Do you have retirement plans from more than one employer? Or multiple IRAs? If so, it might be a good idea to consolidate your retirement accounts. Here are five reasons consolidating your retirement accounts makes sense. You could spend less on account fees. One of the best ways to increase your investment returns is to… Continue reading
You likely have investments in an employer-provided retirement plan or in your own individual retirement account (IRA). You may also own one or more taxable investment accounts, such as a non-retirement mutual fund account, or shares of individual companies held in a brokerage account. Understanding how your investment earnings in each type of account will… Continue reading
A four-year college education is expensive. Based on research by the College Board*, the published average annual cost of tuition and tuition fees for 2019-2020 at a four-year private college was $36,880. Tuition fees for in-state students at a four-year public school were on average $10,440 per year. Room and board are another charge. And… Continue reading
What is dollar-cost averaging? Dollar-cost averaging is an investment strategy that sounds complicated, but is actually quite simple. Dollar-cost averaging means that rather than investing a lump sum of money into an asset all at once, you invest a fixed amount of money at regular intervals over a long period of time. By dividing the… Continue reading
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
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
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
Risk tolerance is the amount of risk you’re willing to take with your investments. As a general rule, younger investors have more time to keep their money invested and can accept more risk than older investors who will need to access their money sooner, such as in a few months or years. Market volatility is… Continue reading
Navigating the world of investments can prove difficult. It’s easy to get overwhelmed, lost and frustrated with the process. But the sooner you understand the process, value, and importance of investing, the more likely you are to achieve financial security in the future. Here are some tips you should consider to help ease the investing… Continue reading