There are a number of tools you can use to reduce taxes on the growth of your investments. You can contribute to a traditional IRA, where you get a tax deduction for the contribution plus tax-deferral on all gains until you retire. Or you can contribute to a Roth IRA. You don’t get the tax…
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Many of the individuals and families I’ve helped with financial advice over the numerous years I’ve been a financial planner initially came to me with a specific issue or concern. Sometimes it was the need to consolidate and rationalize an investment portfolio scattered across numerous accounts. Occasionally it was what to do with the money…
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According to fourth quarter 2012 data for defined contribution plans administered by MassMutual (as reported in media site BenefitsPro.com), the average deferral rate for women participants was 5.38% and the rate for men 5.81%. This was reportedly the highest savings rate in four years. That’s the good news. But is a 5% or 6% savings…
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Parents who want to save tax-free for their children’s college expenses are facing a growing array of choices. As of the end of last year, according to a Morningstar report, there were over 80 tax-free 529 college savings plans offered by 48 states. If you feel that a 529 plan is the best choice for…
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The Washington Post recently reported that for the first time since the 1930s, a majority of Americans are expected to be financially worse off in retirement than their parents. This conclusion, based on research from the U.S. Senate Committee on Health, Education, Labor and Pensions, the New School for Social Research, and Boston College’s Center…
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FINRA, the Financial Industry Regulatory Authority, recently warned investors that in the event of rising interest rates, “outstanding bonds, particularly those with a low interest rate and high duration may experience significant price drops.” Why are bonds facing this risk today and what should investors do as a result? As I wrote last year, we…
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