Archive - January 2013

1
Big Mistake: Failing To Update Beneficiaries
2
The Dangers Of Oversaving – Yes It Is A Word!
3
Why Hire A Professional?
4
It’s Phishing…I Mean Tax Season Again
5
Retirement Planning Isn’t Just About Money

Big Mistake: Failing To Update Beneficiaries

I make a point of reminding my clients to review their beneficiary designations on their employer based retirement plans, life insurance, IRA’s and accounts with transfer on death assignments. The same could be said of beneficiaries outlined in their wills (you have a will, don’t you?). I was happy to see that the February 2013 issue of Consumer Reports listing this as the number one mistake in their article, 7 Money Stumbles to Avoid.

Why is this so important? It’s because huge unintended consequences could happen if you fail to review this on a periodic basis. For example:

• …

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The Dangers Of Oversaving – Yes It Is A Word!

Every time I type the word oversave into Microsoft Word, the ugly red line appears to let me know the word doesn’t exist. But when I type overspend, no red line appears. As a society, we recognize and frequently discuss the dangers of overspending, and yet oversaving is hardly ever mentioned. In a search of Google, overspend has 1,760,000 results, while oversave only has 374,000. Why is that?

I was recently discussing this topic with a group of financial planners. The consensus among these highly skilled and respected advisors is that oversaving isn’t a big …

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Why Hire A Professional?

Throughout our lives as different life events happen and the need for help arises we have the opportunity to rely on ourselves to get the tasks done, or entrust in the skill and expertise of a professional. Very often there’s a fine line as to what we’ll bother doing ourselves or to whom we’ll hire and delegate the job. For mundane tasks, the tasks that we know we can do ourselves with little to no effort, it’s second nature for us to roll up our sleeves and get the job done. Examples of this include washing the car, cleaning the …

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It’s Phishing…I Mean Tax Season Again

I was at a meeting of the local chapter of a professional organization I belong to last night and one of the other EA’s in tha audience held up a document that looked very much like every IRS document I’ve ever seen.  Her client had received an email from the “IRS” with the form attached.  The instructions in the email said to fill out the form and fax it back to a 1-800 number.  The form asked for identifying information about the taxpayer, including Social Security Number and Date of Birth and information about investment and bank accounts.

It was …

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Retirement Planning Isn’t Just About Money

In “Retirement Planning More Than Just Finances, ” The Wall Street Journal highlights an important part of the retirement planning process: figuring out what to do when you stop working. The finance expert interviewed for the article says that he reminds his clients that if they took the time to plan their last vacation, they also need to take time to plan their retirement since they are “about to embark on a 30-year vacation.”

While you can always change your mind, having a plan for retirement is a sound course of action because if you are unhappy or bored, you …

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