A few decades ago, I was in the life insurance business, so I had an opportunity to see how they make the sausage. Annuities are products sold by sales representatives through life insurance companies. The product is often complicated and laden with both up-front and ongoing commissions, fees, and expenses. Annuities come in many varieties: […]
In this three-part series, I’ve discussed how to adjust your investment strategy depending on whether you are just getting started in your twenties and thirties or have made steady progress towards saving for retirement in your forties and fifties. Investing for the Ages: 20’s & 30’s Investing for the Ages: 40’s & 50’s If you […]
In the second part of this series, “Investing for the Ages,” I want to focus on people in their forties and fifties. At this point, you should have accumulated forty percent to sixty-five percent of your retirement savings goal. Ok, I’m guessing a lot of people are thinking, “I have no idea what my retirement […]
Even under COVID…no, especially under COVID, people need to be focused on their long-term financial future. If you’re in your twenties or thirties and want to create financial independence, you’ll need to begin an investment program. Here are the key actions you should take now: Don’t wait, invest now. Many people postpone investing because […]
A long-time friend who recently retired at age sixty-five emailed me for my thoughts about a retirement strategy he was considering. He plans to live off the interest, dividends, and savings and postpone taking Social Security until age seventy. By doing so, his Social Security benefit will grow to the maximum (an additional 32% over […]
We are all likely familiar with the term “emotional roller-coaster,” and the term is fitting in describing the last several months as we continue to deal with Covid-19 and its second-order effects on culture, family dynamics, and the economy. As humans, emotions aide and enhance our lives in so many ways, but allowing emotions to […]
After months of extreme market volatility due to Covid-19, the stock market finds itself within 10% of all-time highs. While this is a welcome relief for investors, considering market prices in late March, concerns remain with the ongoing economic recovery, Federal Reserve policy, the upcoming presidential election, etc. If you were caught off guard by […]
In this new world of COVID-19, many things are changing at a lightening pace. Most recently is updated guidance from the IRS regarding retirement accounts for people affected by COVID-19: 401(k) Withdrawals Old Rule: 401k (and IRA) withdrawals before age 59 ½ resulted in a 10% federal penalty; 20% income tax withholding was mandatory; all […]
A lot of people seem to drift into retirement, and the COVID pandemic certainly hasn’t helped. If you want to retire with confidence, make sure you know these three things: Know your numbers. You need to have a good handle on your retirement income. Start with the numbers you know best like Social Security and […]
Across America, we still struggle with failing schools, particularly in urban and impoverished areas. One way to help that won’t cost you anything but a moment of your time is voluntarily diverting a portion of your State of Alabama income taxes to Scholarship for Kids, or similar Scholarship Granting Organization (SGO) offered under the Alabama […]