Wouldn't it be nice if money came with a user manual or a road map? Well, here it is, folks. You have asked and the financial planning powers that be (or at least the folks at Bloomberg BusinessWeek) have answered. Click here for the Financial Planning Flowchart. For the Do-It-Yourselfer in all of us, this fun, interactive chart is a great tool. But like any tool, it's not right for all ... Read More
Social Security
Women Need Advisors Before Divorce
Gray: The Color of Divorce Attention! Considering going through a divorce? Then run, don't walk, to your nearest qualified financial planner on the way to your divorce lawyer's office. That's my read on an article published earlier this month in Financial Advisor magazine . The article noted a recent study by the National Center for Family and Marriage Research at Bowling Green State ... Read More
The Fiscal Cliff Explained
The Fiscal Cliff Explained ... Good for a laugh IMHO A friend shared this photo with me recently on the topic of the "Fiscal Cliff." The argument presented is pretty straightforward and simple to understand: Families can't live beyond their means and so country's shouldn't either. Interesting analogies. And entertaining. But keep this in mind. No country that prints its own currency has ... Read More
Deferring Retirement to Salvage 401(k)
Ask the Boston Money Coach Question: Will working longer and deferring retirement allow me to have more money for when I finally retire? I'm 54 now and was originally planning on retiring at 65. My 401K took quite a hit a few years ago and now I'm wondering if I should be postponing my retirement. Financial Planning Response from Boston Money Coach Steve Stanganelli: Time heals all wounds ... Read More
Calculating Social Security Benefits
Ask the Boston Money Coach Question.) I retired at age 55 and am returning to work. How will this affect my Social Security Benefits at age 67? Betty in Florida Response from Boston Money Coach Steve Stanganelli: Your benefits from Social Security are based on your lifetime earnings. Your income taxes on Social Security benefits will depend on your age and your current earnings. That's a ... Read More
Ask the Adviser: When Can I Retire?
Will working longer and deferring retirement allow me to have more money when I finally retire? Question: I'm 54 now and was originally planning on retiring at 65. My 401K took quite a hit a few years ago and now I'm wondering if I should be postponing my retirement. Boston Money Coach Answer: They say that time heals all wounds and sometimes it even helps salvage a 401(k) as well. You may ... Read More
Ask the Adviser: Will My Social Security Benefits Be Reduced If I Work?
Social Security benefits can be complex to calculate and understand for almost anyone who doesn't work at Social Security or do this every day. And the bottom line impact can be huge in terms of cash flow and potential tax liability. Special Rule for 1st Year Retirees You may be interested in knowing that there is a special rule for the first year you retire. Sometimes people who retire ... Read More
