Tips to Slash Spending in Retirement

A regular paycheck, and the obligation to save as much as possible of it each month — often constrains budgets. By contrast, the newly retired can dip into a nest egg for the first time, and for some, it’s akin to winning the lottery, says Ken Eaton, a principal at financial planning firm Stepp & [...]

Six Problems with Retirement Planning Software

Financial planning software can be a useful tool to create a retirement savings plan. But many computer programs fail to adequately account for several major retirement risks, according to a new review of 12 financial planning computer programs commonly used by consumers and financial professionals by the Society of Actuaries and the Actuarial Foundation. The [...]

Workers discover 401(k) plans are failing them in retirement

If you’re one of the more than 66 million workers covered by a 401(k) retirement plan, Nancy Hwa has some news for you.
“It was a tax shelter for end-of-the-year bonuses for bankers,” says Hwa, spokeswoman for Retirement USA, a group working to improve retirement plans. “The 401(k) was never even intended to be a retirement [...]

Recession alters financial outlooks, spurs new questions

When financial planners were asked in 2004 for the most frequent questions from clients, queries largely involved investing in real estate, how big of a mortgage they could swing and whether to buy or lease a car.
The real estate implosion and government bailout of the auto industry have turned clients’ interests to safety, secure retirement [...]

Types of Professional Financial Advisors

Financial Planners
The term financial planner is a broad-brush term for a true melting pot that includes numerous types of advisors. It is likely (but not a given ) that your IRA advisor will come from this group whose members may carry designations from diverse professional groups such as: FPA (Financial Planning Association), NAIFA (National Association [...]

Most couples disagree on retirement planning

If the economic downturn has forced you to rethink your plans for retirement, it’s a good idea to discuss your concerns with your spouse or partner. Before you have this conversation though, you might want to clear the room of sharp objects. That way, nobody gets hurt.
In many households, it appears, retirement is an even [...]

Recession Changes Investing

U.S. economic woes and stock market volatility have prompted changes in the investment and social behaviors of high-net-worth Americans, according to a new survey of CPA Personal Financial Specialists conducted by the American Institute of Certified Public Accountants.
Lyle K. Benson, Jr., CPA/PFS, founder of L.K. Benson & Company, Baltimore, Md., said the behavioral changes in wealthier Americans illustrate [...]

Your Cash: How Safe Is Safe?

As the financial system reels from one disaster after another, financial planners, estate planners and bank officials say they’ve been receiving calls from panicked savers concerned about the safety of their deposits.
The Federal Deposit Insurance Corp. guarantees bank deposits up to $100,000 per person, per insured institution. But what if you have a lot more [...]