Why you need to check your beneficiaries.
Today’s post is short and sweet: Update Your Beneficiary Today! This applies to not only your life insurance but also all of your other financial accounts. I can’t tell you how many times over the years I am doing a review with a client or prospect and when I mention who the beneficiary is on their account I get the response: “What! Your kidding me. I don’t want them to get any of my money!” A beneficiary is the person you list on your insurance and financial accounts who will receive the proceeds should you pass away. You can select anyone: your spouse, a...
Read MoreShould I Use a 401k or an IRA?
Today’s post title is a little bit of a trick question. Many times I have people ask me if they should be using a 401k or an IRA to save for their retirement. The answer largely depends on how much you are looking to save each year and in many cases people use both. However there is still a lot of confusion on how you use both of these accounts in combination with each other. The reason I say this is a trick question is the more important question should be how much should you save for retirement each year. Once you know the answer to this then the decision on what type of account to...
Read MoreTraditional IRA vs Roth IRA
For many people choosing between a Roth IRA and a traditional IRA is a complicated choice. The decision rests largely on if you qualify for a Roth IRA, what your estimate of future taxes rates are going to be and do you want a current tax deduction this year. The choice becomes easier if you take these three areas into account. Anyone, at any income level, can contribute to a traditional IRA. However this is not the case for a Roth IRA. You must fall below certain modified adjusted gross income levels in order to qualify for a contribution to a Roth IRA. So this is the first hurdle to...
Read More