Apply for Social Security Now… or Later?

Posted on November 9, 2010 by Deanna Pickering

Now or later? When it comes to the question of Social Security income, the choice looms large. Should you apply now to get earlier payments? Or wait for a few years to get larger checks?

Consider what you know (and don’t know). You know how much retirement money you have; you may have a clear projection of retirement income from other potential sources. Other factors aren’t as foreseeable. You don’t know exactly how longyou will live, so you can’t predict your lifetime Social Security payout. You may even end up returning to work again. Continue reading →

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Paying for College While Saving for Retirement

Posted on September 29, 2010 by Deanna Pickering

It can be done. All across America, families are meeting a mighty financial challenge the challenge of paying college costs with retirement potentially on the horizon. How do they do it? They go about it consistently; they also get creative. Continue reading →

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Why You Shouldn’t Withdraw From Your 401(k)

Posted on September 29, 2010 by Deanna Pickering

Recently, you may have heard about a spike in 401(k) withdrawals. The evidence is not merely anecdotal. Fidelity Investments recently issued its 2010 overview of the 401(k) accounts it administers and found that 22% of participants had outstanding loans from these retirement savings plans, with the average loan at $8,650. In 2Q 2010, a record 62,000 of Fidelity’s 401(k) participants had taken hardship withdrawals a jump from 45,000 in the preceding quarter.1,2 Continue reading →

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The Small Business Jobs Act

Posted on September 22, 2010 by Deanna Pickering

The long-stalled Small Business Jobs Act cleared a big hurdle on September 16 it passed by a vote of 61-38 in the Senate.1 The measure will almost certainly pass in the House and become law later this month. So what is in this bill? Will its perks and offerings really lead employers to step up hiring? And did anybody report on the interesting provision for anyone with a 401(k), 403(b) or 457(b) retirement account? Continue reading →

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Obama’s midterm tax proposals

Posted on September 17, 2010 by Deanna Pickering

Many Americans are frustrated with the pace of the economic recovery; many Democrats are worried that their party will lose its majority in the House and Senate. As elections loom, President Obama has offered a new platform of tax initiatives for Congress to consider and potentially approve. Continue reading →

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UGMA and UTMA accounts

Posted on August 30, 2010 by Deanna Pickering

If you want to save for college, you may wish to consider an UGMA or UTMA account. These custodial accounts are typically created by parents and other relatives who want to gift minors without having to set up a trust. Continue reading →

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Good financial steps to take when you get married

Posted on August 24, 2010 by Deanna Pickering

Are you marrying soon? Have you recently married? As you begin your life together, it’s important for you to start planning your financial future together and putting your finances on the same page. Here are some priorities you might want to write down on your financial to-do list. Continue reading →

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Which financial documents should you keep on file?

Posted on August 19, 2010 by Deanna Pickering

You might be surprised how many people have financial documents scattered all over the house on the kitchen table, underneath old newspapers, in the hall closet, in the basement. If this describes your financial filing system, you may have a tough time keeping tabs on your financial life. Continue reading →

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Will the Bush-era tax cuts be saved?

Posted on August 12, 2010 by Deanna Pickering

In July, Treasury Secretary Timothy Geithner said that very few taxpayers would be affected if the landmark tax cuts of 2001 and 2003 expired. “I do not believe it will affect growth, he calmly commented on ABC’sThis Week.1 Many legislators and observers on Wall Street and Main Street are far less calm about their potential end. Continue reading →

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Will things improve for Medicare and Social Security?

Posted on August 12, 2010 by Deanna Pickering

Could Medicare soon be in better shape? Maybe. At the start of August, Medicare’s trustees reported to Congress that Medicare should remain financially in the black through 2029, a 12-year improvement over last year’s estimate.1 They credited the healthcare reforms carried out by Congress and the Obama administration, citing greater efficiency that would translate to savings for the program. Continue reading →

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