Archive - August 2013

1
Financial Planning and Your Child’s College Education
2
5 Essential Financial Planning Steps for Your 30s and 40s
3
How Do You Raise Financially Competent Children? (Part 1 of 2)
4
How Do You Raise Financially Competent Children? (Part 2 of 2)
5
Social Security Spousal Benefit at or After FRA

Financial Planning and Your Child’s College Education

When you visit a Fee-Only financial planner, one of your concerns may be finding a way to afford your child’s college tuition. In a previous post, we asked,  ”Should Parents Put Retirement Planning Before a Child’s College Education?” because we know sometimes it is hard to strike a balance between your future and your child’s future.

While we are not endorsing the position taken in “Why parents shouldn’t pay for college,” we are going to discuss some of the ideas presented.

Author Liz Weston spoke with Professor Laura Hamilton, co-author of the book Paying for the

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5 Essential Financial Planning Steps for Your 30s and 40s

(jb note: the article below is from my friend Roger Wohlner, who blogs at The Chicago Financial Planner.)

Many of the calls that I receive are from folks in their 50s or 60s who are either within sight of retirement or already retired.  Many of these callers are pretty well-prepared for retirement and are seeking my help to fine-tune their situation and/or to help them through this next phase of life.  This type of financial readiness doesn’t just happen it takes planning and preparation.  Here are 5 essential financial planning steps for those of you in your 30s and …

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How Do You Raise Financially Competent Children? (Part 1 of 2)

Wealth can easily distort a child’s view of money and possessions.  Without parental guidance and the appropriate education on money management, it can leave a child unprepared for living as an independent, productive, and responsible adult.  How does one instill healthy attitudes towards money and help these young children develop skills for managing it wisely, especially as these children may not be witness to the harsh realities of the less fortunate?  The goal should be that your child leaves home as a young adult with the tools to make financially sound decisions and possess the accurate understanding of the value …

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How Do You Raise Financially Competent Children? (Part 2 of 2)

Congratulations!   You’re thrilled that you are no longer paying for your children’s college education and feel they’ve spent the last four years excelling in rigorous coursework amongst other things.  However, are they prepared to handle their own finances? What can you do to help them get on the right track now?   Here are a few suggestions for parents to share with recent graduates entering the work-force:

  • Get organized:  Encourage your recent college graduate to get organized.  First, there’s the paperwork.  For most children, it is their first experience with bank statements, tax documents, pay stubs, health insurance claim forms,
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Social Security Spousal Benefit at or After FRA

Some time ago I wrote an article on the Social Security Spousal Benefit Before FRA, and an astute reader (thanks, SD!) pointed out the obvious to me: I hadn’t written the complementary piece on calculating the spousal benefit at or after FRA.  So let’s get right to it!

When you wait until Full Retirement Age to file for spousal benefits, there is no reduction of that portion of your benefits.  In other words, the spousal benefit will be based on 50% of your spouse’s PIA minus your own PIA, and then this amount will be added to whatever retirement benefit …

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