FAQs about RMDs

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

Playing the Role of Caregiver and Money Manager

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

How Your Personality Affects Your Investments

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

Weathering the Storm

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

What’s Your Risk Tolerance?

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

Finding Your Financial Foothold

Without a budget, each month can leave you struggling to find a secure financial foothold. Have no fear, a potential solution does exist. As we learned in the “How to Budget for Success” article, we know 50% of your total income should go towards essential costs and 30% goes towards lifestyle priorities. Then, the remaining… Continue reading