Different Financial Goals, Based on Age

It is tempting to categorize all “Baby Boomers” as facing similar challenges. Given that Boomers were born across 3 decades spanning 18 years, each group faces unique challenges that must be addressed.
Financial Goals for Age 40-50: The Issues
This group is challenged by the specter of simply not having enough money for retirement. Cautiously balancing the [...]

Personal Finance : Savings junkie at 24 years old

Question: I’m 24 years old and feel like I’ve become a savings junkie. I’ve already maxed out my Roth 401(k) contribution for this year and now I’m thinking about opening up an IRA too. I have no debt, and I have about $13,000 in other savings as well. What do you think — should I [...]

New Government Initiatives to Boost Retirement Saving

Sometimes – not often – our government’s attempts to get in the middle of our financial planning makes sense. This appears to be the case with several initiatives announced by the White House yesterday. These initiatives are intended to firmly move more Americans toward responsible levels of saving for retirement. Let’s review them briefly.
This is [...]

TAX-FREE RETIREMENT PLANNING SERVICES

For many self-employed individuals and small business owners, employer retirement plans are a key part of retirement savings. Understanding how the employer retirement plan fits into an overall retirement plan is important to being able to plan adequately for retirement.
Congress believes that employers should be encouraged to assist individuals in this retirement planning stage. Congress [...]

At odds with your partner about retirement planning?

When an older doctor takes on a younger partner, things can go well — until the time comes to decide on retirement planning. Then the partners can become gridlocked.
Typically, younger member(s) of the group are very motivated to reduce their income taxes while the older doctors are often uninterested, either because they are already so [...]

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 [...]

Has Our Retirement System Failed or is it a Problem With Expectations?

There has been a lot of talk about retirement lately on the heals of a devastating market drop. Most investors saving for retirement are heavily invested in stocks so the market downturn took their account value with it. Those who are near retirement are often put in a position where they can no longer retire [...]