Your need for life insurance changes as your life changes. When you’re young, youtypically have less need for life insurance, but that changes as you take on moreresponsibility and your family grows. Then, as your responsibilities once again begin todiminish, your need for life insurance may decrease. Let’s look at how your lifeinsurance needs change…
Author: Ian Maddox
Choosing a Beneficiary for Your IRA or 401(k)
Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries. Although taxes shouldn’t be the sole determining factor in naming your beneficiaries, ignoring the impact…
Taxation of Investments
It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fillout your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain?To determine how an…
Six Keys to More Successful Investing
A successful investor maximizes gain and minimizes loss. Though there can be no guaranteethat any investment strategy will be successful, and all investing involves risk, including thepossible loss of principal, here are six basic principles that may help you invest moresuccessfully. Long-term compounding can help your nest egg grow It’s the “rolling snowball” effect. Put…
Trust Basics
Whether you’re seeking to manage your own assets, control how your assets aredistributed after your death, or plan for incapacity, trusts can help you accomplish yourestate planning goals. Their power is in their versatility — many types of trusts exist, eachdesigned for a specific purpose. Although trust law is complex and establishing a trust requires…
Estimating Your Retirement Income Needs
You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you’ll need to fund your retirement. That’s not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your…
Establishing A Budget
Do you ever wonder where your money goes each month? Does it seem like you’re neverable to get ahead? If so, you may want to establish a budget to help you keep track of howyou spend your money and help you reach your financial goals. Examine your financial goalsBefore you establish a budget, you should…
Understanding IRAs
An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work, you might also consider investing in an IRA. What types of IRAs are available? The…
10 Years and Counting: Points to Consider as You Approach Retirement
If you’re a decade or so away from retirement, you’ve probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up anew sport or hobby, or spend more time with friends and family? Should you consider relocating? Will you continue to work in…
Asset Protection in Estate Planning
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others. To insulate your property…