100 for individuals and $2,200 for families in 2007. Maximum out-of-pocket costs for the plan, including deductibles and copayments, must not exceed $5,500 for individuals and $11,000 for families in 2007. You can then set up an HSA account, where you can deposit pretax dollars up to your deductible every year. In 2007, these amounts are capped at $2,850 for individuals and $5,650 for families. Individuals over age 50 can make a catch-up contribution of $800 in 2007, $900 in 2008, and $1,000 in 2009 or later. Contributions can be made by you, your employer, or a combination of both. There are no income limits for setting up an HSA.
What are you doing to pursue your financial goals? Developing and implementing a written financial plan will give you a road map to help you in the process. Below is a six-step plan to get you going.
Millions of the current generation of pre and post retirees are now starting on an unexpected new career as parents of young children once again.
Why this trend is increasing is a subject of great social debate that cannot be addressed here. The reality of the financial and physical demands of child rearing is now squarely in the lap of custodial grandparents. It is not uncommon to now have two or more youngsters in the house full time around the clock under the age of 5.
Continue reading "Grandparents Raising Grandchildren Have Special Planning Needs" »
To attract and keep top employees, more companies are offering them employee stock options. If you receive employee stock options as part of your compensation package, careful planning can help you make the most of them.
Personal financial topics are often some of the most difficult topics for people to discuss. But since financial issues often cause significant problems in marriages, you should try to reach agreement on your finances before your wedding. Some items to consider include:
Continue reading "Resolving Financial Issues before Marriage" »
It is a personal nightmare. You are sick, really sick and need time off to get well and whole again. You feel vulnerable, scared, ache and you are physically exhausted, unable to function. Your friends and family are really worried about you.
Continue reading "You can Protect Your Assets from Catastrophic Medical Expenses" »
Grandparents want the best for their children and grandchildren. They often give gifts while alive, or make provisions for their loved ones after they are deceased. Grandparents who are in a position to leave money to grandchildren often want to do something for their grandchild(ren) with special needs. They often worry about a severely handicapped or disabled grandchild, who may need additional assets or assistance to lead a quality life. Grandparents are sometimes told not to leave their grandchild(ren) with special needs anything because the child(ren) may lose government benefits. People are often confused as to what to do or not to do. Grandparents can leave money to their grandchild(ren) with special needs. There are very special ways to do it!
When reviewing the financial health of a company, it’s common to look at financial ratios, such as: EPS (Earnings Per Share), P/E Ratios (Price/Earnings Ratios), Book Value, and Total Return. The reason financial ratios are so popular is they give you a means of evaluating financial information, while allowing you to track changes in a company’s performance over time. Consider using the same concept to assess and track your personal financial situation.
As you encounter major life events, different financial matters will be of primary concern. For instance, your financial concerns when you start your first job will be very different from your concerns as you approach retirement age. Below are six tips to consider as you encounter major life events:
Continue reading "Financial Strategies for Major Life Events" »
In many families, one spouse takes primary responsibility for the family’s finances, doing everything from paying bills to making investment decisions to reviewing insurance policies. If that spouse dies first, the surviving spouse may have difficulty taking over these tasks. Therefore, if you take care of money matters in your marriage, one of your most important financial duties is to prepare your spouse to handle the family’s finances. Some strategies to consider include:
By definition, achieving your financial goals requires the accumulation of financial assets. How quickly you accumulate the needed assets depends on three things: 1. How much you earn; 2. How much you save; and 3. How well you invest.
Many assets, including individual retirement accounts (IRAs), life insurance policies, and annuities, can have
beneficiaries designated to receive the asset after your death. Make these selections carefully, since they typically override any provisions in your will. Consider the following points:
Continue reading "Selecting Beneficiaries for Life Insurance & Retirement Accounts" »
In light of recent global events, the world certainly seems like a more dangerous place, threatening your sense of personal safety and well-being. While there may not be much we can do on an individual level to reduce the threat of terrorism, war, or even stock market corrections, we can ensure that we take all appropriate steps to mitigate those risks under our control. If you're looking for ways to increase your financial security, consider the following tips:
Continue reading "Evaluating Your Personal Financial Situation" »
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