Financial Planning Articles
What to Do with Your Stimulus Check
Millions of Americans have already received their coronavirus stimulus checks. The extra money will come as a relief to people who are struggling with furloughs, layoffs and reduced hours. This money may need to stretch a long way, however, so before you spend it,...
How the Pandemic Affects Retirement Planning
The coronavirus pandemic started as a health crisis and quickly became a financial crisis as well. Quarantines and stay-at-home orders have sent ripples through the economy, and retirement plans are feeling the impact. At the same time, new legislation is creating...
Why Couples with Grown Kids May Still Need Life Insurance
You purchased life insurance to make sure your children were provided for no matter what. Now that they’re grown, and you may be left wondering whether you still need life insurance. Don’t be too quick to abandon your policy. Although everyone’s situation is...
Don’t Let A Scammer Take Your Tax Return
You have until April 15, 2020, to file your federal income taxes for 2019. That gives you plenty of time, so you might be thinking there’s no reason to worry about W-2s and deductions yet – right? Wrong. Filing your taxes as early as possible is the smart move. It...
Financial Planning for Gig Workers, Independent Contractors and Freelancers
More and more Americans are embracing gig work. According to Upwork’s Freelancing in American 2019 study, 57 million Americans freelanced last year. That’s more than one-third of the entire U.S. workforce. It’s also an increase of 4 million since 2014. Whether you...
How Does Funeral Insurance Work?
The cost of an average funeral might surprise you. According to Parting, the average North American funeral costs between $7,000 and $10,000. This expense is often unexpected, and it can add stress to an already difficult time. Funeral insurance, also called burial...
End of Year Financial Planning Checklist
The year is almost over. As 2020 approaches, you have one more chance to get your finances in order. End 2019 on a high note by taking these financial planning steps. Max Out Your Contributions Time is running out to make contributions to your retirement plans. If you...
Financial Preparedness Includes Disaster Preparedness
Could your finances weather a storm? A disaster – whether it’s a hurricane, earthquake, fire or other catastrophe – can be financially devastating. Good preparation can help keep both your family and your bank account safe. September is National Preparedness Month,...
What is Indexing and Why Is It Important in Annuities and Life Insurance?
You’ve heard that indexing is a great way to invest your money, but there’s one problem – you’re not quite sure what it means. Don’t worry. You’re not alone. The financial industry is filled with jargon that can be confusing to anyone on the outside. Keep reading to...
Do You Have Enough Life Insurance?
Are you sure you have ENOUGH life insurance? Coverage amounts vary widely. A policy designed to cover burial expenses might provide around $10,000. Other life insurance policies can provide several millions of dollars in coverage. Your personal needs might be...
The Four Types of Life Insurance
Not all life insurance policies are the same. Some expire after a set period of time, while others last as long as the insured needs it. Some have modest payouts intended to cover funeral costs, but others have larger payouts that can be used to pay off mortgages,...
How to Stay on Budget This Holiday Season
Don’t let the holiday season undo a year of financial progress. Although too much merry-making can do a number on your bank account, it is possible to stick to a budget this time of year. Follow these tips to stay on budget when shopping for gifts, planning holiday...
Is Debt Crippling Your Financial Progress?
Americans are being crushed under an ever-growing mound of debt. According to a report from NerdWallet, American households have a total debt of $13.21 trillion. The debt can come in many forms, from credit cards to mortgages, but the result is the same: many...
Living Life Insurance – What Does It Mean?
Living life insurance might sound like an oxymoron to anyone who’s unfamiliar with the product. After all, life insurance pays out when the insured dies. It can’t help while the insured is still living – or can it? With living life insurance, the answer is yes. It...
How Taxes Impact Your Retirement Savings and How Life Insurance Can Help
Does your retirement budget account for taxes? If not, your money might not go as far as you think it will. Taxes can be owed at multiple points – when you earn money, when it grows interest or even when you withdraw it. If you use a regular 401(k) for your retirement...
How to Plan for the High Cost of Medical Insurance in Retirement
Health care isn’t cheap, even if you have insurance. According to The Street, many Americans grossly underestimate the amount of money they’ll need to spend on health care during retirement. The Employee Benefit Research Institute estimates that a 65-year-old man will...
How to Read Your Health Insurance Statement and Why It’s Important
Every month, you receive a letter from your insurer. It’s not a bill, and it doesn’t require a response, so you might be tempted to toss it aside and forget about it. That would be a bad idea. The monthly explanation of benefits contains important information. Once...
Buyers Beware of Prescription Drug Clawbacks
When you fill a prescription covered by your insurance, you probably assume that the retail price is higher than the copay that comes out of your pocket. That’s the point of insurance, isn’t it? You pay a monthly premium, and in exchange, the insurer helps pay for...
What Are the Key Differences Between an Annuity and a Life Insurance Policy?
Perhaps you’ve heard that a life insurance policy can be used as a retirement planning tool. You’ve also heard that annuities are commonly used in retirement planning. This may have you wondering – what’s the difference? The Basics Annuities are financial products...
How to Create Tax-Free Retirement Income
For many people, the only thing worse than talking about taxes is paying taxes. Sometimes, though, to avoid doing too much of the latter, you have to do the former. Taxes take a big bite out of your working income and they also take a big bite out of your retirement...