The COVID-19 pandemic has upended a lot of people’s financial plans. Losses in business revenue, stock value, and employment create a variety of bumps in the road to retirement. The steps you should take to protect your future depend on the assets you have available, how close you are to your target retirement age, and the current condition of your investment portfolio. Take a look at these seven ways you can take action to stay on track with your retirement plan.
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When the stock market becomes turbulent, investors want to do something to protect themselves. The impulse to react is a natural human response when you perceive a threat, whether that threat is a charging grizzly bear or a crashing bear market. The key is to keep a cool head and make rational decisions about how to respond. In either situation, running in panic can increase your danger.
When you invest, it’s important to have a vision of your long-term goals, develop a strategy to meet those goals and stick to it. For many of us, that becomes especially challenging during times of economic downturn. It can be gut-wrenching to watch the value of your holdings take a dive, but panicking and selling could leave you in a much worse position than riding out the storm.
Annuities are attractive to many who are looking to create a secure retirement plan. The reasons are clear: annuities can provide a guaranteed income for life, and income earned on annuities is tax deferred. Additionally, because many annuity products allow you to select from a variety of mutual fund subaccounts, you can often change your investment direction within an annuity at little or no cost.
As with all financial products, however, it’s important to weigh the pros and cons of annuity investment. While annuities can provide tremendous benefits for some investors, the costs involved can be tricky to fully understand. If you own an annuity or are considering purchasing one, be sure to look closely at its real costs.
Saving for your child's college education can seem like an intimidating task. There are several options to help plan for this expense, but your financial situation will determine which one is best for you. We break down four different plans to help you select the one for you.
Estate planning isn't just for the elderly or rich. You might think of estate planning as something older people do—not 20- or 30- somethings who are just starting out in their careers. In fact, a recent survey by Caring.com found that even though three-quarters of adults know that a will is important, only 40% actually have one.
If you’re considering leaving your current financial advisor, you’re not alone. A 2015 study by Spectrem Group found that most respondents with a net worth of over $100,00 have changed advisors in their lifetimes. There are several reasons you might be considering making a switch, but how do you know it’s the right decision? Finding the right advisor requires investing the time to research candidates, and transferring management of your portfolio to a new advisor can come with a tangle of red tape. Here are some sound reasons to change financial advisors.
If you're thinking about retirement and the money you'd like to save up ahead of time, there are a few tips on when--and how--to get started.
Tax planning and preparation is an essential part of an overall financial plan. To make the most of your income and assets, it’s important to consider the tax implications of every financial move you make. Likewise, an understanding of the wide range of investment choices available is beneficial in the effort to keep your tax obligations to a minimum.
When you receive money from a lawsuit or settlement, it’s important to consider your tax liability before you start spending it. The IRS rules make distinctions between different types of awards when determining what you must claim as income and what you can leave out.