Archive - March 2017

1
Are Millennials Risk Averse Savers?
2
Do Women Need Special Strategies for Money Management?
3
Invest Your Health Savings Account For Appreciation
4
Taxability of Social Security
5
Five Little-Known Services Your Financial Planner Should Be Offering

Are Millennials Risk Averse Savers?

The Millennials are the generation of kids born between the years 1981 and 1997. This year, Millennials will overtake the baby boomers as largest generation in United States history with 75.3 million people.

Millennial Americans are saving their money at a higher rate than their Baby Boomer counterparts at a similar age.  Research from the Transamerica Center for Retirement Studies shows that nearly three-quarters of Millennials are saving for retirement at an earlier age than past generations.  Half are putting away 6% of their income or more—a statistic that makes Millennials the best cohort of savers since the Great Depression, …

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Do Women Need Special Strategies for Money Management?

Do Women Need Special Strategies for Money Management?

Money Magazine convened a panel at the 2015 Financial Planner Association conference to explore the question “Should Men and Women Manage Money Differently?” The experts did not all agree to whether or not men and women should manage money differently but they did agree that men and women tend to differ in their approach to money management.

The panel discussed some ideas you may have heard before: women are not actually “bad” at investing or financial planning but just tend to be less confident in their decisions; women who are …

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Invest Your Health Savings Account For Appreciation

Health Savings Accounts (HSAs) were just beginning to rise in popularity when Obamacare was introduced. Whether you believe in a right to healthcare or not, the Affordable Care Act made it much more expensive. The propaganda about it lowering costs has been proved false by the objective rise in premiums since its passage. In order to keep healthcare costs from rising, consumers have to have some skin in the game. For that reason, HSAs are part of every proposed replacement to Obamacare.

According to the “2016 Midyear Devenir HSA Research Report,” HSA account balances continue …

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Taxability of Social Security

In a comment on the article last week (Adjusting Withholding Saved 44% of the Tax Bill), a question came up about the taxability of Social Security benefits. It can be complicated, hopefully this explanation will help you understand taxability of Social Security a bit better.

Social Security is taxable at three different levels, based upon how much other income you have and your income tax filing status.

First, you need to calculate your Provisional Income – which is 50% of your household Social Security benefits plus all of your other taxable income, plus any tax-free income.

Next, there …

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Five Little-Known Services Your Financial Planner Should Be Offering

The financial planning landscape can be pretty confusing.  Not only is it difficult to figure out who has your best interests in mind (as the debate over the fiduciary standard is pretty confusing), but it’s also difficult to figure out who is in the business of EARNING their fee, vice collecting it.  This article should serve as a quick snapshot (and starting point for discussions) on what a consumer should consider to be the minimum standard for hiring a financial planner.  Meeting these criteria doesn’t necessarily mean success, but failing to do so should prompt you to keep looking for …

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