Life insurance is one of the most complicated and confusing financial products in the marketplace and, for the uninformed, can create some nasty surprises under certain circumstances. Life insurance policies fall into two broad categories: ‘term’ life insurance and ‘permanent’ life insurance. Of the two, term insurance is much more easily understood. With term insurance, you typically […]
Life Insurance’s Nasty Surprise
Preventing Identity Theft When Someone Dies
Reader Question: Your recent article on identity theft was very informative, but in trying to put together end of life info for my spouse (or me) to use in the event of the other’s death, I was trying to find the process for notifying the three credit bureaus of a death, so as to prevent […]
I Overfunded My Roth IRA- Now What?
Reader Question: Concerning a Roth IRA. Suppose at the start of the year one is unsure how much their earnings would be due to overtime/bonuses. What happens if I contribute the full amount allowed to a Roth IRA and end up exceeding the income limit that allows me to participate? I want to maximize my saving […]
myRA – A Good Thing?
In his State of the Union Address, President Obama introduced a new retirement plan called myRA which is shorthand for ‘my retirement account’. The goal is to encourage middle to low income individuals to get in the habit of saving for retirement. The plan rules are styled similar to the rules for the Roth IRA including no […]
Roth IRA Rules for Retirees
Reader question: How much money can I contribute to my Roth IRA? My W-2 income is zero. My taxable income comes from Required Minimum Distributions from rollover and contributory IRAs (I am over 70.5 years old), interest, dividends, capital gains from investments, and royalties from mineral rights. B.L. Answer: In order to be eligible to contribute to […]
Obamacare and Your Financial Future
Obamacare will, I believe, be recorded in history as the most sweeping social program of our time. How will it impact you and your finances and what adjustments should you be begin making now to prepare for your financial future? For sake of discussion, I’ll skip past the disastrous roll-out of the healthcare.gov web site even […]
4 Strategies to Protect Yourself from Identity Theft
Hackers breached Target’s security system and stole credit information from an estimated 110 million customers. Just this past week, upscale retailer, Neiman Marcus reported that their security systems had been breached and customer credit information was also stolen. I predict that these incidents will turn into a trend and become one of the biggest financial news stories […]
Best Financial Tips for 2014
January is a great time to re-set your financial compass so you are headed towards success for the coming year. Here are the favorite tips from the advisors within my companies: Secure this tax credit…while it lasts. Under the Alabama Accountability Act, our state has set aside $25 million in state income tax credits to be used […]
Best Investment Strategy for 2014
It’s the start of a new year. What will the future bring and how can you best take advantage of the opportunities it holds? This is the time of year when there are lots of prognostications about what the stock market and economy is going to do over the next year. First, let me be clear: no one […]
I Can Predict Your Financial Future in 2014!
After thirty-something years working with individuals and families on their personal finances, I’ve developed the uncanny ability to predict their financial futures, often after spending just a few minutes with them. You see, financial success, or lack thereof, comes down to a mindset…a decision to succeed followed by an implemented plan of action. Today I’m going […]