Women and Long Term Care

For many people, the words “long term care” bring to mind images of nursing homes, wheelchairs and the incapacitated elderly. But really, long-term care is a wide range of services and other support you may need to get through basic everyday tasks and life as you get older. This service will be one of your biggest expenses in retirement, yet many who are nearing retirement don’t understand the risks and the financial strain it can be to their financial plan and retirement.       How long term care affects women Statistically, women live longer and many are caregivers to […]

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Improving Your Retirement Finances

Jeff Masters Good News   Approaching the time in life when you hope to have enough savings and investments to retire can be challenging and confusing. But don’t be discouraged. It’s never too late to improve your retirement prospects. Here are some ideas and recommendations on how you can improve your retirement finances.   Downsize your living Your family home is likely more space and a bigger expense than you need. If you downsize your standard of living, you can reduce your monthly expenses and save the difference. A less expensive place could reduce your tax, maintenance and utility bills. […]

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What about Life Insurance?

Life insurance may be one of the most important purchases an individual will ever make. An August 2010 study by LIMRA, an insurance research organization, revealed that ownership of individual life insurance has fallen to a 50-year low in the United States: 30 percent of households (35 million) have no life insurance coverage at all. In addition, there are a variety of mistakes made during the process of obtaining life insurance coverage.   Procrastinating When you wait too long to buy life insurance, you leave your family vulnerable if something unexpected happens to you. Term life insurance premiums generally increase […]

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My 2016 Financial Goals

Well we are facing a new year again . . . and do I really need to set goals again? Last year I missed, in some cases was not even near reaching some of my personal, and financial goals – UGG! Statistically, only 45% of Americans make New Year’s Resolutions, and only 8% of them are successful at achieving their resolutions.(1) But, all the gurus and statistics say that I need to have written goals, and that practice will help me to make progress, and be as fruitful as I can with the next year of 2016. Here is an […]

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The Most Expensive Time of the Year

  Wow, I can’t believe it is that “expensive” time of the year again! Christmas is supposed to be the season to have fun while enjoying the holiday with family and friends. However, the cash crunch and credit card bills arriving in January seem to ruin the joy. It’s no wonder that the holidays are actually one of the most stressful times, especially from a financial perspective. Smart spending and creating a Christmas budget can reduce the financial burden and alleviate some of that unwanted stress. But let’s be real, its way too easy to get caught up in the […]

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What to Do When the Stock Market Crashes

  We all experienced a lot of market ups & downs recently. We know that markets rebound from crises over time. However, the recent market volatility has affected investors more than anytime since the Great Recession in 2008-2009. This volatility can be very unsettling, but it is a natural part of the market. We have to remember the big picture and put volatility into perspective so you will stick to your long-term financial plan you have created. Here are some thoughts on how to do that.   Stay invested Over 66 years historically (14 bull markets and 13 bear markets), […]

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Divorced Over Money?

  You’ve probably heard that money problems are one the most significant factors that can lead to divorce. According to a Citibank survey, 57 percent of divorced couples cited money problems as the primary reason for the demise of their marriage. Having counseled couples financially for over 20 years, I have found that money is never the reason for their marital discord but rather just a symptom of their conflicting hearts. Other factors such as incompatibility, lack of emotional support, abuse and sexual problems rank higher than money problems.  Money is a problem in many marriages, but usually the first perceived […]

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A Good Way to Save For Education Costs

  For some time now the cost of a college degree has been rising at a shocking rate, and as a result the dream of one day going to college, for many, remains just that…a dream. But the rising cost of college has brought heavy debt burdens that have many new graduates wondering if they will be able to pay off their loans before they retire. The challenge for parents can be trying to save for their own retirement while saving for their children’s education at the same time can seem just as daunting. Many parents and students have traditionally […]

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Can You Afford $400?

A typical American household cannot raise $400 without borrowing money or selling possessions, according to the results of a survey published recently by the Federal Reserve, the US central bank (The Fed’s Report on the Economic Well-Being of U.S. Households in 2013). The agency asked 50,000 people if they could handle an unexpected “financial disruption” costing them $400. Just over half (53 percent) said they could “fairly easily handle such an expense” by using money in their bank accounts (checking or savings) or by leaning on a credit card. But the rest of the respondents would have to borrow, sell […]

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Choices for Your 401(k)

In our culture of continual job change, people who leave their jobs are faced with a decision about what to do with their 401(k) account. Indeed, a 2012 report by the U.S. Labor Department notes that the average worker holds 11 jobs from age 18 to 46. How many previous employer 401(k)s and company plans do you have, and are you keeping track of them? Probably the biggest mistake you can make when leaving a job is cashing out your old 401(k). According to a 2012 report by Transamerica Center for Retirement Studies, 25 percent of unemployed or underemployed workers […]

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