If you are age 72 or older, the Internal Revenue Service (IRS) may require that you withdraw a minimum amount from your retirement account(s) every year. This is called a required minimum distribution (RMD). Note: If you turned age 70 ½ prior to January 1, 2020, your RMDs are based on age 70 ½, not… Continue reading
If you serve as a caregiver for a loved one, you likely have several responsibilities — nurse, cook and housekeeper, to name a few. But your loved one might also need assistance in managing their finances. If you find yourself in this position, your loved one may want to consider granting you “power of attorney”… Continue reading
The purchase of your first home may be the most important financial decision you’ll ever make. While finding the perfect property in the location you love feels like the beginning of your journey, there are numerous other aspects of buying a home you should consider first. You will have to come up with a down… Continue reading
What words come to mind when you think about your personality traits? Impulsive? Confident? Organized? Now think about how you make investing decisions. Would the same words apply? Certain psychological traits can influence your investment decisions — often at the expense of logic. The result could be investment returns that don’t match your expectations. Consider… Continue reading
Imagine This Scenario Maria is 50 years old and vested in her employer’s defined benefit plan. She is not married and has a 22- year-old son named Jeff. He is a full-time college student and lives at home with Maria to save money. Maria intends to name Jeff as her beneficiary so he would receive… Continue reading
People who are serious about improving their physical health know that it requires effort and a series of small steps taken over time. It’s much the same with improving your financial health. Here are some steps you can take to start or continue your journey to financial wellness. Look for Savings in Your Day-to-Day Spending… Continue reading
Do you wait until May to take down your holiday decorations? Do you hit snooze on your alarm clock each morning? Do you put off grocery shopping until the only food in the fridge is a three-day-old leftover meatloaf? Then chances are, you’re a procrastinator. When it comes to managing your finances, procrastination can put… Continue reading
Investment markets, like Michigan’s weather, can have beautiful days and downright dreary days. While we all hope for mild temperatures and sunny skies, the clouds will eventually roll in. But with proper planning and an eye on your long-term goals, you can position your portfolio to weather various market conditions. Know What You Can Control… Continue reading
No one expects to be the victim of a disaster, yet every year people find themselves in the midst of fires, floods, earthquakes and other catastrophic events with little, if any, time to prepare. And every year personal and financial records are lost because they can’t be located quickly in an emergency. That’s why it’s… Continue reading
An ideal way to build up your emergency savings account is to set aside money each month, specifically for that reason. However, it’s not always possible, and we all have competing savings goals. For example, is it more important to save for retirement or save for an emergency? Well, they are both important and there… Continue reading