Archives for Financial Planning

How a Furlough (or Layoff) Affects Your Finances…and Retirement

  Here are six things you need to know if you or a family member has been furloughed—or laid off—from their job A furlough is an unpaid leave of absence. You don’t report to work, you don’t get paid, and you may lose some of your benefits. Getting fired or laid off is different because it is permanent; whereas, being furloughed means your employer wants you back as soon as things get back to normal, typically at the same position and income level as before the furlough. Here are six things you should know:   Filing for unemployment Whether furloughed
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Categories: Financial Planning, Legislation, and Lifestyle.

Financial Vows for Money-Savvy Couples

February is a good time to celebrate your relationship with your significant other—and renew your commitment to your mutual financial success. Here are some ideas to say “I do” to this month. Vow to protect yourselves from emergencies During the government shutdown early this year we learned that 40% of Americans don’t have enough money set aside to handle even a $400 emergency. Whether you determine you want an amount equal to six months’ or 12 months’ worth of living expenses, vow to set aside an emergency fund in liquid, readily-accessible accounts so that you have adequate cash on hand
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Categories: Financial Planning and Lifestyle.

Managing Your Finances

We work with dozens of people to help them create retirement plans. But in order to get to a successful retirement, there are thousands of small decisions along the way. Like, should you drive through your local coffee place and grab a latte this morning? Go with the office gang for lunch at that little bistro across the street, which usually costs you around $15? Should you order pizza delivered for dinner tonight because you didn’t go to the grocery store yesterday? Grab that new shirt because it’s 50% off? Sticking to a budget is the beginning of mastering your
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Categories: Financial Planning and Lifestyle.

Resist Tapping Into Your 401(k), Employer-Sponsored Plan If You Can

‘Leakage’ can erode assets and negatively impact your retirement wealth If you find it difficult to save or pay for big financial emergencies when they arise, tapping into a pot of money can be tempting – even if it’s your 401(k)-style employer-sponsored plan. But if you’re able to resist, rewards do come from the power of compounding. The problem, though, is that a small percentage of Americans take early withdrawals and withdrawals after age 59½ from their 401(k)s each year or cash out of their plan when they switch jobs. A large percentage – typically about 20% of plan participants
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Categories: Financial Planning.

When Should I Seek Financial Advice?

Here are some life milestones and events that mark when you should make the call to a financial advisor. When there’s a new baby in the family. Parents, grandparents, siblings—everyone is affected when the new baby comes along. Now is the time to plan for what this tiny family member will grow to need in the future—especially college funds. And now is also the time to make sure that you have the right insurance and protections in place to see the child through to adulthood should something unexpectedly happen to you. When you get married. Two people joined together in
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Categories: Financial Literacy and Financial Planning.

Is there a wedding in the family? Let’s talk finances.

It’s May, which along with June and September, is considered a “peak” wedding month. And just like everything else, high demand means high cost when it comes to weddings. The venue is one of the most expensive aspects of a wedding, especially during peak months, with an average cost of $16,107 in 2016. (For just this reason, another expensive month for weddings is December, when weddings compete with holiday parties for venues.) In fact, a wedding will likely be the most expensive party you will ever host in your life. After surveying nearly 13,000 real brides and grooms across America,
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Categories: Financial Planning.

What to Expect When You Meet with Financial Planners

If you’re new to working with financial planners, we’ve put together this short article to help you understand our process when working with a new client. (If you’re already established with us, the end of this article features some insight for you.) New clients: When you first come to our office, we want to get to know you so we can give you our best financial guidance based on your unique circumstances and needs. Here are the kinds of questions we may ask you: Your goals and life objectives as they relate to you and your family, and your finances.
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Categories: Financial Planning.

5 Must-Know Things about College

FAFSA dates have just changed Even if you think your family makes too much money to qualify for aid, most experts say you should apply for FAFSA (Free Application for Federal Student Aid) anyway, because colleges, state scholarship agencies, and foundations use the FAFSA when deciding who gets their scholarships, as well as how much each student will receive. For students college-bound in the 2017-2018 school year (as well as students already on campus), there is an important date change: the application date was just changed from January 1, 2017 to October 1, 2016, and 2015 tax data must be
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Categories: Financial Literacy and Financial Planning.

7 Tips to Get Your Finances in Shape.

Even if it’s not spring, cleaning up your finances is always a good idea in any season. Here are some tips to help get you started.   MAKE GRAPHIC OUT OF THIS QUOTE, OR FIND APPROPRIATE PHOTO   ======================================================================= Have nothing in your house that you do not know to be useful, or believe to be beautiful. –William Morris ======================================================================= Take a hard look at your credit cards. New credit cards are equipped with computer chips that make it nearly impossible for hackers to use your data. Nevertheless, it’s a good idea to check your statements every month to make
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Categories: Financial Literacy and Financial Planning.