As a small business owner, you understand how important each of your employees is to the success of your enterprise. And often, the most valuable, experienced employees are in their 40’s and 50’s – just the group that’s also likely to be part of the “sandwich generation.” So, what happens when one of your employees has an elderly parent who falls ill, and needs substantial care and support? Caring for an elderly parent, particularly while running a household that includes children or … [Read more...] about The Crossroads Between Small Business and Family Caregiving
When you’re choosing a financial planner, you have a lot of things to consider: what type of education and experience does your advisor have, what type of certification does he or she carry, and – far from the least of your concerns – how is your financial advisor paid? Fee-Only Financial Planners When a fee-only financial planner performs services for you, you are the one paying the bill. He doesn’t get a commission from a mutual fund company, a brokerage house, or any other source. You’ll … [Read more...] about Financial Planners: Fee-Only vs. Fee-Based
What do you plan to do with your tax refund this year? Here are three suggestions that could net you long-term benefits: Reduce Your Debt: If you have credit card bills or other consumer debt hanging over your head, consider putting your tax refund to work by using it to pay down those debts. Not only will this reduce your current monthly bills and free up some cash, getting out of debt and staying out of debt can put you in a better position when the time comes to retire. Pay Down Your … [Read more...] about Three Smart Uses for Your Tax Refund
A lot of estate planning advice focuses on the steps you can take to protect and provide for your spouse and children, while minimizing your tax burden. But what about taking care of your mom and dad? Many adult children are in a better financial position than their elderly parents, and want to know what they can do to share the fruits of their labor. Here are just a few suggestions: Give Gifts: Under the current federal gift tax law, you can give up to $13,000 in money or property to an … [Read more...] about Sharing the Wealth With Mom and Dad
We all know the power of compound interest, and the Rule of 72 is a simple and elegant mathematical expression of that concept. It’s also a quick and easy way to figure out how long it will take an investment to double, and the only information you need to make the calculation is a fixed annual rate of return for the investment in question. How does it work? You divide 72 by the rate of return, and you’ll get a rough estimate of the number of years it will take for your money to double. So, for … [Read more...] about The Rule of 72
Knowing your net worth is valuable not only for purposes of financial planning – it can help you track your progress from year to year and set goals for your family’s financial growth and security; but also for estate planning purposes – especially for letting you know whether you need to engage in estate tax planning. If you don’t already know your net worth, it’s not hard to determine. All it takes is a little bit of time, a list of your debts and assets, and a calculator. Step One: Add Up … [Read more...] about What’s Your Net Worth?
If you have a retirement account, like a 401(k) or a traditional IRA, then you need to know about Required Minimum Distributions (RMD’s). Generally speaking, starting when you reach age 70 ½ (or when you retire, if that’s later), you’ll have to withdraw a certain amount each year from your retirement account. How much do you have to withdraw? This depends on the balance in your account and your life expectancy. Each year, you take the balance of your account on December 31st of the prior … [Read more...] about Q&A: Required Minimum Distributions