My father emigrated from Taiwan in the 1960s with only $17 to his name and the clothes on his back. Though he was poor in a material and financial sense, he never considered himself poor. His mantra was that financial wealth alone does not represent one’s “true wealth.” My dad taught me not to define
The Federal Reserve rate hike of a quarter point should be good news for retirees, industry pundits say. But those experts also say you may want to hold off on celebrating just yet. That is because rate hikes might not be enough to help create a source of reliable income that retirees really need. “Rates
For many older Americans, retirement is shaping up to not really be retirement at all. In addition to those who continue working full-time well into their 60s and beyond, many who do leave 40-hour workweeks behind end up taking on part-time work even if it wasn’t part of their initial retirement plan. “We’re seeing a
People spend between three and five hours a day on their cellphones, and that’s where they’re conducting their finances, said certified financial planner Douglas Boneparth. “People want to be able to log into their phones and check their account balances, contact their financial advisors and basically just communicate thoughts and ideas that they have in
Retirement planning today is not what it used to be. Decades ago, retirees could simply shift their investments into fixed income, which historically paid higher rates of interest. Today, those same investments likely pay very little. Complicating matters further, we’re all living much longer, so we need to be careful we don’t outlive our money.
Many people are hesitant to invest in the stock market, because they consider it similar to gambling. With volatility on the rise in our current climate, even investors are pausing to consider the risk they are taking with their investments. The idea of losing more than they can afford to before their retirement is at
So you failed to take a required minimum distribution from your individual retirement account. Now you’re staring at a 50 percent penalty on the money you should have withdrawn after turning age 70½. But don’t just accept the penalty, say personal financial advisors. You may be able to get the IRS to forgive your mistake.
A federal program that offers a low-cost banking option to access federal payments such as Social Security is coming to an end this summer. Anyone who participates in the Treasury Department’s Electronic Transfer Account program should make sure they line up another way to receive their benefits. The program will shut down on Aug. 8.
As we reach the midpoint of what’s been an eventful and at times uncertain year, one thing is clear: Volatility has returned. Global stock markets fell as much as 9 percent between January and March, with implied volatility rising to levels seen only three times since the global financial crisis. Investors with whom I speak
Many people dutifully check their credit report for suspicious or unfamiliar activity. When there’s no red flags, they sigh in relief. They shouldn’t. Today such measures can be no better than knocking on wood, thanks to a complex crime known as synthetic-identity fraud. That’s when criminals use a concoction of disparate data — including Social
Women work hard for their money, and they’re working harder than ever today. In March of 2017, women made up 47 percent of the workforce in the United States, owned close to 10 million businesses and were the sole or primary breadwinners for 40 percent of families with children under age 18. In the 40
Don’t expect robo-advisors to fully replace their human counterparts anytime soon. Robo-advisors give retail investors access to automated investment strategies, creating portfolios and coming up with an asset allocation that’s based on client data points, including time horizon and risk tolerance. As convenient as it may be, this technology doesn’t make human financial advisors obsolete,
Whether you use Siri, rely on Alexa or have a Roomba, there’s no escaping the fact that robots are part of our daily lives now. It’s not a bad thing that we can automate some of life’s most mundane, tedious tasks. Did you know that you could also get robots to help you with your
For the majority of Americans, stocks and bonds represent the two asset classes anchoring an investment portfolio. There is also real estate, perhaps some alternative investing and maybe collectible items that carry significant value. But at the end of the day, the performance of stocks and bonds will drive the overall wealth of investors in
When considering target-date funds, it’s important to be aware of the benefits and drawbacks — as well as whether you are the kind of person who should be investing in them. While some people love these so-called set-it-and-forget-it funds, others dislike them because of the completely hands-off approach to investing they offer. A variety of
As the Internal Revenue Service takes aim at blue states’ new tax workarounds, questions remain on whether the agency might take a closer look at red states’ tax credit programs. The Tax Cuts and Jobs Act, which went into effect this year, capped at $10,000 the state and local tax deduction filers can claim on
All of your life you’ve been told to keep your Social Security number secret and safe. However, it’s often requested during everyday moments, such as when you visit the doctor, open a bank account or start a new job. Have you ever considered how safe it is when you share your Social Security number? This