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
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
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
Personal finance experts tell us that ideally we should have 3-9 months’ worth of expenses saved in an emergency fund. But in reality, 63% of Americans don’t even have enough savings to cover a $500 emergency.¹ So why do so few follow the experts’ advice? Because for most of us, there is only so much… Continue reading
Saving more for retirement with an Individual Retirement Account (IRA) can be a smart financial choice. And for those of us saving for multiple financial goals at once, an IRA can offer more flexibility than an employer-sponsored retirement plan. Which Type of IRA is Right for Me? Deciding to save for retirement with an IRA… Continue reading