May 2018 | FIGuide

What to Consider When Considering A Second Home

May 31 2018

My wife and I took our long-awaited vacation at Turks and Caicos last week. Apart from enjoying the white sandy beaches and the cool breezes, I also noticed there was so much enthusiasm in fellow-vacationers about owning a second home at the beach front. And, the confidence that they could afford such a commitment was high. I wondered why – and then answered my own question: Perhaps, these two financial factors had a role to play: 1) the 9-year long bull market rise (despite some notable and recent slides), and 2) interest rates that remain historically low.

Hence this blog

…

Don’t make this mistake with your 401K

May 31 2018

It’s no secret that I love Roth IRAs. Don’t tune out because you think you make too much money to have one!

Let me count the ways they’re great:

No required minimum distribution at 70 ½, so you can leave the money to grow into old age if you wish.
Grows tax free and you pay no taxes on any of it when you withdraw after 59 ½.
Can always withdraw your contribution tax free.
Can be used for medical emergencies and a $10,000 down payment on a first house (but don’t—leave it alone for retirement!)
Your heirs will pay

Avoid Unexpected Caregiving Costs

May 29 2018

In “The Hidden Costs of Caregiving,” Barron’s discusses some things readers may not be prepared for when taking care of a loved one who is ill or aging or both. Even when you or your loved one have done the financial planning needed or have long-term care insurance to pay for medical care, the money can be quickly depleted by unforeseen expenses:

“About half of long-term care costs are paid out of pocket—not by Medicare or insurance—adding insult to (literal) injury. Barron’s talked with caregivers to see where those unexpected expenses can pop up, and how to

How to Design Your Ideal Retirement

May 24 2018

By Eve Kaplan, Certified Financial Planner ™

Would you like to design your ideal retirement? Where do you begin? First of all, what does retirement mean to you? If you’re in a relationship, does retirement mean the same to you as it does to your partner? Do you know if your “ideal retirement” is affordable or just a pipe dream?

In past generations, retirement planning didn’t involve very much. You stopped work when you were “old,” and you drew on savings and pensions to live out your non-working years (maybe a decade or more) with family and friends. That’s all …

Financial Planning Advice for Single Mothers

May 08 2018

WealthySingleMommy.com offers the kind of financial advice you may find elsewhere with the addition of offering attitude adjustment advice needed when you’re facing a tough situation. It is easy to panic but better to save money and explore your options:

“But being a single mom does not mean you’re destined for the welfare line, free school lunches for your kids, or living in your parents’ basement.

The first step is to convince yourself that your new life will be one that is full, joyous and financially rich.”

Emma Johnson of WealthySingleMommy.com encourages single mothers to see themselves as financially independent …

Archive - May 2018