By Nate Tomkiewicz and Bill Schmick It might surprise you to know that many retirement savers religiously contribute to their tax-deferred savings plans but have no idea what investments they own. Many plan representatives simply suggest that if you don’t know, just invest in a target date retirement fund. Is this a good idea?
In this acrimonious political environment, little in the way of new legislation is expected to pass both chambers of Congress. One exception may be the Secure Act. Last Tuesday, a key House committee unanimously approved the bill, which would greatly enhance some private retirement plans.
The government’s partial shutdown has everyone on edge this year. Despite assurances from the powers that be, many taxpayers are concerned that their tax returns won’t be processed on time. Should you be worried?
As the year begins, those who are retired, or who plan to soon, need to know the changes the government has recently announced to your benefits.
It is a good time to take a reality check on how aggressively you are invested. The 6.9% decline in the S&P 500 Index over October was gut-wrenching. But entirely within the realm of probability given the historical data. Here are some questions to ask.
Forget the stock market, internet, and whatever you might think is worth investing in. The good old college textbook beats them all. That boring first semester hard cover and similar books have risen over 1,000 percent in price since 1977.
Student loans have now become the second-largest pile of consumer borrowing, after home mortgages. What’s worse, it is the fastest growing slice of American household debt and shows no sign of slowing down.
Here is a trick question. What did Aretha Franklin, Tupac Shakur, Martin Luther King, Jr. and Abraham Lincoln have in common? They are all famous people who died without a will.
It just got cheaper to freeze your credit files, thanks to the Economic Growth, Regulatory Relief and Consumer Protection Act. But should you do it?
If you are a small business owner and are toying with the idea of someday selling your company, you should pay attention. Only one in five small businesses put up for sale result in a closing. How do you become one of those success stories?
In today’s world, the idea that you should prepay, or at least set aside some money to cover your funeral expenses is gaining traction. Given the escalating costs of paying for a loved one’s funeral, it is no surprise. Most of us don’t want to face it, let alone discuss it. In some quarters, it is “bad mojo” to consider planning for your death, so pardon me for bringing up such a squeamish (some might say ghoulish) subject. But as your fiduciary in all things financial, I feel obligated to discuss prepaid funeral expenses. This year, I was introduced to…
The Tax Cut and Jobs Act of 2017, together with rising interest rates have changed the calculus in determining whether to pay down your mortgage or let it ride. Let’s examine the pros and cons.
If you simply read the headlines, you would assume that over half of Americans aged 55 and over, have no savings as they approach retirement. That’s a dramatic statement, but is it true?
As Baby Boomers age, the volume of reported financial scams directed against them continues to escalate. By some estimates, more than $37 billion a year is now being stolen from America’s elderly. And those are only the reported cases.
Despite spending big money and all the marketing they can muster, the Republicans are still not able to convince most Americans that the tax cut benefits anyone but the rich and the corporations they own. Maybe, we are not as dumb as they think we are.
The Department of Labor’s fiduciary rule looks “iffy” at best, thanks to a March court ruling. The 5th Circuit Court of Appeals says the agency exceeded its authority in insisting that financial services firms act as fiduciaries when giving advice to most tax-deferred savings accounts. However, some financial advisors are ignoring the courts and are going the extra mile for their clients anyway. Over the last couple of years, I have written several columns on this issue. A “fiduciary” is someone who puts your best interests above his own and that of his company’s. It is a concept that the…